Norges Bank Takes Position in Truist Financial Corporation $TFC

Norges Bank purchased a new stake in Truist Financial Corporation (NYSE:TFC) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 10,208,097 shares of the insurance provider’s stock, valued at approximately $502,340,000. Norges Bank owned approximately 0.80% of Truist Financial as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Independent Advisor Alliance raised its position in shares of Truist Financial by 9.7% in the 3rd quarter. Independent Advisor Alliance now owns 329,093 shares of the insurance provider’s stock worth $15,046,000 after acquiring an additional 29,191 shares in the last quarter. Cullen Capital Management LLC raised its stake in shares of Truist Financial by 10.3% during the 3rd quarter. Cullen Capital Management LLC now owns 4,591,783 shares of the insurance provider’s stock worth $209,936,000 after acquiring an additional 427,067 shares in the last quarter. Oppenheimer & Co. Inc. raised its stake in shares of Truist Financial by 18.6% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 169,030 shares of the insurance provider’s stock worth $7,728,000 after acquiring an additional 26,530 shares in the last quarter. Oppenheimer Asset Management Inc. raised its stake in shares of Truist Financial by 2.6% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 421,809 shares of the insurance provider’s stock worth $19,285,000 after acquiring an additional 10,706 shares in the last quarter. Finally, Versor Investments LP raised its stake in shares of Truist Financial by 64.4% during the 3rd quarter. Versor Investments LP now owns 25,008 shares of the insurance provider’s stock worth $1,143,000 after acquiring an additional 9,800 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Down 0.2%

Shares of Truist Financial stock opened at $48.12 on Monday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a 12-month low of $38.67 and a 12-month high of $56.19. The firm has a market capitalization of $59.96 billion, a price-to-earnings ratio of 11.94, a PEG ratio of 0.82 and a beta of 0.89. The firm’s 50 day simple moving average is $48.28 and its two-hundred day simple moving average is $48.89.

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. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The business had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same quarter in the prior year, the business posted $0.87 EPS. Truist Financial’s revenue for the quarter was up 5.0% compared to the same quarter last year. Analysts predict that Truist Financial Corporation will post 4.52 EPS for the current year.

Truist Financial Announces Dividend

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

Wall Street Analyst Weigh In

Several research firms recently commented on TFC. Weiss Ratings upgraded shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Morgan Stanley reduced their price objective on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a research note on Monday, April 20th. Royal Bank Of Canada upped their target price on Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research report on Monday, April 20th. Wall Street Zen raised Truist Financial from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Finally, Jefferies Financial Group reaffirmed a “mixed” rating and set a $45.00 target price on shares of Truist Financial in a research report on Friday, April 17th. Nine analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.