Balentine LLC Has $434,000 Stock Holdings in Truist Financial Co. (NYSE:TFC)

Balentine LLC increased its position in shares of Truist Financial Co. (NYSE:TFC) by 36.0% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,753 shares of the insurance provider’s stock after purchasing an additional 3,112 shares during the quarter. Balentine LLC’s holdings in Truist Financial were worth $434,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in TFC. Coldstream Capital Management Inc. increased its position in shares of Truist Financial by 3.3% during the 3rd quarter. Coldstream Capital Management Inc. now owns 15,521 shares of the insurance provider’s stock worth $444,000 after purchasing an additional 493 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Truist Financial by 0.3% during the 3rd quarter. Principal Financial Group Inc. now owns 1,497,536 shares of the insurance provider’s stock worth $42,845,000 after acquiring an additional 5,114 shares during the last quarter. Dai ichi Life Insurance Company Ltd boosted its stake in Truist Financial by 55.0% during the 3rd quarter. Dai ichi Life Insurance Company Ltd now owns 98,588 shares of the insurance provider’s stock worth $2,821,000 after acquiring an additional 35,000 shares during the last quarter. US Bancorp DE boosted its stake in Truist Financial by 8.5% during the 3rd quarter. US Bancorp DE now owns 475,844 shares of the insurance provider’s stock worth $13,614,000 after acquiring an additional 37,460 shares during the last quarter. Finally, MGO One Seven LLC raised its holdings in Truist Financial by 10.4% during the 3rd quarter. MGO One Seven LLC now owns 37,134 shares of the insurance provider’s stock worth $1,062,000 after buying an additional 3,493 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Trading Up 1.3 %

Shares of Truist Financial stock opened at $39.54 on Wednesday. The firm has a 50-day moving average of $37.97 and a 200-day moving average of $36.17. The stock has a market cap of $52.91 billion, a PE ratio of -29.95, a PEG ratio of 1.94 and a beta of 1.07. Truist Financial Co. has a 52-week low of $26.57 and a 52-week high of $40.51. 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 (NYSE:TFC) last announced its earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The company had revenue of $4.87 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter in the previous year, the business posted $1.09 earnings per share. Truist Financial’s quarterly revenue was down 8.8% on a year-over-year basis. As a group, sell-side analysts forecast that Truist Financial Co. will post 3.34 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Friday, May 10th will be given a dividend of $0.52 per share. The ex-dividend date is Thursday, May 9th. This represents a $2.08 annualized dividend and a yield of 5.26%. Truist Financial’s dividend payout ratio is -157.58%.

Analyst Ratings Changes

Several brokerages have commented on TFC. Piper Sandler raised their target price on shares of Truist Financial from $38.00 to $41.00 and gave the stock a “neutral” rating in a report on Tuesday, May 14th. UBS Group boosted their target price on shares of Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, April 5th. Citigroup boosted their target price on shares of Truist Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. JPMorgan Chase & Co. boosted their target price on shares of Truist Financial from $39.50 to $40.50 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Finally, Wells Fargo & Company lifted their price objective on shares of Truist Financial from $39.00 to $45.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $43.17.

Insider Buying and Selling

In related news, Director K. David Jr. Boyer sold 3,764 shares of the company’s stock in a transaction dated 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 sale, the director now owns 16,132 shares of the company’s stock, valued at $604,627.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.17% of the stock is currently owned by company insiders.

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.