Caxton Associates LLP Grows Position in Truist Financial Corporation $TFC

Caxton Associates LLP raised its holdings in Truist Financial Corporation (NYSE:TFC) by 101.9% in the first quarter, Holdings Channel.com reports. The fund owned 38,416 shares of the insurance provider’s stock after buying an additional 19,390 shares during the quarter. Caxton Associates LLP’s holdings in Truist Financial were worth $1,766,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Kemnay Advisory Services Inc. acquired a new position in shares of Truist Financial during the 4th quarter worth $25,000. Swiss RE Ltd. purchased a new position in shares of Truist Financial in the 4th quarter valued at about $26,000. McMillan Office Inc. acquired a new stake in shares of Truist Financial in the fourth quarter valued at about $31,000. Maseco LLP lifted its stake in shares of Truist Financial by 53.8% in the fourth 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 period. Finally, Mowery & Schoenfeld Wealth Management LLC boosted its holdings in Truist Financial by 190.7% during the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock worth $32,000 after buying an additional 431 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Price Performance

Truist Financial stock opened at $51.75 on Friday. The firm has a market capitalization of $64.48 billion, a PE ratio of 11.87, a P/E/G ratio of 0.94 and a beta of 0.89. Truist Financial Corporation has a 52 week low of $40.78 and a 52 week high of $56.19. The firm’s 50-day simple moving average is $49.81 and its 200 day simple moving average is $49.56. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. During the same period last year, the firm posted $0.91 EPS. The firm’s revenue for the quarter was up 5.6% on a year-over-year basis. On average, equities research analysts predict that Truist Financial Corporation will post 4.59 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders 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 dividend payout ratio is currently 47.71%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on TFC. Keefe, Bruyette & Woods upped their target price 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. Evercore reiterated an “outperform” rating and set a $57.00 price target on shares of Truist Financial in a research report on Monday, July 6th. Royal Bank Of Canada boosted their price target on Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a research note on Monday, April 20th. Robert W. Baird boosted their price target on Truist Financial from $55.00 to $56.00 and gave the stock a “neutral” rating in a research note on Monday, July 20th. Finally, UBS Group cut Truist Financial from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $58.00 to $55.00 in a report on Tuesday, July 7th. Seven investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average 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.