Steward Partners Investment Advisory LLC Purchases 207,993 Shares of Truist Financial Co. (NYSE:TFC)

Steward Partners Investment Advisory LLC increased its position in Truist Financial Co. (NYSE:TFC) by 395.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 260,612 shares of the insurance provider’s stock after purchasing an additional 207,993 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in Truist Financial were worth $11,305,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bangor Savings Bank raised its position in Truist Financial by 92.5% in the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 272 shares in the last quarter. Valley Wealth Managers Inc. bought a new stake in shares of Truist Financial in the 3rd quarter valued at approximately $26,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Truist Financial in the 3rd quarter valued at approximately $32,000. Ashton Thomas Securities LLC acquired a new position in shares of Truist Financial in the 3rd quarter worth approximately $45,000. Finally, True Wealth Design LLC bought a new position in shares of Truist Financial during the 3rd quarter worth approximately $51,000. 71.28% of the stock is owned by institutional investors.

Truist Financial Stock Down 3.7 %

Shares of Truist Financial stock opened at $43.75 on Wednesday. The firm has a market cap of $57.10 billion, a PE ratio of 13.14, a P/E/G ratio of 1.63 and a beta of 1.08. The business’s 50 day simple moving average is $45.81 and its 200 day simple moving average is $44.69. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. Truist Financial Co. has a 52-week low of $34.51 and a 52-week high of $49.06.

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

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.75%. Truist Financial’s dividend payout ratio is presently 62.46%.

Analyst Ratings Changes

A number of brokerages have weighed in on TFC. Citigroup increased their price objective on Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research note on Monday, November 25th. The Goldman Sachs Group increased their target price on shares of Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Compass Point lifted their price target on shares of Truist Financial from $47.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Morgan Stanley upped their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 21st. Finally, Raymond James lifted their target price on shares of Truist Financial from $47.00 to $51.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Eleven research 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. According to data from MarketBeat, Truist Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.79.

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.