Truist Financial Corporation $TFC Shares Purchased by OMERS ADMINISTRATION Corp

OMERS ADMINISTRATION Corp raised its stake in Truist Financial Corporation (NYSE:TFC) by 22.7% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 110,170 shares of the insurance provider’s stock after buying an additional 20,366 shares during the quarter. OMERS ADMINISTRATION Corp’s holdings in Truist Financial were worth $5,065,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Kemnay Advisory Services Inc. bought a new stake in Truist Financial in the 4th quarter valued at about $25,000. Swiss RE Ltd. acquired a new position in Truist Financial during the 4th quarter valued at about $26,000. McMillan Office Inc. bought a new position in Truist Financial in the 4th quarter worth about $31,000. Maseco LLP grew its position in Truist Financial by 53.8% in the 4th quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 228 shares during the last quarter. Finally, Mowery & Schoenfeld Wealth Management LLC increased its stake in shares of Truist Financial by 190.7% in the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 431 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Down 0.0%

TFC stock opened at $51.75 on Monday. The firm’s 50-day moving average is $49.81 and its two-hundred day moving average is $49.56. The company has a market capitalization of $64.48 billion, a price-to-earnings ratio of 11.87, a price-to-earnings-growth ratio of 0.94 and a beta of 0.89. Truist Financial Corporation has a 52 week low of $40.78 and a 52 week high of $56.19. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The business had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.24 billion. During the same period last year, the firm posted $0.91 earnings per share. The business’s revenue was up 5.6% on a year-over-year basis. On average, analysts forecast that Truist Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend was Friday, May 8th. Truist Financial’s dividend payout ratio (DPR) is presently 47.71%.

Analyst Ratings Changes

A number of research firms have recently weighed in on TFC. Raymond James Financial reaffirmed a “market perform” rating on shares of Truist Financial in a report on Wednesday, July 1st. Evercore reissued an “outperform” rating and issued a $57.00 price objective on shares of Truist Financial in a report on Monday, July 6th. Keefe, Bruyette & Woods raised their target price on Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a research report on Monday, July 20th. Stephens cut their target price on Truist Financial from $59.00 to $57.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 21st. Finally, Citigroup lowered Truist Financial from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $63.00 to $54.00 in a research report on Tuesday, June 30th. Seven analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Truist Financial has an average rating of “Hold” and an average target price of $54.61.

Truist Financial Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.