Victory Capital Management Inc. Purchases 2,226,288 Shares of Truist Financial Corporation $TFC

Victory Capital Management Inc. lifted its position in Truist Financial Corporation (NYSE:TFC) by 7.5% during the 4th quarter, HoldingsChannel reports. The firm owned 31,964,393 shares of the insurance provider’s stock after acquiring an additional 2,226,288 shares during the quarter. Truist Financial accounts for about 0.9% of Victory Capital Management Inc.’s investment portfolio, making the stock its 12th largest holding. Victory Capital Management Inc.’s holdings in Truist Financial were worth $1,572,968,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in TFC. Brighton Jones LLC increased its holdings in shares of Truist Financial by 148.5% in the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock worth $1,023,000 after purchasing an additional 14,093 shares during the last quarter. Woodline Partners LP increased its holdings in shares of Truist Financial by 39.5% in the first quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock worth $4,575,000 after purchasing an additional 31,454 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Truist Financial in the second quarter worth about $575,000. AXA S.A. increased its holdings in shares of Truist Financial by 23.1% in the second quarter. AXA S.A. now owns 26,192 shares of the insurance provider’s stock worth $1,126,000 after purchasing an additional 4,921 shares during the last quarter. Finally, Main Street Financial Solutions LLC increased its holdings in shares of Truist Financial by 20.1% in the second quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider’s stock worth $292,000 after purchasing an additional 1,134 shares during the last quarter. 71.28% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on TFC shares. Jefferies Financial Group reaffirmed a “mixed” rating and issued a $45.00 target price on shares of Truist Financial in a report on Friday, April 17th. JPMorgan Chase & Co. reduced their price objective on Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a research note on Tuesday, April 7th. Morgan Stanley reduced their price objective on Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a research note on Monday, April 20th. Weiss Ratings raised Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Finally, Wall Street Zen cut Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday. Nine equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $55.59.

Truist Financial Trading Up 1.9%

Shares of NYSE TFC opened at $51.63 on Friday. The business’s 50 day moving average is $49.10 and its two-hundred day moving average is $49.16. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial Corporation has a 1-year low of $38.83 and a 1-year high of $56.19. The stock has a market capitalization of $64.33 billion, a P/E ratio of 12.81, a PEG ratio of 0.87 and a beta of 0.89.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, topping 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 company had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.18 billion. During the same period in the previous year, the firm posted $0.87 earnings per share. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. As a group, research analysts expect that Truist Financial Corporation will post 4.52 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. Truist Financial’s dividend payout ratio is currently 51.61%.

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.