Coerente Capital Management Buys 8,065 Shares of Truist Financial Co. (NYSE:TFC)

Coerente Capital Management grew its holdings in shares of Truist Financial Co. (NYSE:TFC) by 2.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 308,734 shares of the insurance provider’s stock after acquiring an additional 8,065 shares during the period. Truist Financial comprises approximately 2.5% of Coerente Capital Management’s holdings, making the stock its 19th largest position. Coerente Capital Management’s holdings in Truist Financial were worth $12,704,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of TFC. Capital International Investors grew its position in shares of Truist Financial by 26.0% during the 4th quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider’s stock valued at $3,930,983,000 after acquiring an additional 18,712,246 shares during the period. Norges Bank bought a new stake in shares of Truist Financial during the 4th quarter valued at $402,828,000. FMR LLC grew its position in shares of Truist Financial by 109.1% during the 4th quarter. FMR LLC now owns 10,460,159 shares of the insurance provider’s stock valued at $453,762,000 after acquiring an additional 5,457,053 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Truist Financial during the 4th quarter valued at $198,051,000. Finally, Northern Trust Corp grew its position in shares of Truist Financial by 20.5% during the 4th quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider’s stock valued at $626,154,000 after acquiring an additional 2,452,239 shares during the period. Institutional investors own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on TFC shares. Raymond James cut shares of Truist Financial from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 2nd. Citigroup lowered their target price on shares of Truist Financial from $51.00 to $44.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. JPMorgan Chase & Co. lowered their target price on shares of Truist Financial from $48.00 to $42.00 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. Keefe, Bruyette & Woods lowered their target price on shares of Truist Financial from $53.00 to $47.00 and set an “outperform” rating on the stock in a research note on Monday, April 21st. Finally, Robert W. Baird upgraded shares of Truist Financial from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $48.00 to $52.00 in a research note on Wednesday, March 5th. Nine research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Truist Financial has an average rating of “Moderate Buy” and an average target price of $47.83.

Truist Financial Stock Down 1.1%

Shares of NYSE TFC opened at $40.29 on Thursday. The firm’s 50-day moving average price is $38.59 and its 200-day moving average price is $42.53. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $52.75 billion, a price-to-earnings ratio of 12.10, a P/E/G ratio of 1.63 and a beta of 0.84. Truist Financial Co. has a 12-month low of $33.56 and a 12-month high of $49.06.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, meeting the consensus estimate of $0.87. The company had revenue of $4.95 billion for the quarter, compared to the consensus estimate of $4.99 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. During the same period in the prior year, the firm posted $0.90 EPS. On average, equities research analysts anticipate that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 9th were issued a dividend of $0.52 per share. The ex-dividend date was Friday, May 9th. This represents a $2.08 annualized dividend and a yield of 5.16%. Truist Financial’s payout ratio is 61.36%.

Truist Financial Profile

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.