Peapack Gladstone Financial Corp Boosts Stake in Truist Financial Co. (NYSE:TFC)

Peapack Gladstone Financial Corp lifted its stake in Truist Financial Co. (NYSE:TFC) by 5.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 329,770 shares of the insurance provider’s stock after acquiring an additional 17,968 shares during the period. Peapack Gladstone Financial Corp’s holdings in Truist Financial were worth $14,305,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Janus Henderson Group PLC lifted its position in shares of Truist Financial by 7.5% during the third quarter. Janus Henderson Group PLC now owns 176,817 shares of the insurance provider’s stock valued at $7,558,000 after buying an additional 12,400 shares during the last quarter. Integrated Wealth Concepts LLC increased its holdings in Truist Financial by 43.2% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 34,490 shares of the insurance provider’s stock worth $1,475,000 after buying an additional 10,402 shares during the period. IHT Wealth Management LLC boosted its holdings in shares of Truist Financial by 64.9% in the 3rd quarter. IHT Wealth Management LLC now owns 15,448 shares of the insurance provider’s stock valued at $656,000 after acquiring an additional 6,080 shares during the last quarter. Quarry LP acquired a new stake in shares of Truist Financial in the third quarter worth $109,000. Finally, Quantinno Capital Management LP raised its holdings in shares of Truist Financial by 25.2% during the third quarter. Quantinno Capital Management LP now owns 72,647 shares of the insurance provider’s stock worth $3,107,000 after purchasing an additional 14,645 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Stock Performance

TFC opened at $34.80 on Monday. Truist Financial Co. has a twelve month low of $32.12 and a twelve month high of $49.06. The firm has a market capitalization of $45.43 billion, a PE ratio of 10.45, a PEG ratio of 1.63 and a beta of 0.91. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The firm’s 50-day moving average price is $43.97 and its 200 day moving average price is $44.34.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The business had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5.05 billion. During the same period in the previous year, the firm posted $0.81 EPS. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, sell-side analysts expect that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.08 annualized dividend and a dividend yield of 5.98%. Truist Financial’s dividend payout ratio is presently 62.46%.

Wall Street Analyst Weigh In

TFC has been the topic of several analyst reports. StockNews.com downgraded Truist Financial from a “hold” rating to a “sell” rating in a research report on Thursday. Raymond James cut Truist Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 2nd. Compass Point upped their price objective on Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Citigroup cut their target price on shares of Truist Financial from $51.00 to $44.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Finally, Baird R W upgraded shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $50.42.

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.