Midwest Trust Co Buys New Stake in Truist Financial Corporation $TFC

Midwest Trust Co purchased a new stake in Truist Financial Corporation (NYSE:TFC) in the 2nd quarter, HoldingsChannel reports. The fund purchased 258,651 shares of the insurance provider’s stock, valued at approximately $11,119,000.

Several other hedge funds also recently added to or reduced their stakes in TFC. Brighton Jones LLC raised its holdings in shares of Truist Financial by 148.5% during the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after buying an additional 14,093 shares during the period. Ballentine Partners LLC grew its position in Truist Financial by 8.3% in the first quarter. Ballentine Partners LLC now owns 29,028 shares of the insurance provider’s stock valued at $1,195,000 after acquiring an additional 2,224 shares in the last quarter. Arizona State Retirement System grew its position in Truist Financial by 1.3% in the first quarter. Arizona State Retirement System now owns 389,591 shares of the insurance provider’s stock valued at $16,032,000 after acquiring an additional 5,131 shares in the last quarter. Stephens Inc. AR raised its stake in shares of Truist Financial by 1.3% during the first quarter. Stephens Inc. AR now owns 131,712 shares of the insurance provider’s stock valued at $5,420,000 after purchasing an additional 1,659 shares during the period. Finally, Hughes Financial Services LLC acquired a new position in shares of Truist Financial during the first quarter worth $94,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Morgan Stanley raised their price target on shares of Truist Financial from $54.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday, October 20th. Weiss Ratings reissued a “hold (c+)” rating on shares of Truist Financial in a research report on Wednesday, October 8th. UBS Group set a $55.00 target price on Truist Financial in a research note on Tuesday, October 21st. Keefe, Bruyette & Woods lifted their target price on Truist Financial from $48.00 to $49.00 and gave the stock a “market perform” rating in a research report on Monday, October 20th. Finally, Raymond James Financial reissued an “outperform” rating on shares of Truist Financial in a report on Tuesday, October 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $50.59.

Truist Financial Stock Performance

Shares of TFC stock opened at $44.71 on Monday. The stock has a market capitalization of $57.20 billion, a price-to-earnings ratio of 12.02, a PEG ratio of 1.20 and a beta of 0.92. Truist Financial Corporation has a one year low of $33.56 and a one year high of $49.06. The company’s 50-day simple moving average is $44.80 and its 200-day simple moving average is $43.16. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data 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. Truist Financial had a return on equity of 8.73% and a net margin of 16.84%.The firm had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.20 billion. During the same period in the previous year, the company earned $0.97 earnings per share. Truist Financial’s quarterly revenue was up 1.9% on a year-over-year basis. Truist Financial has set its FY 2025 guidance at EPS. Q4 2025 guidance at EPS. Equities analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Friday, November 14th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend is Friday, November 14th. Truist Financial’s dividend payout ratio is currently 55.91%.

About Truist Financial

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.