Catalyst Funds Management Pty Ltd Buys Shares of 9,600 Truist Financial Co. (NYSE:TFC)

Catalyst Funds Management Pty Ltd bought a new position in shares of Truist Financial Co. (NYSE:TFC) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 9,600 shares of the insurance provider’s stock, valued at approximately $416,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bangor Savings Bank boosted its stake in shares of Truist Financial by 92.5% during the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 272 shares during the last quarter. Valley Wealth Managers Inc. purchased a new stake in shares of Truist Financial in the third quarter valued at $26,000. Hopwood Financial Services Inc. purchased a new position in Truist Financial during the fourth quarter worth about $26,000. MidAtlantic Capital Management Inc. acquired a new stake in Truist Financial in the 3rd quarter worth about $32,000. Finally, City State Bank grew its holdings in Truist Financial by 158.1% in the 4th quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock valued at $51,000 after buying an additional 716 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Up 2.7 %

Shares of Truist Financial stock opened at $40.54 on Friday. Truist Financial Co. has a twelve month low of $34.51 and a twelve month high of $49.06. The stock has a market capitalization of $52.92 billion, a price-to-earnings ratio of 12.17, a PEG ratio of 1.63 and a beta of 1.08. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The business’s 50 day simple moving average is $45.38 and its 200-day simple moving average is $44.56.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, beating 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 firm had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5.05 billion. During the same period last year, the firm earned $0.81 EPS. The firm’s revenue was up 3.4% compared to the same quarter last year. Equities research analysts forecast that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were paid 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 yield of 5.13%. Truist Financial’s dividend payout ratio is currently 62.46%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Piper Sandler boosted their price objective on shares of Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. HSBC raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday, January 7th. Barclays increased their price target on Truist Financial from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Compass Point increased their target price on Truist Financial from $47.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Finally, Robert W. Baird raised shares of Truist Financial from a “neutral” rating to an “outperform” rating and raised their price target for the company from $48.00 to $52.00 in a report on Wednesday, March 5th. Nine research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $51.16.

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.