Zurcher Kantonalbank Zurich Cantonalbank Increases Holdings in Truist Financial Corporation $TFC

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 101.9% in the 4th quarter, HoldingsChannel reports. The firm owned 640,007 shares of the insurance provider’s stock after acquiring an additional 323,031 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Truist Financial were worth $31,495,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in TFC. Valley Wealth Managers Inc. purchased a new stake in shares of Truist Financial during the 3rd quarter valued at $28,000. Darwin Wealth Management LLC increased its position in shares of Truist Financial by 631.6% during the 3rd quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 600 shares during the last quarter. Maseco LLP increased its position in shares of Truist Financial by 53.8% during the 4th quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 228 shares during the last quarter. Ancora Advisors LLC increased its position in shares of Truist Financial by 259.1% during the 3rd quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 500 shares during the last quarter. Finally, Tripletail Wealth Management LLC purchased a new stake in shares of Truist Financial during the 3rd quarter valued at $37,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TFC has been the subject of several recent research reports. Piper Sandler lifted their price objective on Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a report on Thursday, January 22nd. Morgan Stanley decreased their price objective on Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a report on Monday. Jefferies Financial Group reissued a “mixed” rating and issued a $45.00 price objective on shares of Truist Financial in a report on Friday. Evercore reissued an “outperform” rating on shares of Truist Financial in a report on Thursday, February 5th. Finally, JPMorgan Chase & Co. decreased their price objective on Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Ten equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $55.41.

Insider Transactions at Truist Financial

In other news, CAO Cynthia B. Powell sold 3,500 shares of Truist Financial stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $52.49, for a total transaction of $183,715.00. Following the completion of the sale, the chief accounting officer owned 667 shares in the company, valued at approximately $35,010.83. This trade represents a 83.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Michael Baron Maguire sold 13,000 shares of the business’s stock in a transaction that occurred on Monday, January 26th. The stock was sold at an average price of $50.13, for a total value of $651,690.00. Following the completion of the sale, the chief financial officer owned 74,323 shares of the company’s stock, valued at $3,725,811.99. The trade was a 14.89% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.15% of the company’s stock.

Truist Financial Stock Performance

Shares of TFC opened at $51.07 on Wednesday. The company has a market cap of $63.37 billion, a PE ratio of 12.67, a price-to-earnings-growth ratio of 0.88 and a beta of 0.89. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The stock has a 50-day moving average price of $48.27 and a 200-day moving average price of $47.96. Truist Financial Corporation has a 12-month low of $35.67 and a 12-month high of $56.19.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.09. The firm had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.18 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The company’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter last year, the company posted $0.87 EPS. As a group, equities analysts forecast that Truist Financial Corporation will post 4.44 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Friday, February 13th. Truist Financial’s dividend payout ratio (DPR) is 51.61%.

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.