Truist Financial Co. (NYSE:TFC) Shares Purchased by Prudential Financial Inc.

Prudential Financial Inc. raised its holdings in Truist Financial Co. (NYSE:TFC) by 26.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 3,232,287 shares of the insurance provider’s stock after acquiring an additional 684,992 shares during the period. Prudential Financial Inc. owned 0.24% of Truist Financial worth $140,217,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. Thurston Springer Miller Herd & Titak Inc. lifted its position in Truist Financial by 48.7% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,963 shares of the insurance provider’s stock worth $129,000 after buying an additional 971 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Truist Financial by 3.5% during the 3rd quarter. Principal Financial Group Inc. now owns 1,511,299 shares of the insurance provider’s stock worth $64,638,000 after acquiring an additional 50,637 shares during the period. Cadence Bank boosted its position in shares of Truist Financial by 101.6% in the third quarter. Cadence Bank now owns 185,184 shares of the insurance provider’s stock worth $7,920,000 after acquiring an additional 93,322 shares during the last quarter. Country Club Bank increased its position in Truist Financial by 719.8% during the fourth quarter. Country Club Bank now owns 45,499 shares of the insurance provider’s stock worth $1,973,000 after purchasing an additional 39,949 shares during the last quarter. Finally, David Wealth Management LLC purchased a new position in Truist Financial during the fourth quarter worth approximately $2,354,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

TFC stock opened at $41.41 on Monday. The company has a market capitalization of $54.05 billion, a P/E ratio of 12.43, a PEG ratio of 1.63 and a beta of 1.08. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. The company has a 50-day simple moving average of $45.12 and a 200 day simple moving average of $44.46. Truist Financial Co. has a fifty-two week low of $35.09 and a fifty-two week high of $49.06.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter last year, the business earned $0.81 earnings per share. Sell-side analysts predict that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 5.02%. The ex-dividend date was Friday, February 14th. Truist Financial’s payout ratio is currently 62.46%.

Analyst Ratings Changes

A number of analysts have recently commented on TFC shares. Robert W. Baird raised Truist Financial from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $48.00 to $52.00 in a research report on Wednesday, March 5th. Morgan Stanley upped their price target on shares of Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 21st. The Goldman Sachs Group raised their target price on Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Compass Point increased their price objective on shares of Truist Financial from $47.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Finally, Baird R W raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 5th. Nine investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Truist Financial presently has an average rating of “Moderate Buy” and an average target price of $51.16.

About Truist Financial

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.