Truist Financial Corporation $TFC Shares Acquired by Old North State Trust LLC

Old North State Trust LLC grew its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 133.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 49,483 shares of the insurance provider’s stock after buying an additional 28,279 shares during the period. Truist Financial accounts for about 1.4% of Old North State Trust LLC’s holdings, making the stock its 12th largest holding. Old North State Trust LLC’s holdings in Truist Financial were worth $2,435,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Auto Owners Insurance Co grew its holdings in shares of Truist Financial by 4,821.0% in the 4th quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock worth $697,428,000 after acquiring an additional 13,884,480 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Truist Financial by 13,511.7% in the 3rd quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock valued at $474,886,000 after purchasing an additional 10,310,523 shares during the period. Norges Bank acquired a new position in shares of Truist Financial in the 4th quarter valued at $502,340,000. American Assets Investment Management LLC increased its stake in Truist Financial by 781.2% in the 4th quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider’s stock worth $166,527,000 after purchasing an additional 3,000,000 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Truist Financial by 37.6% in the 4th quarter. Bank of New York Mellon Corp now owns 10,500,542 shares of the insurance provider’s stock worth $516,732,000 after purchasing an additional 2,867,449 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Stock Performance

TFC stock opened at $48.33 on Friday. The firm has a 50 day simple moving average of $49.16 and a 200 day simple moving average of $49.24. Truist Financial Corporation has a 52 week low of $39.94 and a 52 week high of $56.19. The stock has a market cap of $60.21 billion, a P/E ratio of 11.99, a P/E/G ratio of 0.83 and a beta of 0.89. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.09. The company had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The company’s revenue was up 5.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.87 EPS. Research analysts anticipate that Truist Financial Corporation will post 4.5 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.3%. The ex-dividend date was Friday, May 8th. Truist Financial’s dividend payout ratio (DPR) is currently 51.61%.

Analysts Set New Price Targets

A number of research firms have commented on TFC. Royal Bank Of Canada upped their price objective on shares of Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. Robert W. Baird lowered shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price target on the stock. in a report on Friday, May 1st. Wall Street Zen upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Sunday. Morgan Stanley decreased their price objective on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a research note on Monday, April 20th. Finally, Stephens started coverage on shares of Truist Financial in a research report on Monday, June 15th. They set an “overweight” rating and a $59.00 price objective on the stock. Ten investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Truist Financial has an average rating of “Moderate Buy” and a consensus price target of $55.79.

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.