Pacer Advisors Inc. Has $6.36 Million Stock Holdings in Truist Financial Corporation $TFC

Pacer Advisors Inc. cut its position in shares of Truist Financial Corporation (NYSE:TFC) by 10.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 129,181 shares of the insurance provider’s stock after selling 15,174 shares during the quarter. Pacer Advisors Inc.’s holdings in Truist Financial were worth $6,357,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in TFC. Independent Advisor Alliance boosted its holdings in Truist Financial by 9.7% during the third quarter. Independent Advisor Alliance now owns 329,093 shares of the insurance provider’s stock valued at $15,046,000 after purchasing an additional 29,191 shares in the last quarter. Cullen Capital Management LLC boosted its holdings in Truist Financial by 10.3% during the third quarter. Cullen Capital Management LLC now owns 4,591,783 shares of the insurance provider’s stock valued at $209,936,000 after purchasing an additional 427,067 shares in the last quarter. Oppenheimer & Co. Inc. boosted its holdings in Truist Financial by 18.6% during the third quarter. Oppenheimer & Co. Inc. now owns 169,030 shares of the insurance provider’s stock valued at $7,728,000 after purchasing an additional 26,530 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its holdings in Truist Financial by 2.6% during the third quarter. Oppenheimer Asset Management Inc. now owns 421,809 shares of the insurance provider’s stock valued at $19,285,000 after purchasing an additional 10,706 shares in the last quarter. Finally, Versor Investments LP boosted its holdings in Truist Financial by 64.4% during the third quarter. Versor Investments LP now owns 25,008 shares of the insurance provider’s stock valued at $1,143,000 after purchasing an additional 9,800 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Stock Performance

NYSE:TFC opened at $46.53 on Thursday. Truist Financial Corporation has a 1 year low of $38.27 and a 1 year high of $56.19. The firm has a 50 day moving average of $47.87 and a 200-day moving average of $48.59. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $57.97 billion, a P/E ratio of 11.54, a price-to-earnings-growth ratio of 0.82 and a beta of 0.92.

Truist Financial (NYSE:TFC) last posted its earnings results 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. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The company had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.18 billion. During the same quarter in the previous year, the company posted $0.87 earnings per share. Truist Financial’s quarterly revenue was up 5.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Truist Financial Corporation will post 4.52 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 8th will be paid a $0.52 dividend. The ex-dividend date is Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.5%. Truist Financial’s payout ratio is 51.61%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TFC. JPMorgan Chase & Co. decreased their price objective on Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a report on Tuesday, April 7th. Jefferies Financial Group reaffirmed a “mixed” rating and set a $45.00 price objective on shares of Truist Financial in a report on Friday, April 17th. Royal Bank Of Canada lifted their price objective on Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a report on Monday, April 20th. Piper Sandler lifted their price objective on Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a report on Thursday, January 22nd. Finally, Weiss Ratings raised Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Nine research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $55.59.

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.