Price T Rowe Associates Inc. MD Has $136.02 Million Stock Position in Truist Financial Co. (NYSE:TFC)

Price T Rowe Associates Inc. MD raised its stake in Truist Financial Co. (NYSE:TFC) by 1.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,489,411 shares of the insurance provider’s stock after purchasing an additional 58,349 shares during the period. Price T Rowe Associates Inc. MD owned approximately 0.26% of Truist Financial worth $136,018,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in TFC. Bleakley Financial Group LLC lifted its holdings 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 acquiring an additional 1,731 shares during the period. Natixis Advisors L.P. boosted its holdings in Truist Financial by 30.9% during the fourth quarter. Natixis Advisors L.P. now owns 373,375 shares of the insurance provider’s stock valued at $13,783,000 after purchasing an additional 88,035 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Truist Financial by 53.1% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 338,972 shares of the insurance provider’s stock worth $12,515,000 after buying an additional 117,524 shares during the period. Parnassus Investments LLC bought a new stake in Truist Financial in the fourth quarter valued at $95,049,000. Finally, Rafferty Asset Management LLC lifted its holdings 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 valued at $43,760,000 after acquiring an additional 382,976 shares during the period. Institutional investors own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

TFC has been the topic of several recent analyst reports. Jefferies Financial Group boosted their target price on Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a report on Monday, April 8th. Stephens increased their price target on shares of Truist Financial from $43.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday, May 16th. Evercore ISI restated an “in-line” rating and issued a $44.00 price objective on shares of Truist Financial in a research report on Thursday, May 9th. Citigroup downgraded Truist Financial from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $45.00 to $47.00 in a research report on Wednesday, July 24th. Finally, Baird R W lowered Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Truist Financial has a consensus rating of “Hold” and an average price target of $45.05.

Truist Financial Stock Performance

Shares of NYSE TFC traded up $0.02 during midday trading on Monday, hitting $44.44. 1,674,668 shares of the company’s stock were exchanged, compared to its average volume of 8,478,910. Truist Financial Co. has a 12 month low of $26.57 and a 12 month high of $44.78. The company’s 50 day moving average price is $38.81 and its 200 day moving average price is $37.75. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $59.47 billion, a PE ratio of -33.65, a price-to-earnings-growth ratio of 2.07 and a beta of 1.07.

Truist Financial (NYSE:TFC) last posted its earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.07. The company had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $4.83 billion. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. Truist Financial’s quarterly revenue was down 15.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.95 EPS. As a group, analysts predict that Truist Financial Co. will post 3.57 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.68%. The ex-dividend date is Friday, August 9th. Truist Financial’s dividend payout ratio is -157.58%.

Insiders Place Their Bets

In other Truist Financial news, CEO William H. Rogers, Jr. purchased 57,300 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The shares were acquired at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the completion of the transaction, the chief executive officer now owns 569,271 shares in the company, valued at $25,025,153.16. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.17% of the company’s stock.

Truist Financial Company 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.