Sierra Summit Advisors LLC Buys Shares of 28,404 Truist Financial Co. (NYSE:TFC)

Sierra Summit Advisors LLC purchased a new stake in shares of Truist Financial Co. (NYSE:TFC) in the fourth quarter, HoldingsChannel reports. The firm purchased 28,404 shares of the insurance provider’s stock, valued at approximately $1,232,000.

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

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on TFC. Citigroup reduced their price target on shares of Truist Financial from $51.00 to $44.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. StockNews.com cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Thursday. HSBC raised Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Tuesday, January 7th. Barclays lifted their target price on Truist Financial from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Finally, Morgan Stanley upped their price target on Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 21st. One equities 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 given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $50.42.

Truist Financial Trading Down 6.0 %

NYSE:TFC opened at $34.80 on Monday. The stock’s 50 day moving average price is $43.97 and its 200 day moving average price is $44.34. The company has a market capitalization of $45.43 billion, a PE ratio of 10.45, a P/E/G ratio of 1.63 and a beta of 0.91. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a 52-week low of $32.12 and a 52-week high of $49.06.

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

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were paid a $0.52 dividend. The ex-dividend date was Friday, February 14th. This represents a $2.08 dividend on an annualized basis and a yield of 5.98%. Truist Financial’s dividend payout ratio is presently 62.46%.

About Truist Financial

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.