Kornitzer Capital Management Inc. KS Raises Holdings in Truist Financial Corporation (NYSE:TFC)

Kornitzer Capital Management Inc. KS grew its position in Truist Financial Corporation (NYSE:TFC) by 1.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 750,164 shares of the insurance provider’s stock after buying an additional 13,543 shares during the quarter. Kornitzer Capital Management Inc. KS owned 0.06% of Truist Financial worth $30,869,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. Navigoe LLC acquired a new position in Truist Financial during the 4th quarter valued at about $26,000. Centennial Bank AR increased its position in Truist Financial by 360.2% during the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock valued at $30,000 after buying an additional 580 shares in the last quarter. Sierra Ocean LLC increased its position in Truist Financial by 64.4% during the 1st quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider’s stock valued at $37,000 after buying an additional 352 shares in the last quarter. Rossby Financial LCC acquired a new position in Truist Financial during the 1st quarter valued at about $43,000. Finally, Curio Wealth LLC acquired a new position in Truist Financial during the 4th quarter valued at about $45,000. 71.28% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. JPMorgan Chase & Co. reduced their target price on Truist Financial from $48.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday, April 3rd. TD Cowen initiated coverage on Truist Financial in a research report on Thursday, May 15th. They set a “hold” rating and a $44.00 target price on the stock. Barclays dropped their price target on Truist Financial from $51.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Monday, April 21st. Argus set a $43.00 price target on Truist Financial in a research note on Monday, April 21st. Finally, Keefe, Bruyette & Woods downgraded Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price target on the stock. in a research note on Wednesday, July 9th. Eight research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.44.

Truist Financial Stock Performance

Shares of TFC stock opened at $45.67 on Tuesday. The company has a market capitalization of $59.81 billion, a P/E ratio of 13.47, a P/E/G ratio of 1.69 and a beta of 0.85. The business’s 50 day moving average is $41.23 and its two-hundred day moving average is $42.01. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.55. Truist Financial Corporation 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 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates 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 return on equity of 8.96% and a net margin of 15.59%. During the same quarter in the prior year, the business posted $0.90 earnings per share. Analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 9th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.55%. Truist Financial’s payout ratio is currently 61.36%.

Truist Financial Company 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.