1ST Source Bank Raises Position in Truist Financial Co. (NYSE:TFC)

1ST Source Bank grew its holdings in shares of Truist Financial Co. (NYSE:TFC) by 19.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 7,735 shares of the insurance provider’s stock after purchasing an additional 1,272 shares during the quarter. 1ST Source Bank’s holdings in Truist Financial were worth $336,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in TFC. Raymond James Financial Inc. purchased a new position in shares of Truist Financial during the 4th quarter worth $198,051,000. State Street Corp lifted its stake in shares of Truist Financial by 4.6% during the 3rd quarter. State Street Corp now owns 61,864,957 shares of the insurance provider’s stock worth $2,645,964,000 after purchasing an additional 2,720,223 shares during the period. Amundi lifted its stake in shares of Truist Financial by 6.5% during the 4th quarter. Amundi now owns 23,683,345 shares of the insurance provider’s stock worth $1,040,718,000 after purchasing an additional 1,450,323 shares during the period. KBC Group NV increased its holdings in shares of Truist Financial by 96.9% during the 4th quarter. KBC Group NV now owns 2,031,893 shares of the insurance provider’s stock worth $88,144,000 after buying an additional 999,763 shares during the last quarter. Finally, HighTower Advisors LLC increased its holdings in shares of Truist Financial by 26.1% during the 3rd quarter. HighTower Advisors LLC now owns 3,901,891 shares of the insurance provider’s stock worth $166,892,000 after buying an additional 807,648 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Up 1.3 %

Shares of Truist Financial stock opened at $41.08 on Tuesday. The business has a 50-day moving average of $45.32 and a 200-day moving average of $44.54. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market capitalization of $53.62 billion, a PE ratio of 12.34, a P/E/G ratio of 1.63 and a beta of 1.08. Truist Financial Co. has a 1-year low of $34.51 and a 1-year high of $49.06.

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

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.08 annualized dividend and a dividend yield of 5.06%. Truist Financial’s payout ratio is 62.46%.

Wall Street Analyst Weigh In

TFC has been the subject of a number of research analyst reports. Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $48.00 to $52.00 in a report on Wednesday, March 5th. The Goldman Sachs Group upped their price objective on Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Piper Sandler upped their price objective on Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Keefe, Bruyette & Woods upped their price objective on Truist Financial from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, January 21st. Finally, Hsbc Global Res upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Nine research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $51.16.

About Truist Financial

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.