Westpac Banking Corp Has $813,000 Stock Position in Truist Financial Corporation $TFC

Westpac Banking Corp boosted its position in shares of Truist Financial Corporation (NYSE:TFC) by 231.9% in the 1st quarter, HoldingsChannel.com reports. The firm owned 17,686 shares of the insurance provider’s stock after buying an additional 12,357 shares during the quarter. Westpac Banking Corp’s holdings in Truist Financial were worth $813,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in TFC. Pinnacle Financial Partners Inc. boosted its position in shares of Truist Financial by 30.0% in the 3rd quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock worth $7,994,000 after purchasing an additional 40,393 shares during the last quarter. Ritholtz Wealth Management increased its holdings in Truist Financial by 91.9% in the fourth quarter. Ritholtz Wealth Management now owns 45,749 shares of the insurance provider’s stock valued at $2,251,000 after purchasing an additional 21,903 shares during the last quarter. Fifth Third Bancorp increased its holdings in Truist Financial by 531.8% in the first quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider’s stock valued at $20,059,000 after purchasing an additional 367,291 shares during the last quarter. LBP AM SA acquired a new position in Truist Financial in the fourth quarter valued at about $10,836,000. Finally, Carnegie Investment Counsel lifted its stake in Truist Financial by 57.8% in the fourth quarter. Carnegie Investment Counsel now owns 105,792 shares of the insurance provider’s stock valued at $5,206,000 after buying an additional 38,750 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Performance

TFC stock 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 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 market cap of $64.45 billion, a PE ratio of 11.86, a P/E/G ratio of 0.94 and a beta of 0.89. The business’s 50-day moving average price is $49.63 and its two-hundred day moving average price is $49.54.

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

Truist Financial Announces Dividend

The firm 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. The ex-dividend date was Friday, May 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.0%. Truist Financial’s payout ratio is currently 47.71%.

Wall Street Analysts Forecast Growth

TFC has been the subject of several analyst reports. JPMorgan Chase & Co. restated an “underweight” rating and set a $53.00 target price (down from $53.50) on shares of Truist Financial in a research report on Monday. Royal Bank Of Canada increased their price target on shares of Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research report on Monday, April 20th. Keefe, Bruyette & Woods lifted their price objective on shares of Truist Financial from $53.00 to $55.00 and gave the stock a “market perform” rating in a research note on Monday. Bank of America restated a “neutral” rating and set a $56.00 price objective (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Finally, Wall Street Zen downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Monday, June 29th. Seven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $54.61.

Truist Financial Company 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.