QRG Capital Management Inc. Buys 67,435 Shares of Truist Financial Corporation $TFC

QRG Capital Management Inc. boosted its stake in shares of Truist Financial Corporation (NYSE:TFC) by 79.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 151,917 shares of the insurance provider’s stock after purchasing an additional 67,435 shares during the quarter. QRG Capital Management Inc.’s holdings in Truist Financial were worth $6,984,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Pinnacle Financial Partners Inc. boosted its stake in shares of Truist Financial by 30.0% in the third quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock valued at $7,994,000 after purchasing an additional 40,393 shares during the period. Legal & General Group Plc increased its stake in Truist Financial by 9.0% during the 3rd quarter. Legal & General Group Plc now owns 7,902,804 shares of the insurance provider’s stock worth $361,316,000 after buying an additional 655,542 shares during the period. Cadence Bank lifted its holdings in Truist Financial by 8.0% in the 3rd quarter. Cadence Bank now owns 335,969 shares of the insurance provider’s stock worth $15,361,000 after buying an additional 24,745 shares in the last quarter. Ritholtz Wealth Management lifted its holdings in Truist Financial by 91.9% in the 4th quarter. Ritholtz Wealth Management now owns 45,749 shares of the insurance provider’s stock worth $2,251,000 after buying an additional 21,903 shares in the last quarter. Finally, Carnegie Investment Counsel boosted its position in Truist Financial by 57.8% in the 4th quarter. Carnegie Investment Counsel now owns 105,792 shares of the insurance provider’s stock valued at $5,206,000 after buying an additional 38,750 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on TFC shares. JPMorgan Chase & Co. lowered their target price on Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a research note on Tuesday, April 7th. Citigroup downgraded Truist Financial from a “buy” rating to a “neutral” rating and reduced their price target for the company from $63.00 to $54.00 in a report on Tuesday, June 30th. Weiss Ratings raised Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Wall Street Zen downgraded Truist Financial from a “hold” rating to a “sell” rating in a report on Monday, June 29th. Finally, Morgan Stanley cut their target price on Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a research report on Monday, April 20th. Eight equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $55.26.

Truist Financial Trading Down 0.1%

NYSE:TFC opened at $50.95 on Monday. The stock has a market cap of $63.47 billion, a price-to-earnings ratio of 12.64, a PEG ratio of 0.87 and a beta of 0.89. 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 Corporation has a 1 year low of $40.78 and a 1 year high of $56.19. The business has a fifty day moving average of $49.17 and a 200-day moving average of $49.39.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.09. The company had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The business’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.87 EPS. Equities analysts predict that Truist Financial Corporation will post 4.52 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. Truist Financial’s dividend payout ratio (DPR) is currently 51.61%.

Truist Financial Company Profile

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.