Chevy Chase Trust Holdings LLC Buys 79,710 Shares of Truist Financial Co. (NYSE:TFC)

Chevy Chase Trust Holdings LLC raised its stake in Truist Financial Co. (NYSE:TFC) by 9.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 894,395 shares of the insurance provider’s stock after purchasing an additional 79,710 shares during the period. Chevy Chase Trust Holdings LLC owned approximately 0.07% of Truist Financial worth $34,864,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in Truist Financial by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 117,271,628 shares of the insurance provider’s stock valued at $3,355,141,000 after purchasing an additional 365,871 shares during the period. Charles Schwab Investment Management Inc. increased its position in Truist Financial by 8.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 19,238,388 shares of the insurance provider’s stock valued at $690,793,000 after acquiring an additional 1,458,248 shares in the last quarter. Morgan Stanley increased its position in Truist Financial by 0.3% in the 3rd quarter. Morgan Stanley now owns 15,364,138 shares of the insurance provider’s stock valued at $439,568,000 after acquiring an additional 39,510 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Truist Financial by 11.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 8,731,538 shares of the insurance provider’s stock valued at $322,395,000 after acquiring an additional 883,416 shares in the last quarter. Finally, Norges Bank acquired a new stake in Truist Financial in the 4th quarter valued at about $307,787,000. 71.28% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Jefferies Financial Group raised their price objective on shares of Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Stephens raised their price objective on shares of Truist Financial from $43.00 to $47.00 and gave the company an “overweight” rating in a research report on Thursday, May 16th. Evercore ISI restated an “in-line” rating and issued a $44.00 price objective on shares of Truist Financial in a research report on Thursday, May 9th. StockNews.com lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Thursday, July 4th. Finally, Piper Sandler raised their target price on shares of Truist Financial from $38.00 to $41.00 and gave the company a “neutral” rating in a research note on Tuesday, May 14th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.17.

Truist Financial Stock Up 0.2 %

TFC traded up $0.06 during trading on Wednesday, reaching $38.97. 1,794,278 shares of the stock were exchanged, compared to its average volume of 8,503,970. The stock has a market cap of $52.15 billion, a P/E ratio of -29.54, a price-to-earnings-growth ratio of 2.00 and a beta of 1.07. Truist Financial Co. has a twelve month low of $26.57 and a twelve month high of $40.51. The stock’s 50 day moving average price is $37.98 and its two-hundred day moving average price is $37.27. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The firm had revenue of $4.87 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same period in the previous year, the business posted $1.09 earnings per share. The company’s revenue for the quarter was down 8.8% compared to the same quarter last year. Equities analysts expect that Truist Financial Co. will post 3.37 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Friday, May 10th were given a $0.52 dividend. The ex-dividend date was Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.34%. Truist Financial’s payout ratio is presently -157.58%.

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.