Legato Capital Management LLC Takes $2.32 Million Position in Truist Financial Corporation $TFC

Legato Capital Management LLC purchased a new stake in shares of Truist Financial Corporation (NYSE:TFC) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 47,230 shares of the insurance provider’s stock, valued at approximately $2,324,000.

A number of other large investors have also recently modified their holdings of the business. Valley Wealth Managers Inc. bought a new stake in Truist Financial in the 3rd quarter worth approximately $28,000. Maseco LLP lifted 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 buying an additional 228 shares during the last quarter. Mowery & Schoenfeld Wealth Management LLC lifted its position in Truist Financial by 190.7% in the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock worth $32,000 after buying an additional 431 shares during the last quarter. Ancora Advisors LLC lifted its position in Truist Financial by 259.1% in the 3rd quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock worth $32,000 after buying an additional 500 shares during the last quarter. Finally, Bare Financial Services Inc lifted its position in Truist Financial by 56.9% in the 4th quarter. Bare Financial Services Inc now owns 822 shares of the insurance provider’s stock worth $40,000 after buying an additional 298 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

Shares of TFC stock opened at $48.45 on Friday. 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 Corporation has a fifty-two week low of $38.27 and a fifty-two week high of $56.19. The stock has a 50 day moving average price of $47.87 and a two-hundred day moving average price of $48.72. The company has a market capitalization of $60.37 billion, a P/E ratio of 12.02, a PEG ratio of 0.83 and a beta of 0.92.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.09. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The firm had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.18 billion. During the same quarter in the previous year, the company posted $0.87 earnings per share. The business’s revenue was up 5.0% on a year-over-year basis. Analysts expect that Truist Financial Corporation will post 4.52 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 8th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Friday, May 8th. Truist Financial’s dividend payout ratio is currently 51.61%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on TFC. Robert W. Baird downgraded Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 target price for the company. in a research report on Friday, May 1st. JPMorgan Chase & Co. dropped their target price on Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a research report on Tuesday, April 7th. Weiss Ratings upgraded Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Jefferies Financial Group restated a “mixed” rating and issued a $45.00 target price on shares of Truist Financial in a research report on Friday, April 17th. Finally, Wall Street Zen upgraded Truist Financial from a “sell” rating to a “hold” rating in a research report on Saturday. Nine research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Truist Financial presently has an average rating of “Moderate Buy” and a consensus price target of $55.59.

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.