Spire Wealth Management Has $1.09 Million Stock Holdings in Truist Financial Co. (NYSE:TFC)

Spire Wealth Management grew its stake in shares of Truist Financial Co. (NYSE:TFC) by 2.3% during the 4th quarter, Holdings Channel reports. The firm owned 29,055 shares of the insurance provider’s stock after buying an additional 657 shares during the period. Spire Wealth Management’s holdings in Truist Financial were worth $1,089,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. North Reef Capital Management LP acquired a new position in Truist Financial during the third quarter worth approximately $66,804,000. Assenagon Asset Management S.A. increased its holdings in shares of Truist Financial by 342.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 2,526,939 shares of the insurance provider’s stock worth $72,296,000 after acquiring an additional 1,955,448 shares during the last quarter. Jennison Associates LLC raised its stake in Truist Financial by 45.1% in the 3rd quarter. Jennison Associates LLC now owns 3,673,609 shares of the insurance provider’s stock valued at $105,102,000 after acquiring an additional 1,141,944 shares during the period. International Assets Investment Management LLC increased its holdings in shares of Truist Financial by 3,359.6% in the fourth quarter. International Assets Investment Management LLC now owns 1,045,560 shares of the insurance provider’s stock valued at $38,602,000 after purchasing an additional 1,015,338 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Truist Financial by 1,155.4% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,054,500 shares of the insurance provider’s stock valued at $30,169,000 after purchasing an additional 970,500 shares during the period. Institutional investors own 71.28% of the company’s stock.

Insiders Place Their Bets

In related news, Director K. David Jr. Boyer sold 3,764 shares of Truist Financial stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $37.48, for a total transaction of $141,074.72. Following the completion of the transaction, the director now owns 16,132 shares of the company’s stock, valued at $604,627.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.17% of the company’s stock.

Truist Financial Stock Down 0.6 %

Shares of NYSE:TFC opened at $38.87 on Wednesday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82. Truist Financial Co. has a 52-week low of $26.49 and a 52-week high of $40.35. The company has a market capitalization of $51.88 billion, a PE ratio of -29.63, a price-to-earnings-growth ratio of 2.03 and a beta of 1.07. The company has a fifty day moving average of $37.34 and a 200-day moving average of $35.39.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.12. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The company had revenue of $4.87 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same period in the previous year, the business posted $1.09 earnings per share. The business’s quarterly revenue was down 8.8% compared to the same quarter last year. On average, equities analysts predict that Truist Financial Co. will post 3.3 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Friday, May 10th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.35%. The ex-dividend date of this dividend is Thursday, May 9th. Truist Financial’s payout ratio is presently -157.58%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on TFC. Keefe, Bruyette & Woods raised their price objective on shares of Truist Financial from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, April 5th. Piper Sandler upped their price objective on Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, January 19th. TheStreet cut shares of Truist Financial from a “b-” rating to a “c” rating in a research report on Tuesday, February 20th. StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Thursday, May 2nd. Finally, Royal Bank of Canada boosted their price objective on shares of Truist Financial from $40.00 to $42.00 and gave the company an “outperform” rating in a report on Friday, January 19th. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $41.88.

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.