Millstone Evans Group LLC Buys New Holdings in Truist Financial Co. (NYSE:TFC)

Millstone Evans Group LLC bought a new stake in shares of Truist Financial Co. (NYSE:TFC) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 2,483 shares of the insurance provider’s stock, valued at approximately $108,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Lee Danner & Bass Inc. raised its stake in Truist Financial by 1.5% during the 4th quarter. Lee Danner & Bass Inc. now owns 59,149 shares of the insurance provider’s stock valued at $2,566,000 after purchasing an additional 848 shares during the period. HUB Investment Partners LLC bought a new stake in Truist Financial during the 4th quarter valued at approximately $321,000. Magnetar Financial LLC raised its stake in Truist Financial by 4.0% during the 4th quarter. Magnetar Financial LLC now owns 129,601 shares of the insurance provider’s stock valued at $5,622,000 after purchasing an additional 4,986 shares during the period. Teacher Retirement System of Texas raised its stake in Truist Financial by 781.7% during the 4th quarter. Teacher Retirement System of Texas now owns 78,989 shares of the insurance provider’s stock valued at $3,427,000 after purchasing an additional 70,030 shares during the period. Finally, Royal London Asset Management Ltd. raised its stake in Truist Financial by 2.8% during the 4th quarter. Royal London Asset Management Ltd. now owns 1,129,580 shares of the insurance provider’s stock valued at $49,001,000 after purchasing an additional 30,591 shares during the period. Institutional investors own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

TFC has been the topic of several recent analyst reports. Piper Sandler lifted their target price on Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Hsbc Global Res raised Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Robert W. Baird raised Truist Financial from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $48.00 to $52.00 in a research note on Wednesday, March 5th. Morgan Stanley lifted their price objective on Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 21st. Finally, Citigroup lifted their price objective on Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research note on Monday, November 25th. Nine equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $51.16.

Truist Financial Price Performance

TFC opened at $41.41 on Friday. The business has a fifty day moving average of $45.12 and a 200 day moving average of $44.45. Truist Financial Co. has a 52-week low of $35.09 and a 52-week high of $49.06. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. The stock has a market cap of $54.05 billion, a P/E ratio of 12.43, a PEG ratio of 1.63 and a beta of 1.08.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The business had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.05 billion. During the same period in the prior year, the business earned $0.81 EPS. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Truist Financial Co. will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 5.02%. The ex-dividend date of this dividend was Friday, February 14th. Truist Financial’s dividend payout ratio is 62.46%.

Truist Financial 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.