Whipplewood Advisors LLC Invests $323,000 in Truist Financial Co. (NYSE:TFC)

Whipplewood Advisors LLC purchased a new stake in shares of Truist Financial Co. (NYSE:TFC) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 7,451 shares of the insurance provider’s stock, valued at approximately $323,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Simmons Bank raised its position in shares of Truist Financial by 30.2% during the 4th quarter. Simmons Bank now owns 56,334 shares of the insurance provider’s stock worth $2,444,000 after buying an additional 13,067 shares in the last quarter. Checchi Capital Advisers LLC raised its holdings in Truist Financial by 3.4% during the fourth quarter. Checchi Capital Advisers LLC now owns 13,006 shares of the insurance provider’s stock worth $564,000 after purchasing an additional 424 shares in the last quarter. Sabal Trust CO acquired a new stake in Truist Financial in the fourth quarter worth approximately $557,000. Bank of New York Mellon Corp boosted its stake in Truist Financial by 8.5% during the 4th quarter. Bank of New York Mellon Corp now owns 8,484,992 shares of the insurance provider’s stock valued at $368,079,000 after purchasing an additional 662,179 shares in the last quarter. Finally, BHK Investment Advisors LLC increased its position in shares of Truist Financial by 1.5% during the 4th quarter. BHK Investment Advisors LLC now owns 29,367 shares of the insurance provider’s stock valued at $1,274,000 after purchasing an additional 425 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Insider Activity at Truist Financial

In related news, Director K. David Jr. Boyer sold 4,966 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total value of $229,429.20. Following the completion of the transaction, the director now directly owns 11,246 shares in the company, valued at approximately $519,565.20. This represents a 30.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.17% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on TFC shares. Raymond James boosted their target price on Truist Financial from $47.00 to $51.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Barclays increased their price objective on Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. Compass Point boosted their target price on Truist Financial from $47.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. The Goldman Sachs Group raised their price target on Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, Piper Sandler boosted their price target on Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Eleven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $50.79.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $45.26 on Thursday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. The business has a 50 day moving average price of $45.65 and a 200 day moving average price of $44.57. The company has a market cap of $60.08 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 1.63 and a beta of 1.08. Truist Financial Co. has a twelve month low of $34.51 and a twelve month high of $49.06.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.03. The business had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. Truist Financial’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the company posted $0.81 earnings per share. Research analysts predict that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Friday, February 14th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.60%. The ex-dividend date of this dividend is Friday, February 14th. Truist Financial’s dividend payout ratio is currently 62.46%.

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.