Victory Capital Management Inc. Grows Stake in Truist Financial Corporation $TFC

Victory Capital Management Inc. lifted its position in Truist Financial Corporation (NYSE:TFC) by 7.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,964,393 shares of the insurance provider’s stock after buying an additional 2,226,288 shares during the period. Truist Financial makes up about 0.9% of Victory Capital Management Inc.’s investment portfolio, making the stock its 12th biggest position. Victory Capital Management Inc. owned approximately 2.50% of Truist Financial worth $1,572,968,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of TFC. Swiss RE Ltd. purchased a new position in shares of Truist Financial in the 4th quarter worth $26,000. McMillan Office Inc. purchased a new position in Truist Financial during the fourth quarter valued at $31,000. Ancora Advisors LLC lifted its position in Truist Financial by 259.1% during the third quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 500 shares in the last quarter. Maseco LLP lifted its position in Truist Financial by 53.8% during the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 228 shares in the last quarter. Finally, Mowery & Schoenfeld Wealth Management LLC lifted its position in Truist Financial by 190.7% during the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 431 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $51.63 on Friday. The stock’s 50-day simple moving average is $49.10 and its 200-day simple moving average is $49.16. Truist Financial Corporation has a 52 week low of $38.83 and a 52 week high of $56.19. The company has a market capitalization 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 company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last announced 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. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The business had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.18 billion. During the same period in the previous year, the business earned $0.87 earnings per share. The business’s revenue was up 5.0% on a year-over-year basis. As a group, analysts expect that Truist Financial Corporation will post 4.52 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.0%. The ex-dividend date was Friday, May 8th. Truist Financial’s payout ratio is presently 51.61%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Wall Street Zen downgraded Truist Financial from a “hold” rating to a “sell” rating in a research report on Saturday. Royal Bank Of Canada lifted their target price on Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research report on Monday, April 20th. Robert W. Baird downgraded Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 target price on the stock. in a research report on Friday, May 1st. JPMorgan Chase & Co. lowered their target price on Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. Finally, Weiss Ratings upgraded Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Nine equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus 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.