Truist Financial Corporation $TFC Shares Acquired by Focus Partners Wealth

Focus Partners Wealth lifted its position in shares of Truist Financial Corporation (NYSE:TFC) by 345.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 854,472 shares of the insurance provider’s stock after buying an additional 662,468 shares during the period. Focus Partners Wealth’s holdings in Truist Financial were worth $41,988,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Pinnacle Financial Partners Inc. increased its holdings in Truist Financial by 30.0% in the 3rd quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock valued at $7,994,000 after purchasing an additional 40,393 shares during the last quarter. Equitable Trust Co. increased its holdings in Truist Financial by 48.9% in the 3rd quarter. Equitable Trust Co. now owns 118,261 shares of the insurance provider’s stock valued at $5,407,000 after purchasing an additional 38,850 shares during the last quarter. Legal & General Group Plc increased its holdings in Truist Financial by 9.0% in the 3rd quarter. Legal & General Group Plc now owns 7,902,804 shares of the insurance provider’s stock valued at $361,316,000 after purchasing an additional 655,542 shares during the last quarter. Cadence Bank increased its holdings in Truist Financial by 8.0% in the 3rd quarter. Cadence Bank now owns 335,969 shares of the insurance provider’s stock valued at $15,361,000 after purchasing an additional 24,745 shares during the last quarter. Finally, Ritholtz Wealth Management increased its holdings in Truist Financial by 91.9% in the 4th quarter. Ritholtz Wealth Management now owns 45,749 shares of the insurance provider’s stock valued at $2,251,000 after purchasing an additional 21,903 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analyst Ratings Changes

TFC has been the subject of several research reports. Weiss Ratings upgraded shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Jefferies Financial Group reissued a “mixed” rating and issued a $45.00 price target on shares of Truist Financial in a research report on Friday, April 17th. Stephens assumed coverage on shares of Truist Financial in a research report on Monday. They issued an “overweight” rating and a $59.00 price target for the company. JPMorgan Chase & Co. decreased their price target on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a research report on Tuesday, April 7th. Finally, Wall Street Zen cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Saturday. Ten equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $55.79.

Truist Financial Stock Performance

Shares of TFC stock opened at $48.39 on Tuesday. The stock has a market capitalization of $60.29 billion, a PE ratio of 12.01, a P/E/G ratio of 0.88 and a beta of 0.89. The firm has a 50 day moving average of $49.12 and a two-hundred day moving average of $49.20. Truist Financial Corporation has a 52 week low of $38.88 and a 52 week high of $56.19. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.09. The business had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The company’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.87 EPS. On average, research analysts predict that Truist Financial Corporation will post 4.52 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend was Friday, May 8th. Truist Financial’s payout ratio is 51.61%.

Truist Financial Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.