Provident Investment Management Inc. Raises Stake in Truist Financial Co. (NYSE:TFC)

Provident Investment Management Inc. boosted its position in Truist Financial Co. (NYSE:TFC) by 13.8% in the 4th quarter, Holdings Channel reports. The fund owned 22,955 shares of the insurance provider’s stock after purchasing an additional 2,775 shares during the period. Provident Investment Management Inc.’s holdings in Truist Financial were worth $996,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Bangor Savings Bank lifted its position in Truist Financial by 92.5% during the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after buying an additional 272 shares during the period. Hopwood Financial Services Inc. purchased a new stake in Truist Financial in the fourth quarter valued at approximately $26,000. Curio Wealth LLC acquired a new position in Truist Financial during the fourth quarter worth approximately $45,000. City State Bank boosted its holdings in shares of Truist Financial by 158.1% in the 4th quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock valued at $51,000 after purchasing an additional 716 shares during the last quarter. Finally, Brown Lisle Cummings Inc. acquired a new position in Truist Financial in the fourth quarter valued at $55,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Raymond James downgraded Truist Financial from an “outperform” rating to a “market perform” rating in a report on Wednesday. Compass Point raised their price target on shares of Truist Financial from $47.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. StockNews.com cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Thursday. JPMorgan Chase & Co. dropped their price objective on shares of Truist Financial from $48.00 to $42.00 and set a “neutral” rating for the company in a research report on Thursday. Finally, Baird R W upgraded shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Truist Financial has a consensus rating of “Moderate Buy” and an average price target of $50.42.

Truist Financial Trading Down 10.8 %

Truist Financial stock opened at $37.06 on Friday. The company has a 50 day moving average price of $44.21 and a 200 day moving average price of $44.36. The firm has a market capitalization of $48.37 billion, a price-to-earnings ratio of 11.13, a P/E/G ratio of 1.63 and a beta of 1.08. Truist Financial Co. has a 52 week low of $35.09 and a 52 week high of $49.06. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.03. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The firm had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.05 billion. During the same period in the prior year, the business earned $0.81 EPS. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. Research analysts forecast that Truist Financial Co. will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 5.61%. The ex-dividend date was Friday, February 14th. Truist Financial’s payout ratio is presently 62.46%.

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.