Truist Financial Corporation $TFC Shares Acquired by NewEdge Wealth LLC

NewEdge Wealth LLC increased its stake in Truist Financial Corporation (NYSE:TFC) by 43.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 35,875 shares of the insurance provider’s stock after acquiring an additional 10,883 shares during the quarter. NewEdge Wealth LLC’s holdings in Truist Financial were worth $1,765,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Wellington Management Group LLP grew its position in Truist Financial by 13,511.7% during the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock worth $474,886,000 after buying an additional 10,310,523 shares during the period. American Assets Investment Management LLC lifted its position in shares of Truist Financial by 781.3% during the 4th quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider’s stock valued at $166,527,000 after acquiring an additional 3,000,000 shares during the period. Jennison Associates LLC boosted its stake in shares of Truist Financial by 203.1% during the 3rd quarter. Jennison Associates LLC now owns 3,918,994 shares of the insurance provider’s stock worth $179,176,000 after acquiring an additional 2,625,847 shares in the last quarter. Azora Capital LP purchased a new stake in shares of Truist Financial during the 3rd quarter worth approximately $115,417,000. Finally, Skandinaviska Enskilda Banken AB publ grew its holdings in shares of Truist Financial by 164.0% in the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 2,308,054 shares of the insurance provider’s stock worth $105,490,000 after acquiring an additional 1,433,934 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Performance

Truist Financial stock opened at $46.53 on Thursday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a fifty day moving average of $47.87 and a two-hundred day moving average of $48.59. The company has a market capitalization of $57.97 billion, a price-to-earnings ratio of 11.54, a PEG ratio of 0.82 and a beta of 0.92. Truist Financial Corporation has a fifty-two week low of $38.27 and a fifty-two week high of $56.19.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.09. The business had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.18 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The business’s revenue was up 5.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.87 earnings per share. On average, analysts anticipate that Truist Financial Corporation will post 4.52 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 8th will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.5%. Truist Financial’s payout ratio is 51.61%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Morgan Stanley dropped their price objective on Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a research note on Monday, April 20th. Piper Sandler upped their target price on Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a report on Thursday, January 22nd. Royal Bank Of Canada raised their price target on Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research report on Monday, April 20th. Evercore reaffirmed an “outperform” rating on shares of Truist Financial in a research note on Thursday, February 5th. Finally, Robert W. Baird lowered shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price objective on the stock. in a research report on Friday, May 1st. Nine investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Truist Financial has a consensus rating of “Moderate Buy” and an average target price of $55.59.

Truist Financial Company Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.