Proquility Private Wealth Partners LLC grew its holdings in Truist Financial Co. (NYSE:TFC – Free Report) by 118.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 53,901 shares of the insurance provider’s stock after acquiring an additional 29,203 shares during the quarter. Proquility Private Wealth Partners LLC’s holdings in Truist Financial were worth $1,838,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Fairfield Bush & CO. bought a new stake in shares of Truist Financial in the first quarter worth about $25,000. Elequin Securities LLC bought a new stake in shares of Truist Financial in the fourth quarter worth about $26,000. Winch Advisory Services LLC bought a new stake in shares of Truist Financial in the first quarter worth about $26,000. Grey Fox Wealth Advisors LLC bought a new stake in shares of Truist Financial in the fourth quarter worth about $28,000. Finally, J.Safra Asset Management Corp bought a new stake in shares of Truist Financial in the fourth quarter worth about $29,000. 71.49% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
A number of research analysts recently issued reports on TFC shares. Stephens decreased their price objective on Truist Financial from $40.00 to $37.00 and set an “equal weight” rating for the company in a report on Monday, July 24th. Odeon Capital Group downgraded Truist Financial from a “buy” rating to a “hold” rating and set a $32.75 price target for the company. in a research note on Friday, June 16th. Piper Sandler raised their price target on Truist Financial from $35.00 to $36.00 in a research note on Friday, July 21st. Credit Suisse Group decreased their price target on Truist Financial from $52.00 to $40.00 and set a “neutral” rating for the company in a research note on Friday, April 21st. Finally, Raymond James upgraded Truist Financial from a “market perform” rating to an “outperform” rating and set a $36.00 price target for the company in a research note on Thursday, July 6th. They noted that the move was a valuation call. Eleven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $40.82.
Read Our Latest Stock Analysis on Truist Financial
Truist Financial Stock Performance
NYSE:TFC traded down $0.27 during mid-day trading on Friday, hitting $28.70. 5,829,867 shares of the stock were exchanged, compared to its average volume of 12,340,301. The stock has a market capitalization of $38.23 billion, a price-to-earnings ratio of 6.65, a price-to-earnings-growth ratio of 1.71 and a beta of 1.05. The firm’s 50-day simple moving average is $31.91 and its 200 day simple moving average is $34.91. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.82 and a current ratio of 0.83. Truist Financial Co. has a fifty-two week low of $25.56 and a fifty-two week high of $53.34.
Truist Financial (NYSE:TFC – Get Free Report) last released its quarterly earnings results on Thursday, July 20th. The insurance provider reported $0.92 earnings per share for the quarter, missing the consensus estimate of $1.00 by ($0.08). The firm had revenue of $5.97 billion for the quarter, compared to analyst estimates of $5.97 billion. Truist Financial had a return on equity of 11.73% and a net margin of 20.17%. The business’s revenue for the quarter was up 5.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.20 earnings per share. As a group, equities analysts anticipate that Truist Financial Co. will post 3.81 EPS for the current fiscal year.
Truist Financial Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 11th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Thursday, August 10th. This represents a $2.08 annualized dividend and a yield of 7.25%. Truist Financial’s payout ratio is currently 48.15%.
About Truist Financial
Truist Financial Corporation, a holding 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.
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