Eventide Asset Management LLC Purchases Shares of 39,758 Truist Financial Corporation $TFC

Eventide Asset Management LLC purchased a new stake in Truist Financial Corporation (NYSE:TFC) in the fourth quarter, HoldingsChannel reports. The fund purchased 39,758 shares of the insurance provider’s stock, valued at approximately $1,970,000.

Other hedge funds have also recently bought and sold shares of the company. Swiss RE Ltd. bought a new stake in Truist Financial in the 4th quarter valued at $26,000. McMillan Office Inc. bought a new stake in Truist Financial in the 4th quarter valued at $31,000. Maseco LLP boosted its holdings in Truist Financial by 53.8% in the 4th 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. Mowery & Schoenfeld Wealth Management LLC boosted its holdings in Truist Financial by 190.7% in the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 431 shares during the period. Finally, Ancora Advisors LLC boosted its holdings in Truist Financial by 259.1% in the 3rd quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 500 shares during the period. 71.28% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on TFC. Royal Bank Of Canada increased their price target on shares of Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a report on Monday, April 20th. JPMorgan Chase & Co. reduced their price target on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Robert W. Baird cut Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 target price for the company. in a research report on Friday, May 1st. Weiss Ratings upgraded shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Finally, Morgan Stanley decreased their price target on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a research note on Monday, April 20th. Nine investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $55.59.

Truist Financial Stock Down 0.1%

Shares of NYSE TFC opened at $51.63 on Monday. The stock has a market cap of $64.33 billion, a PE ratio of 12.81, a PEG ratio of 0.88 and a beta of 0.89. The business has a fifty day moving average of $49.10 and a two-hundred day moving average of $49.18. Truist Financial Corporation has a 52-week low of $38.83 and a 52-week high of $56.19. 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 issued its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.09. The company had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.18 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The business’s revenue was up 5.0% on a year-over-year basis. During the same period last year, the business earned $0.87 earnings per share. As a group, equities research analysts expect that Truist Financial Corporation will post 4.52 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. Truist Financial’s dividend payout ratio (DPR) is presently 51.61%.

About Truist Financial

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.