Beacon Investment Advisory Services Inc. boosted its stake in Truist Financial Co. (NYSE:TFC – Get Rating) by 0.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 63,926 shares of the insurance provider’s stock after buying an additional 353 shares during the quarter. Beacon Investment Advisory Services Inc.’s holdings in Truist Financial were worth $3,743,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Hanson & Doremus Investment Management grew its stake in shares of Truist Financial by 456.4% during the 4th quarter. Hanson & Doremus Investment Management now owns 434 shares of the insurance provider’s stock worth $25,000 after acquiring an additional 356 shares during the period. Reilly Financial Advisors LLC bought a new position in shares of Truist Financial during the 4th quarter worth $28,000. Crewe Advisors LLC grew its stake in shares of Truist Financial by 61.1% during the 3rd quarter. Crewe Advisors LLC now owns 493 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 187 shares during the period. Tower View Investment Management & Research LLC bought a new position in shares of Truist Financial during the 3rd quarter worth $29,000. Finally, Amplius Wealth Advisors LLC bought a new position in shares of Truist Financial during the 4th quarter worth $31,000. 71.85% of the stock is owned by institutional investors and hedge funds.
Several research firms have recently weighed in on TFC. Morgan Stanley cut their price target on Truist Financial from $72.00 to $63.00 and set an “equal weight” rating for the company in a research note on Monday, March 28th. JPMorgan Chase & Co. increased their price objective on Truist Financial from $67.50 to $68.50 and gave the stock a “neutral” rating in a report on Thursday, January 6th. Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $75.00 to $58.00 in a report on Monday, April 11th. Bank of America cut Truist Financial from a “buy” rating to a “neutral” rating and set a $58.00 price objective on the stock. in a report on Friday, April 8th. Finally, Stephens increased their price objective on Truist Financial from $72.00 to $73.50 and gave the stock an “overweight” rating in a report on Wednesday, January 19th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Truist Financial presently has an average rating of “Hold” and an average price target of $66.15.
TFC traded down $0.90 on Tuesday, hitting $51.76. 222,279 shares of the company were exchanged, compared to its average volume of 6,698,513. The firm has a fifty day simple moving average of $58.63 and a two-hundred day simple moving average of $60.79. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.07 and a current ratio of 0.08. Truist Financial Co. has a 12 month low of $51.66 and a 12 month high of $68.95. The stock has a market capitalization of $68.79 billion, a PE ratio of 11.62, a price-to-earnings-growth ratio of 1.80 and a beta of 1.15.
Truist Financial (NYSE:TFC – Get Rating) last posted its quarterly earnings results on Tuesday, April 19th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.10. Truist Financial had a return on equity of 12.36% and a net margin of 27.30%. The business had revenue of $5.33 billion for the quarter, compared to analyst estimates of $5.48 billion. During the same period last year, the company earned $1.18 EPS. Truist Financial’s revenue for the quarter was down 2.9% compared to the same quarter last year. On average, equities analysts expect that Truist Financial Co. will post 4.87 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 1st. Stockholders of record on Friday, February 11th were given a $0.48 dividend. The ex-dividend date of this dividend was Thursday, February 10th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.71%. Truist Financial’s dividend payout ratio is currently 42.95%.
Truist Financial Company Profile (Get Rating)
Truist Financial Corporation, a holding 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.
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