Westpac Banking Corp Buys 12,357 Shares of Truist Financial Corporation $TFC

Westpac Banking Corp boosted its stake in shares of Truist Financial Corporation (NYSE:TFC) by 231.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,686 shares of the insurance provider’s stock after acquiring an additional 12,357 shares during the quarter. Westpac Banking Corp’s holdings in Truist Financial were worth $813,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

Several analysts have recently weighed in on TFC shares. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $53.00 price objective (down from $53.50) on shares of Truist Financial in a report on Monday. Jefferies Financial Group reissued a “mixed” rating and issued a $45.00 target price on shares of Truist Financial in a report on Friday, April 17th. Evercore restated an “outperform” rating and set a $57.00 price target on shares of Truist Financial in a research report on Monday, July 6th. Wall Street Zen cut Truist Financial from a “hold” rating to a “sell” rating in a report on Monday, June 29th. Finally, Keefe, Bruyette & Woods lifted their price objective on Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a research report on Monday. Seven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Truist Financial currently has an average rating of “Hold” and an average target price of $54.61.

Truist Financial Trading Up 0.7%

TFC opened at $51.73 on Thursday. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19. The stock has a market capitalization of $64.45 billion, a PE ratio of 11.86, a PEG ratio of 0.94 and a beta of 0.89. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. The firm has a 50-day moving average price of $49.63 and a two-hundred day moving average price of $49.54.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.24 billion. During the same period in the prior year, the business earned $0.91 earnings per share. Truist Financial’s quarterly revenue was up 5.6% on a year-over-year basis. As a group, equities analysts anticipate that Truist Financial Corporation will post 4.57 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.0%. The ex-dividend date was Friday, May 8th. Truist Financial’s payout ratio is 47.71%.

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.