Silvercrest Asset Management Group LLC Purchases 354,109 Shares of Truist Financial Co. (NYSE:TFC)

Silvercrest Asset Management Group LLC increased its stake in Truist Financial Co. (NYSE:TFC) by 1,031.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 388,444 shares of the insurance provider’s stock after buying an additional 354,109 shares during the quarter. Silvercrest Asset Management Group LLC’s holdings in Truist Financial were worth $16,851,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Raiffeisen Bank International AG bought a new position in Truist Financial in the 4th quarter valued at approximately $594,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Truist Financial in the 4th quarter worth $1,702,000. Point72 Europe London LLP increased its stake in shares of Truist Financial by 154.2% in the 4th quarter. Point72 Europe London LLP now owns 582,869 shares of the insurance provider’s stock worth $25,285,000 after purchasing an additional 353,579 shares in the last quarter. Polar Asset Management Partners Inc. purchased a new stake in shares of Truist Financial in the 4th quarter worth $22,558,000. Finally, ProShare Advisors LLC boosted its holdings in Truist Financial by 10.5% in the 4th quarter. ProShare Advisors LLC now owns 284,529 shares of the insurance provider’s stock worth $12,343,000 after buying an additional 27,143 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Up 0.6%

NYSE:TFC opened at $41.41 on Friday. Truist Financial Co. has a 12 month low of $33.56 and a 12 month high of $49.06. The firm has a fifty day simple moving average of $38.82 and a 200-day simple moving average of $43.23. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $54.23 billion, a P/E ratio of 12.43, a PEG ratio of 1.63 and a beta of 0.83.

Truist Financial (NYSE:TFC) last issued its earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.87. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The firm had revenue of $4.95 billion during the quarter, compared to analysts’ expectations of $4.99 billion. During the same quarter last year, the company posted $0.90 earnings per share. On average, equities research analysts anticipate that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Friday, May 9th will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 5.02%. Truist Financial’s dividend payout ratio (DPR) is presently 61.36%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on TFC. Wells Fargo & Company dropped their target price on shares of Truist Financial from $52.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, March 28th. Baird R W raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 5th. Barclays reduced their price objective on shares of Truist Financial from $51.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Monday, April 21st. Citigroup reduced their price objective 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. Finally, StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, May 7th. Nine analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $47.83.

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.