Truist Financial Co. (NYSE:TFC) Shares Acquired by Renaissance Technologies LLC

Renaissance Technologies LLC raised its stake in shares of Truist Financial Co. (NYSE:TFC) by 163.8% during the 4th quarter, Holdings Channel reports. The institutional investor owned 263,017 shares of the insurance provider’s stock after buying an additional 163,300 shares during the period. Renaissance Technologies LLC’s holdings in Truist Financial were worth $11,410,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bangor Savings Bank lifted its position in Truist Financial by 92.5% in the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 272 shares during the period. Hopwood Financial Services Inc. acquired a new stake in shares of Truist Financial in the fourth quarter valued at $26,000. Curio Wealth LLC bought a new position in Truist Financial during the fourth quarter valued at about $45,000. City State Bank grew its holdings in Truist Financial by 158.1% during the fourth quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock worth $51,000 after acquiring an additional 716 shares during the period. Finally, Brown Lisle Cummings Inc. bought a new stake in Truist Financial in the fourth quarter worth about $55,000. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Stock Performance

TFC opened at $36.49 on Wednesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. The company has a market cap of $47.63 billion, a PE ratio of 10.96, a price-to-earnings-growth ratio of 1.63 and a beta of 0.91. The stock has a 50-day moving average of $41.90 and a 200-day moving average of $43.92. Truist Financial Co. has a 52-week low of $33.56 and a 52-week high of $49.06.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.88 by $0.03. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The company had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.05 billion. During the same quarter last year, the company posted $0.81 earnings per share. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, equities research analysts forecast that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were given a dividend of $0.52 per share. The ex-dividend date was Friday, February 14th. This represents a $2.08 annualized dividend and a dividend yield of 5.70%. Truist Financial’s dividend payout ratio is presently 62.46%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on TFC shares. Morgan Stanley reduced their price objective on shares of Truist Financial from $50.00 to $43.00 and set an “equal weight” rating for the company in a research report on Monday, April 7th. Baird R W upgraded shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 5th. Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $48.00 to $52.00 in a research report on Wednesday, March 5th. Citigroup decreased their target price on Truist Financial from $51.00 to $44.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Finally, Barclays upped their target price on Truist Financial from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $50.22.

Truist Financial 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.