CANADA LIFE ASSURANCE Co Grows Position in Truist Financial Co. (NYSE:TFC)

CANADA LIFE ASSURANCE Co raised its position in shares of Truist Financial Co. (NYSE:TFC) by 10.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,165,821 shares of the insurance provider’s stock after acquiring an additional 114,776 shares during the period. CANADA LIFE ASSURANCE Co owned approximately 0.09% of Truist Financial worth $50,559,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Bangor Savings Bank grew its stake in shares of Truist Financial by 92.5% in the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after buying an additional 272 shares in the last quarter. Hopwood Financial Services Inc. bought a new position in shares of Truist Financial in the 4th quarter valued at about $26,000. Curio Wealth LLC purchased a new position in Truist Financial in the fourth quarter worth about $45,000. City State Bank increased its stake in Truist Financial by 158.1% during the fourth quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock worth $51,000 after acquiring an additional 716 shares during the last quarter. Finally, Brown Lisle Cummings Inc. purchased a new stake in Truist Financial during the fourth quarter valued at approximately $55,000. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Price Performance

Shares of TFC stock opened at $35.88 on Friday. The stock has a market capitalization of $46.83 billion, a price-to-earnings ratio of 10.77, a P/E/G ratio of 1.63 and a beta of 0.91. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a twelve month low of $33.56 and a twelve month high of $49.06. The stock has a fifty day simple moving average of $41.44 and a two-hundred day simple moving average of $43.82.

Truist Financial (NYSE:TFC) last issued its earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.87. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The company had revenue of $4.95 billion for the quarter, compared to analysts’ expectations of $4.99 billion. During the same period in the prior year, the business earned $0.90 EPS. On average, analysts predict that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.80%. The ex-dividend date of this dividend was Friday, February 14th. Truist Financial’s dividend payout ratio (DPR) is 62.46%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TFC. StockNews.com downgraded Truist Financial from a “hold” rating to a “sell” rating in a research report on Saturday, April 12th. Morgan Stanley cut their price objective on shares of Truist Financial from $50.00 to $43.00 and set an “equal weight” rating on the stock in a research report on Monday, April 7th. Citigroup reduced their target price on shares of Truist Financial from $51.00 to $44.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. Keefe, Bruyette & Woods lifted their price target on shares of Truist Financial from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 21st. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Truist Financial from $48.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday, April 3rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $50.22.

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.