Truist Financial Co. (NYSE:TFC) Shares Purchased by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC increased its holdings in shares of Truist Financial Co. (NYSE:TFC) by 9.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 494,579 shares of the insurance provider’s stock after acquiring an additional 43,746 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Truist Financial were worth $19,279,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Valmark Advisers Inc. raised its position in Truist Financial by 2.2% in the fourth quarter. Valmark Advisers Inc. now owns 12,965 shares of the insurance provider’s stock valued at $479,000 after purchasing an additional 277 shares during the period. St. Johns Investment Management Company LLC raised its position in Truist Financial by 0.9% in the fourth quarter. St. Johns Investment Management Company LLC now owns 32,255 shares of the insurance provider’s stock valued at $1,191,000 after purchasing an additional 296 shares during the period. Mechanics Financial Corp raised its position in Truist Financial by 7.4% in the fourth quarter. Mechanics Financial Corp now owns 4,345 shares of the insurance provider’s stock valued at $160,000 after purchasing an additional 300 shares during the period. Day & Ennis LLC increased its position in shares of Truist Financial by 4.3% during the fourth quarter. Day & Ennis LLC now owns 7,525 shares of the insurance provider’s stock worth $278,000 after acquiring an additional 311 shares during the period. Finally, Carson Advisory Inc. increased its position in shares of Truist Financial by 1.5% during the fourth quarter. Carson Advisory Inc. now owns 21,928 shares of the insurance provider’s stock worth $810,000 after acquiring an additional 315 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Performance

NYSE TFC opened at $38.14 on Friday. 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 Co. has a 1 year low of $26.57 and a 1 year high of $40.51. The company has a fifty day moving average of $37.81 and a two-hundred day moving average of $37.09.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $4.87 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same quarter in the prior year, the firm posted $1.09 earnings per share. Truist Financial’s revenue for the quarter was down 8.8% on a year-over-year basis. On average, equities analysts anticipate that Truist Financial Co. will post 3.36 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Friday, May 10th were issued a $0.52 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.45%. Truist Financial’s payout ratio is -157.58%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on TFC. Wells Fargo & Company upped their price objective on Truist Financial from $39.00 to $45.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Barclays began coverage on Truist Financial in a research report on Thursday, May 16th. They set an “equal weight” rating and a $43.00 price objective on the stock. Compass Point raised Truist Financial from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $34.00 to $42.00 in a research report on Tuesday, April 23rd. HSBC upped their price objective on Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, May 8th. Finally, Piper Sandler boosted their target price on shares of Truist Financial from $38.00 to $41.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 14th. 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. Based on data from MarketBeat.com, Truist Financial presently 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.