Investment Management of Virginia LLC increased its position in Truist Financial Co. (NYSE:TFC) by 6.2% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 17,828 shares of the insurance provider’s stock after acquiring an additional 1,037 shares during the period. Investment Management of Virginia LLC’s holdings in Truist Financial were worth $989,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in TFC. Truvestments Capital LLC grew its position in Truist Financial by 142.3% in the 1st quarter. Truvestments Capital LLC now owns 487 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 286 shares during the period. Carolina Wealth Advisors LLC bought a new stake in Truist Financial in the 2nd quarter worth approximately $29,000. Eukles Asset Management bought a new stake in Truist Financial in the 2nd quarter worth approximately $46,000. Eagle Bay Advisors LLC bought a new stake in Truist Financial in the 2nd quarter worth approximately $46,000. Finally, Covington Capital Management grew its position in Truist Financial by 325.3% in the 1st quarter. Covington Capital Management now owns 825 shares of the insurance provider’s stock worth $48,000 after purchasing an additional 631 shares during the period. Institutional investors own 70.76% of the company’s stock.
TFC has been the subject of a number of research analyst reports. Odeon Capital Group downgraded shares of Truist Financial from a “buy” rating to a “hold” rating in a research report on Monday, July 19th. Compass Point boosted their price objective on shares of Truist Financial from $65.00 to $67.00 and gave the company a “buy” rating in a research report on Tuesday, May 18th. Finally, Zacks Investment Research raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research report on Thursday, July 1st. Eight equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $60.36.
Shares of TFC traded up $0.72 during trading hours on Wednesday, reaching $55.35. 80,965 shares of the stock traded hands, compared to its average volume of 5,421,855. The company has a market cap of $74.44 billion, a P/E ratio of 14.26, a price-to-earnings-growth ratio of 1.13 and a beta of 1.34. Truist Financial Co. has a 52-week low of $34.86 and a 52-week high of $62.69. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.62. The company’s 50-day moving average price is $55.70 and its two-hundred day moving average price is $57.55.
Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Wednesday, July 14th. The insurance provider reported $1.55 EPS for the quarter, topping the consensus estimate of $1.17 by $0.38. The business had revenue of $5.65 billion for the quarter, compared to analysts’ expectations of $5.48 billion. Truist Financial had a net margin of 23.46% and a return on equity of 11.13%. The business’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.82 EPS. On average, research analysts forecast that Truist Financial Co. will post 5.16 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 1st. Stockholders of record on Friday, August 13th were given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 3.47%. This is a boost from Truist Financial’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 12th. Truist Financial’s dividend payout ratio is currently 50.53%.
About Truist Financial
Truist Financial Corp. operates as a financial holding company, which engages in the provision of banking services to individuals, businesses and municipalities. The firm offers a variety of loans and lease financing to individuals and entities, including insurance premium financing, permanent commercial real estate financing arrangements, loan servicing for third-party investors, direct consumer finance loans to individuals, credit card lending, automobile financing and equipment financing.
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