Letko Brosseau & Associates Inc. Has $83.50 Million Position in Truist Financial Corporation $TFC

Letko Brosseau & Associates Inc. raised its holdings in Truist Financial Corporation (NYSE:TFC) by 1.9% during the fourth quarter, Holdings Channel.com reports. The fund owned 1,696,756 shares of the insurance provider’s stock after purchasing an additional 32,200 shares during the period. Truist Financial comprises about 1.4% of Letko Brosseau & Associates Inc.’s holdings, making the stock its 26th largest holding. Letko Brosseau & Associates Inc.’s holdings in Truist Financial were worth $83,497,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Oppenheimer & Co. Inc. boosted its stake in Truist Financial by 18.6% in the third quarter. Oppenheimer & Co. Inc. now owns 169,030 shares of the insurance provider’s stock valued at $7,728,000 after acquiring an additional 26,530 shares during the last quarter. Versor Investments LP boosted its stake in Truist Financial by 64.4% in the third quarter. Versor Investments LP now owns 25,008 shares of the insurance provider’s stock valued at $1,143,000 after acquiring an additional 9,800 shares during the last quarter. Cibc World Market Inc. boosted its stake in Truist Financial by 17.2% in the third quarter. Cibc World Market Inc. now owns 174,041 shares of the insurance provider’s stock valued at $7,957,000 after acquiring an additional 25,590 shares during the last quarter. Edgemoor Investment Advisors Inc. bought a new position in Truist Financial in the third quarter valued at approximately $1,061,000. Finally, Pinnacle Financial Partners Inc. boosted its stake in 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 acquiring an additional 40,393 shares during the last quarter. 71.28% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on TFC. Jefferies Financial Group reaffirmed a “mixed” rating and issued a $45.00 price objective on shares of Truist Financial in a research note on Friday, April 17th. Royal Bank Of Canada raised their price objective on shares of Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. Robert W. Baird cut shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price objective on the stock. in a research note on Friday, May 1st. Wall Street Zen raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Finally, Morgan Stanley reduced their price target on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a research report on Monday, April 20th. Nine investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.59.

Truist Financial Trading Up 1.1%

TFC opened at $49.37 on Wednesday. The stock has a market capitalization of $61.51 billion, a P/E ratio of 12.25, a P/E/G ratio of 0.84 and a beta of 0.89. Truist Financial Corporation has a 12 month low of $38.83 and a 12 month high of $56.19. The firm’s fifty day simple moving average is $48.80 and its 200 day simple moving average is $49.07. 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 (NYSE:TFC) last posted its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, beating the consensus estimate of $1.00 by $0.09. The business had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The firm’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. As a group, research analysts anticipate that Truist Financial Corporation will post 4.52 EPS for the current fiscal year.

Truist Financial Dividend Announcement

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

Truist Financial 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.