Envestnet Portfolio Solutions Inc. Increases Stock Position in Truist Financial Co. (NYSE:TFC)

Envestnet Portfolio Solutions Inc. boosted its stake in shares of Truist Financial Co. (NYSE:TFC) by 2.6% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 98,896 shares of the insurance provider’s stock after acquiring an additional 2,475 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Truist Financial were worth $4,290,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. one8zero8 LLC purchased a new position in shares of Truist Financial in the fourth quarter valued at approximately $1,785,000. Natixis Advisors LLC boosted its stake in shares of Truist Financial by 8.8% in the fourth quarter. Natixis Advisors LLC now owns 491,394 shares of the insurance provider’s stock valued at $21,316,000 after purchasing an additional 39,818 shares during the period. Frank Rimerman Advisors LLC boosted its stake in shares of Truist Financial by 3.9% in the fourth quarter. Frank Rimerman Advisors LLC now owns 29,448 shares of the insurance provider’s stock valued at $1,277,000 after purchasing an additional 1,094 shares during the period. First Financial Group Corp purchased a new position in shares of Truist Financial in the fourth quarter valued at approximately $631,000. Finally, Catalyst Funds Management Pty Ltd purchased a new position in shares of Truist Financial in the fourth quarter valued at approximately $416,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

TFC has been the subject of several recent research reports. Hsbc Global Res raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Citigroup lifted their price target on shares of Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research note on Monday, November 25th. Piper Sandler lifted their price target on shares of Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Stephens lifted their price target on shares of Truist Financial from $54.00 to $57.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 21st. Finally, The Goldman Sachs Group lifted their price target on shares of Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Nine equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Truist Financial currently has a consensus rating of “Moderate Buy” and an average price target of $51.16.

Truist Financial Stock Down 0.5 %

TFC stock opened at $40.84 on Wednesday. The company’s 50 day moving average is $45.26 and its two-hundred day moving average is $44.52. The stock has a market cap of $53.32 billion, a P/E ratio of 12.27, a PEG ratio of 1.63 and a beta of 1.08. Truist Financial Co. has a twelve month low of $35.06 and a twelve month high of $49.06. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61.

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

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.09%. Truist Financial’s payout ratio is 62.46%.

Truist Financial Company 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.