Envestnet Asset Management Inc. Boosts Stake in Truist Financial Corporation $TFC

Envestnet Asset Management Inc. raised its position in Truist Financial Corporation (NYSE:TFC) by 4.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,579,415 shares of the insurance provider’s stock after purchasing an additional 144,618 shares during the quarter. Envestnet Asset Management Inc. owned 0.27% of Truist Financial worth $153,879,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TFC. Victory Capital Management Inc. grew its stake in Truist Financial by 922.9% in the 1st quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider’s stock worth $274,237,000 after acquiring an additional 6,012,817 shares in the last quarter. Invesco Ltd. grew its stake in Truist Financial by 32.0% in the 1st quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider’s stock worth $540,723,000 after acquiring an additional 3,188,999 shares in the last quarter. Nuveen LLC bought a new position in Truist Financial in the 1st quarter worth about $117,929,000. American Century Companies Inc. grew its stake in Truist Financial by 21.8% in the 1st quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider’s stock worth $495,509,000 after acquiring an additional 2,158,639 shares in the last quarter. Finally, National Bank of Canada FI grew its stake in Truist Financial by 178.0% in the 1st quarter. National Bank of Canada FI now owns 2,289,868 shares of the insurance provider’s stock worth $94,228,000 after acquiring an additional 1,466,236 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TFC has been the topic of a number of research analyst reports. TD Cowen upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research note on Tuesday, October 21st. Weiss Ratings reiterated a “hold (c+)” rating on shares of Truist Financial in a research note on Wednesday, October 8th. Morgan Stanley increased their price objective on shares of Truist Financial from $54.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, October 20th. Keefe, Bruyette & Woods increased their price objective on shares of Truist Financial from $48.00 to $49.00 and gave the company a “market perform” rating in a research note on Monday, October 20th. Finally, Piper Sandler set a $48.00 price objective on shares of Truist Financial in a research note on Monday, October 20th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $50.59.

Truist Financial Price Performance

Shares of TFC opened at $44.34 on Wednesday. The company has a market cap of $57.17 billion, a price-to-earnings ratio of 11.92, a price-to-earnings-growth ratio of 1.22 and a beta of 0.88. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. The company has a 50 day moving average of $45.07 and a two-hundred day moving average of $42.65.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, October 17th. The insurance provider reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.05. The company had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.20 billion. Truist Financial had a net margin of 16.84% and a return on equity of 8.73%. Truist Financial’s revenue was up 1.9% compared to the same quarter last year. During the same period last year, the firm earned $0.97 earnings per share. Truist Financial has set its FY 2025 guidance at EPS. Q4 2025 guidance at EPS. As a group, analysts predict that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Company Profile

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.