Truist Financial Co. (NYSE:TFC) Shares Bought by Avantax Advisory Services Inc.

Avantax Advisory Services Inc. grew its holdings in shares of Truist Financial Co. (NYSE:TFC) by 1.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 119,318 shares of the insurance provider’s stock after acquiring an additional 1,860 shares during the period. Avantax Advisory Services Inc.’s holdings in Truist Financial were worth $4,651,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of TFC. Wedmont Private Capital bought a new position in shares of Truist Financial during the fourth quarter worth about $230,000. Nordea Investment Management AB lifted its position in shares of Truist Financial by 7.0% during the fourth quarter. Nordea Investment Management AB now owns 1,878,800 shares of the insurance provider’s stock worth $69,647,000 after purchasing an additional 123,688 shares during the last quarter. Gateway Investment Advisers LLC bought a new position in shares of Truist Financial during the fourth quarter worth about $322,000. BKM Wealth Management LLC bought a new position in shares of Truist Financial during the fourth quarter worth about $80,000. Finally, Bruce G. Allen Investments LLC bought a new position in shares of Truist Financial during the fourth quarter worth about $111,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Price Performance

Truist Financial stock traded up $1.05 during mid-day trading on Tuesday, hitting $42.46. The company’s stock had a trading volume of 6,927,435 shares, compared to its average volume of 8,470,002. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $56.81 billion, a P/E ratio of -32.17, a P/E/G ratio of 2.03 and a beta of 1.07. Truist Financial Co. has a twelve month low of $26.57 and a twelve month high of $42.60. The stock’s fifty day moving average price is $38.11 and its two-hundred day moving average price is $37.36.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.12. The firm 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 firm’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.09 earnings per share. Research analysts forecast that Truist Financial Co. will post 3.37 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Friday, May 10th were given a $0.52 dividend. The ex-dividend date was Thursday, May 9th. This represents a $2.08 annualized dividend and a yield of 4.90%. Truist Financial’s dividend payout ratio (DPR) is -157.58%.

Analyst Ratings Changes

A number of equities analysts have issued reports on TFC shares. Piper Sandler raised their target price on shares of Truist Financial from $38.00 to $41.00 and gave the stock a “neutral” rating in a report on Tuesday, May 14th. Stephens raised their target price on shares of Truist Financial from $43.00 to $47.00 and gave the stock an “overweight” rating in a report on Thursday, May 16th. Citigroup raised their target price on shares of Truist Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. JPMorgan Chase & Co. raised their target price on shares of Truist Financial from $39.50 to $40.50 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Finally, Jefferies Financial Group raised their price target on shares of Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Truist Financial presently has an average rating of “Moderate Buy” and a consensus price target of $43.17.

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.