Truist Financial Co. (NYSE:TFC) Shares Bought by Parnassus Investments LLC

Parnassus Investments LLC raised its position in Truist Financial Co. (NYSE:TFC) by 9.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,141,993 shares of the insurance provider’s stock after buying an additional 175,989 shares during the period. Parnassus Investments LLC’s holdings in Truist Financial were worth $92,920,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Bangor Savings Bank boosted its holdings in Truist Financial by 92.5% in the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after buying an additional 272 shares during the last quarter. Valley Wealth Managers Inc. acquired a new stake in Truist Financial in the 3rd quarter worth about $26,000. Hopwood Financial Services Inc. acquired a new stake in Truist Financial in the 4th quarter worth about $26,000. MidAtlantic Capital Management Inc. acquired a new stake in Truist Financial in the 3rd quarter worth about $32,000. Finally, Ashton Thomas Securities LLC acquired a new stake in Truist Financial in the 3rd quarter worth about $45,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Down 1.0 %

Shares of NYSE TFC opened at $39.43 on Friday. The firm has a market cap of $51.48 billion, a price-to-earnings ratio of 11.84, a PEG ratio of 1.63 and a beta of 1.08. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a 52-week low of $34.51 and a 52-week high of $49.06. The business’s 50 day moving average is $45.45 and its two-hundred day moving average is $44.58.

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

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.27%. The ex-dividend date of this dividend was Friday, February 14th. Truist Financial’s payout ratio is 62.46%.

Wall Street Analysts Forecast Growth

TFC has been the topic of several recent research reports. Barclays boosted their target price on Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. Keefe, Bruyette & Woods boosted their target price on Truist Financial from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, January 21st. Compass Point boosted their target price on Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. HSBC upgraded Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, January 7th. Finally, Citigroup boosted their target price on Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a report on Monday, November 25th. Nine investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Truist Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.16.

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.