Balentine LLC Boosts Stake in Truist Financial Co. (NYSE:TFC)

Balentine LLC grew its holdings in shares of Truist Financial Co. (NYSE:TFC) by 36.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,753 shares of the insurance provider’s stock after purchasing an additional 3,112 shares during the period. Balentine LLC’s holdings in Truist Financial were worth $434,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Coldstream Capital Management Inc. raised its stake in Truist Financial by 8.6% in the 4th quarter. Coldstream Capital Management Inc. now owns 16,858 shares of the insurance provider’s stock worth $622,000 after acquiring an additional 1,337 shares during the last quarter. UBS Group AG raised its stake in Truist Financial by 2.7% in the 4th quarter. UBS Group AG now owns 3,914,044 shares of the insurance provider’s stock worth $144,507,000 after acquiring an additional 101,288 shares during the last quarter. Norges Bank purchased a new position in Truist Financial in the 4th quarter worth $307,787,000. Prestige Wealth Management Group LLC grew its position in Truist Financial by 4,467.8% during the 4th quarter. Prestige Wealth Management Group LLC now owns 7,811 shares of the insurance provider’s stock worth $288,000 after purchasing an additional 7,640 shares during the period. Finally, AMG National Trust Bank grew its position in Truist Financial by 53.3% during the 4th quarter. AMG National Trust Bank now owns 153,704 shares of the insurance provider’s stock worth $5,675,000 after purchasing an additional 53,412 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Activity

In other news, Director K. David Jr. Boyer sold 3,764 shares of Truist Financial 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 of the company’s stock, valued at approximately $604,627.36. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.17% of the company’s stock.

Truist Financial Trading Up 1.3 %

Shares of Truist Financial stock opened at $39.54 on Wednesday. The firm has a market capitalization of $52.91 billion, a PE ratio of -29.95, a P/E/G ratio of 1.94 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 firm’s 50-day moving average price is $37.97 and its 200 day moving average price is $36.17. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC) last released its earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share 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 business had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same period last year, the company posted $1.09 EPS. The business’s revenue was down 8.8% on a year-over-year basis. On average, sell-side analysts predict that Truist Financial Co. will post 3.34 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Friday, May 10th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.26%. The ex-dividend date of this dividend is Thursday, May 9th. Truist Financial’s dividend payout ratio (DPR) is -157.58%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Barclays assumed coverage on Truist Financial in a research report on Thursday, May 16th. They set an “equal weight” rating and a $43.00 price target on the stock. UBS Group increased their price target on Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. Evercore ISI reaffirmed an “in-line” rating and set a $44.00 price target on shares of Truist Financial in a research report on Thursday, May 9th. Compass Point upgraded Truist Financial from a “neutral” rating to a “buy” rating and raised their target price for the company from $34.00 to $42.00 in a research report on Tuesday, April 23rd. Finally, Morgan Stanley restated an “equal weight” rating and set a $43.00 target price on shares of Truist Financial in a research report on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $43.17.

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.