Apollon Wealth Management LLC Buys 6,080 Shares of Truist Financial Co. (NYSE:TFC)

Apollon Wealth Management LLC raised its stake in shares of Truist Financial Co. (NYSE:TFC) by 14.9% in the fourth quarter, Holdings Channel reports. The fund owned 46,776 shares of the insurance provider’s stock after acquiring an additional 6,080 shares during the period. Apollon Wealth Management LLC’s holdings in Truist Financial were worth $1,727,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. North Reef Capital Management LP bought a new position in shares of Truist Financial in the third quarter valued at about $66,804,000. Assenagon Asset Management S.A. increased its holdings in shares of Truist Financial by 342.2% in the third quarter. Assenagon Asset Management S.A. now owns 2,526,939 shares of the insurance provider’s stock valued at $72,296,000 after purchasing an additional 1,955,448 shares in the last quarter. Jennison Associates LLC raised its position in Truist Financial by 45.1% in the 3rd quarter. Jennison Associates LLC now owns 3,673,609 shares of the insurance provider’s stock worth $105,102,000 after purchasing an additional 1,141,944 shares during the last quarter. International Assets Investment Management LLC lifted its holdings in Truist Financial by 3,359.6% during the 4th quarter. International Assets Investment Management LLC now owns 1,045,560 shares of the insurance provider’s stock worth $38,602,000 after buying an additional 1,015,338 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its position in Truist Financial by 1,155.4% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,054,500 shares of the insurance provider’s stock valued at $30,169,000 after buying an additional 970,500 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Insider Activity at Truist Financial

In related news, Director K. David Jr. Boyer sold 3,764 shares of the stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $37.48, for a total transaction of $141,074.72. Following the sale, the director now owns 16,132 shares in the company, valued at approximately $604,627.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.17% of the stock is owned by insiders.

Truist Financial Stock Up 0.2 %

Shares of NYSE:TFC traded up $0.06 during midday trading on Wednesday, hitting $39.17. The stock had a trading volume of 1,241,998 shares, compared to its average volume of 9,364,314. The business’s 50-day simple moving average is $37.34 and its 200-day simple moving average is $35.39. Truist Financial Co. has a 12 month low of $26.49 and a 12 month high of $40.35. The company has a market cap of $52.28 billion, a P/E ratio of -29.52, a PEG ratio of 2.03 and a beta of 1.07. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.12. The company had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The company’s revenue was down 8.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.09 earnings per share. On average, sell-side analysts forecast that Truist Financial Co. will post 3.3 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Friday, May 10th will be issued a $0.52 dividend. The ex-dividend date is Thursday, May 9th. This represents a $2.08 annualized dividend and a yield of 5.31%. Truist Financial’s dividend payout ratio is presently -157.58%.

Analysts Set New Price Targets

TFC has been the topic of several recent research reports. Piper Sandler raised their price target on Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, January 19th. Keefe, Bruyette & Woods upped their price objective on Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday. UBS Group boosted their target price on Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. Jefferies Financial Group boosted their price objective on shares of Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a report on Monday, April 8th. Finally, Wells Fargo & Company lifted their target price on Truist Financial from $39.00 to $45.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Eight investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Truist Financial has an average rating of “Moderate Buy” and an average target price of $41.94.

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.