Macquarie Group Ltd. Trims Stock Position in Truist Financial Corporation $TFC

Macquarie Group Ltd. lowered its stake in shares of Truist Financial Corporation (NYSE:TFC) by 61.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 1,307,296 shares of the insurance provider’s stock after selling 2,042,871 shares during the period. Macquarie Group Ltd.’s holdings in Truist Financial were worth $64,332,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Cibc World Market Inc. increased its stake in shares of Truist Financial by 17.2% in the 3rd quarter. Cibc World Market Inc. now owns 174,041 shares of the insurance provider’s stock valued at $7,957,000 after purchasing an additional 25,590 shares in the last quarter. Pinnacle Financial Partners Inc. increased its stake in shares of Truist Financial by 30.0% in the 3rd 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 in the last quarter. Equitable Trust Co. increased its stake in shares of Truist Financial by 48.9% in the 3rd quarter. Equitable Trust Co. now owns 118,261 shares of the insurance provider’s stock valued at $5,407,000 after purchasing an additional 38,850 shares in the last quarter. Legal & General Group Plc increased its stake in shares of Truist Financial by 9.0% in the 3rd quarter. Legal & General Group Plc now owns 7,902,804 shares of the insurance provider’s stock valued at $361,316,000 after purchasing an additional 655,542 shares in the last quarter. Finally, Cadence Bank increased its stake in shares of Truist Financial by 8.0% in the 3rd quarter. Cadence Bank now owns 335,969 shares of the insurance provider’s stock valued at $15,361,000 after purchasing an additional 24,745 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Up 1.9%

TFC stock opened at $51.63 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a 12-month low of $38.83 and a 12-month high of $56.19. The stock has a market cap of $64.33 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 0.87 and a beta of 0.89. The business’s 50-day moving average is $49.10 and its 200 day moving average is $49.16.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.09. The company had revenue of $5.20 billion for 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%.Truist Financial’s revenue was up 5.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.87 EPS. On average, sell-side analysts anticipate that Truist Financial Corporation will post 4.52 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were given a $0.52 dividend. The ex-dividend date 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 is 51.61%.

Wall Street Analyst Weigh In

TFC has been the subject of several recent analyst reports. Morgan Stanley cut their price target on Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a research note on Monday, April 20th. Robert W. Baird lowered Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price target for the company. in a research note on Friday, May 1st. Royal Bank Of Canada lifted their price target on Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. Jefferies Financial Group restated a “mixed” rating and issued a $45.00 price target on shares of Truist Financial in a research note on Friday, April 17th. Finally, JPMorgan Chase & Co. lowered 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. Nine equities 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 stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus 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.