Truist Financial Co. (NYSE:TFC) Shares Acquired by State of Alaska Department of Revenue

State of Alaska Department of Revenue lifted its holdings in shares of Truist Financial Co. (NYSE:TFC) by 0.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 144,723 shares of the insurance provider’s stock after buying an additional 705 shares during the quarter. State of Alaska Department of Revenue’s holdings in Truist Financial were worth $5,641,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Bleakley Financial Group LLC raised its stake in shares of Truist Financial by 6.1% during the 4th quarter. Bleakley Financial Group LLC now owns 29,890 shares of the insurance provider’s stock worth $1,104,000 after buying an additional 1,731 shares during the period. Natixis Advisors L.P. increased its position in shares of Truist Financial by 30.9% during the fourth quarter. Natixis Advisors L.P. now owns 373,375 shares of the insurance provider’s stock worth $13,783,000 after purchasing an additional 88,035 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Truist Financial by 53.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 338,972 shares of the insurance provider’s stock worth $12,515,000 after purchasing an additional 117,524 shares in the last quarter. Parnassus Investments LLC purchased a new stake in shares of Truist Financial during the fourth quarter worth approximately $95,049,000. Finally, Rafferty Asset Management LLC increased its position in shares of Truist Financial by 47.7% during the fourth quarter. Rafferty Asset Management LLC now owns 1,185,259 shares of the insurance provider’s stock worth $43,760,000 after purchasing an additional 382,976 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently commented on TFC. HSBC boosted their price target on Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, May 8th. Morgan Stanley reiterated an “equal weight” rating and set a $43.00 price target on shares of Truist Financial in a research report on Monday, April 22nd. StockNews.com cut Truist Financial from a “hold” rating to a “sell” rating in a report on Thursday. JPMorgan Chase & Co. upped their target price on Truist Financial from $39.50 to $40.50 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Finally, Compass Point upgraded Truist Financial from a “neutral” rating to a “buy” rating and upped their target price for the company from $34.00 to $42.00 in a report on Tuesday, April 23rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $43.17.

Truist Financial Trading Down 1.7 %

TFC stock opened at $38.87 on Thursday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75. The business’s 50-day moving average is $37.93 and its two-hundred day moving average is $37.19. Truist Financial Co. has a 1 year low of $26.57 and a 1 year high of $40.51.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The company had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same quarter last year, the company earned $1.09 EPS. Truist Financial’s revenue for the quarter was down 8.8% compared to the same quarter last year. On average, equities research analysts anticipate that Truist Financial Co. will post 3.36 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Friday, May 10th were issued a $0.52 dividend. The ex-dividend date was Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.35%. Truist Financial’s payout ratio is currently -157.58%.

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.