Great Lakes Retirement Inc. Increases Stake in Truist Financial Co. (NYSE:TFC)

Great Lakes Retirement Inc. raised its holdings in shares of Truist Financial Co. (NYSE:TFC) by 1.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,699 shares of the insurance provider’s stock after buying an additional 388 shares during the quarter. Great Lakes Retirement Inc.’s holdings in Truist Financial were worth $1,056,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of TFC. Crewe Advisors LLC purchased a new stake in Truist Financial during the 1st quarter valued at about $27,000. MFA Wealth Advisors LLC purchased a new stake in shares of Truist Financial in the second quarter valued at approximately $30,000. Y.D. More Investments Ltd purchased a new position in Truist Financial during the second quarter worth approximately $31,000. Hobbs Group Advisors LLC purchased a new position in Truist Financial during the second quarter worth approximately $38,000. Finally, Beacon Capital Management LLC boosted its stake in Truist Financial by 57.4% during the first quarter. Beacon Capital Management LLC now owns 1,015 shares of the insurance provider’s stock worth $40,000 after buying an additional 370 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Performance

NYSE:TFC opened at $43.42 on Friday. The company has a market cap of $58.15 billion, a price-to-earnings ratio of -30.36, a price-to-earnings-growth ratio of 1.84 and a beta of 1.05. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62. Truist Financial Co. has a 52 week low of $27.01 and a 52 week high of $45.31. The company has a fifty day simple moving average of $42.76 and a two-hundred day simple moving average of $40.41.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.84 by $0.07. The company had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $4.83 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. Truist Financial’s revenue was down 15.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.95 EPS. As a group, equities analysts anticipate that Truist Financial Co. will post 3.58 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be issued a $0.52 dividend. The ex-dividend date is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.79%. Truist Financial’s dividend payout ratio (DPR) is -145.45%.

Analyst Ratings Changes

Several brokerages have recently weighed in on TFC. Morgan Stanley boosted their price target on shares of Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 30th. Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and increased their price target for the company from $45.00 to $47.00 in a research note on Wednesday, July 24th. StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Bank of America raised their target price on Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Finally, UBS Group lifted their target price on Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Twelve equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $46.02.

Truist Financial Profile

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.