Lazard Asset Management LLC Boosts Holdings in Truist Financial Corporation $TFC

Lazard Asset Management LLC raised its stake in shares of Truist Financial Corporation (NYSE:TFC) by 385.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 555,652 shares of the insurance provider’s stock after buying an additional 441,184 shares during the quarter. Lazard Asset Management LLC’s holdings in Truist Financial were worth $25,543,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. 3Chopt Investment Partners LLC boosted its position in shares of Truist Financial by 1.3% during the fourth quarter. 3Chopt Investment Partners LLC now owns 14,713 shares of the insurance provider’s stock worth $724,000 after acquiring an additional 193 shares during the last quarter. IFP Advisors Inc increased its holdings in Truist Financial by 2.4% in the 4th quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider’s stock valued at $404,000 after acquiring an additional 194 shares during the last quarter. PCB Capital LLC lifted its stake in Truist Financial by 3.0% in the 1st quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider’s stock worth $310,000 after purchasing an additional 198 shares in the last quarter. AlphaCore Capital LLC lifted its stake in Truist Financial by 8.3% in the 4th quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider’s stock worth $128,000 after purchasing an additional 199 shares in the last quarter. Finally, CYBER HORNET ETFs LLC boosted its holdings in shares of Truist Financial by 5.5% during the 4th quarter. CYBER HORNET ETFs LLC now owns 3,820 shares of the insurance provider’s stock valued at $188,000 after purchasing an additional 199 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Insiders Place Their Bets

In other Truist Financial news, CEO William H. Rogers, Jr. sold 13,250 shares of the business’s stock in a transaction on Monday, July 20th. The shares were sold at an average price of $52.36, for a total transaction of $693,770.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director K. David Jr. Boyer sold 3,986 shares of the stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total transaction of $202,090.20. Following the completion of the sale, the director directly owned 10,270 shares in the company, valued at $520,689. This trade represents a 27.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.15% of the stock is owned by company insiders.

Truist Financial Trading Up 1.7%

Shares of NYSE TFC opened at $53.02 on Wednesday. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86. The business’s 50 day moving average is $50.04 and its two-hundred day moving average is $49.58. The stock has a market capitalization of $66.06 billion, a P/E ratio of 12.16, a PEG ratio of 0.95 and a beta of 0.89.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.15. The business had revenue of $5.31 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period last year, the company earned $0.91 EPS. As a group, research analysts expect that Truist Financial Corporation will post 4.59 EPS for the current year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.9%. The ex-dividend date is Friday, August 14th. Truist Financial’s dividend payout ratio is presently 47.71%.

Wall Street Analyst Weigh In

TFC has been the topic of a number of research analyst reports. Evercore reiterated an “outperform” rating and issued a $57.00 target price on shares of Truist Financial in a research report on Monday, July 6th. Raymond James Financial restated a “market perform” rating on shares of Truist Financial in a report on Wednesday, July 1st. UBS Group cut Truist Financial from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $58.00 to $55.00 in a report on Tuesday, July 7th. Stephens cut their target price on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a report on Tuesday, July 21st. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Truist Financial from $53.00 to $55.00 and gave the stock a “market perform” rating in a research report on Monday, July 20th. Seven 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.com, the company currently has a consensus rating of “Hold” and an average target price 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.