CANADA LIFE ASSURANCE Co Has $42.72 Million Stake in Truist Financial Co. (NYSE:TFC)

CANADA LIFE ASSURANCE Co increased its holdings in shares of Truist Financial Co. (NYSE:TFC) by 3.1% in the 1st quarter, HoldingsChannel.com reports. The firm owned 1,095,158 shares of the insurance provider’s stock after acquiring an additional 33,333 shares during the period. CANADA LIFE ASSURANCE Co’s holdings in Truist Financial were worth $42,722,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. National Bank of Canada FI boosted its holdings in Truist Financial by 41.8% during the first quarter. National Bank of Canada FI now owns 1,835,736 shares of the insurance provider’s stock worth $72,446,000 after purchasing an additional 541,037 shares during the last quarter. Lake Street Advisors Group LLC boosted its holdings in Truist Financial by 44.2% during the first quarter. Lake Street Advisors Group LLC now owns 8,299 shares of the insurance provider’s stock worth $323,000 after purchasing an additional 2,544 shares during the last quarter. UniSuper Management Pty Ltd boosted its holdings in Truist Financial by 1,117.2% during the first quarter. UniSuper Management Pty Ltd now owns 23,552 shares of the insurance provider’s stock worth $918,000 after purchasing an additional 21,617 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its stake in Truist Financial by 46.7% in the first quarter. O Shaughnessy Asset Management LLC now owns 111,963 shares of the insurance provider’s stock valued at $4,364,000 after acquiring an additional 35,636 shares during the last quarter. Finally, Resurgent Financial Advisors LLC lifted its stake in Truist Financial by 53.3% in the first quarter. Resurgent Financial Advisors LLC now owns 5,945 shares of the insurance provider’s stock valued at $232,000 after acquiring an additional 2,067 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Performance

NYSE:TFC traded up $0.75 during mid-day trading on Thursday, reaching $44.36. 3,404,983 shares of the company’s stock were exchanged, compared to its average volume of 8,496,076. Truist Financial Co. has a one year low of $26.57 and a one year high of $44.78. The firm has a market capitalization of $59.36 billion, a PE ratio of -33.70, a price-to-earnings-growth ratio of 2.11 and a beta of 1.07. The business’s fifty day simple moving average is $38.64 and its two-hundred day simple moving average is $37.66. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.86.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.07. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The business had revenue of $5.02 billion for the quarter, compared to analyst estimates of $4.83 billion. During the same period last year, the firm earned $0.95 earnings per share. Truist Financial’s revenue for the quarter was down 15.9% compared to the same quarter last year. Analysts anticipate that Truist Financial Co. will post 3.52 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.69%. The ex-dividend date is Friday, August 9th. Truist Financial’s payout ratio is presently -157.58%.

Insider Transactions at Truist Financial

In other news, CEO William H. Rogers, Jr. acquired 57,300 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were acquired at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the completion of the purchase, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.17% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have commented on TFC shares. Keefe, Bruyette & Woods increased their price target on shares of Truist Financial from $46.00 to $48.00 and gave the company an “outperform” rating in a research note on Tuesday. Evercore ISI reiterated an “in-line” rating and issued a $44.00 price target on shares of Truist Financial in a research note on Thursday, May 9th. The Goldman Sachs Group increased their price target on shares of Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday. JPMorgan Chase & Co. increased their price target on shares of Truist Financial from $39.50 to $40.50 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Finally, Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and increased their price target for the company from $45.00 to $47.00 in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $45.05.

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.