Austin Asset Management Co Inc Acquires New Shares in Truist Financial Corporation $TFC

Austin Asset Management Co Inc bought a new stake in shares of Truist Financial Corporation (NYSE:TFC) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 11,309 shares of the insurance provider’s stock, valued at approximately $520,000.

A number of other institutional investors and hedge funds have also modified their holdings of TFC. Kemnay Advisory Services Inc. bought a new position in Truist Financial during the 4th quarter valued at about $25,000. Swiss RE Ltd. purchased a new stake in Truist Financial in the fourth quarter worth approximately $26,000. McMillan Office Inc. purchased a new stake in Truist Financial during the 4th quarter valued at $31,000. Maseco LLP raised its stake in Truist Financial by 53.8% during the 4th quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock valued at $32,000 after buying an additional 228 shares during the last quarter. Finally, Mowery & Schoenfeld Wealth Management LLC boosted its stake in shares of Truist Financial by 190.7% in the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock worth $32,000 after buying an additional 431 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Down 3.2%

TFC stock opened at $49.70 on Thursday. The firm has a fifty day moving average price of $49.15 and a 200 day moving average price of $49.41. Truist Financial Corporation has a fifty-two week low of $40.78 and a fifty-two 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. The firm has a market cap of $61.93 billion, a PE ratio of 12.33, a price-to-earnings-growth ratio of 0.88 and a beta of 0.89.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The firm had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.18 billion. During the same period in the prior year, the company earned $0.87 EPS. The business’s revenue was up 5.0% compared to the same quarter last year. Sell-side analysts anticipate that Truist Financial Corporation will post 4.52 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.2%. Truist Financial’s dividend payout ratio is currently 51.61%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on TFC shares. Jefferies Financial Group restated a “mixed” rating and set a $45.00 price target on shares of Truist Financial in a research note on Friday, April 17th. Raymond James Financial reiterated a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. Weiss Ratings raised shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Royal Bank Of Canada upped their price objective on Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a research note on Monday, April 20th. Finally, JPMorgan Chase & Co. decreased their target price on Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a report on Tuesday, April 7th. Seven equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Truist Financial has an average rating of “Hold” and an average target price of $54.47.

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.