Fifth Third Wealth Advisors LLC Buys 53,608 Shares of Truist Financial Corporation $TFC

Fifth Third Wealth Advisors LLC increased its stake in Truist Financial Corporation (NYSE:TFC) by 232.7% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 76,644 shares of the insurance provider’s stock after purchasing an additional 53,608 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in Truist Financial were worth $3,523,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in TFC. Vanguard Group Inc. raised its position in Truist Financial by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock worth $5,892,453,000 after acquiring an additional 701,049 shares in the last quarter. Capital International Investors grew its position in shares of Truist Financial by 0.7% in the 4th quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock valued at $5,332,835,000 after acquiring an additional 715,433 shares during the period. Victory Capital Management Inc. increased its stake in shares of Truist Financial by 7.5% during the 4th quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock worth $1,572,968,000 after purchasing an additional 2,226,288 shares during the last quarter. Morgan Stanley increased its stake in shares of Truist Financial by 2.9% during the 4th quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider’s stock worth $1,030,028,000 after purchasing an additional 597,255 shares during the last quarter. Finally, Auto Owners Insurance Co increased its stake in shares of Truist Financial by 4,821.0% during the 4th quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock worth $697,428,000 after purchasing an additional 13,884,480 shares during the last quarter. 71.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on TFC shares. Robert W. Baird downgraded shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 target price for the company. in a research note on Friday, May 1st. Jefferies Financial Group reissued a “mixed” rating and set a $45.00 price target on shares of Truist Financial in a research report on Friday, April 17th. Royal Bank Of Canada upped their price objective on Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. Morgan Stanley cut their price objective on Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a research report on Monday, April 20th. Finally, Wall Street Zen upgraded Truist Financial from a “sell” rating to a “hold” rating in a research note on Sunday, June 21st. Ten investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Truist Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.79.

Truist Financial Stock Performance

Shares of TFC stock opened at $50.63 on Friday. The company has a market capitalization of $63.08 billion, a price-to-earnings ratio of 12.56, a PEG ratio of 0.85 and a beta of 0.89. 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 company has a 50-day simple moving average of $49.15 and a 200 day simple moving average of $49.33. Truist Financial Corporation has a 52 week low of $40.78 and a 52 week high of $56.19.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share 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 firm earned $0.87 EPS. The business’s revenue was up 5.0% on a year-over-year basis. On average, sell-side analysts predict that Truist Financial Corporation will post 4.5 earnings per share for the current 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 dividend of $0.52 per share. The ex-dividend date was Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. Truist Financial’s dividend payout ratio (DPR) is 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.