GAMMA Investing LLC Has $47.58 Million Holdings in Truist Financial Co. (NYSE:TFC)

GAMMA Investing LLC raised its stake in Truist Financial Co. (NYSE:TFC) by 4,340.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,156,356 shares of the insurance provider’s stock after acquiring an additional 1,130,316 shares during the quarter. GAMMA Investing LLC owned about 0.09% of Truist Financial worth $47,584,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Comerica Bank increased its position in Truist Financial by 3.6% in the 4th quarter. Comerica Bank now owns 449,484 shares of the insurance provider’s stock valued at $19,499,000 after acquiring an additional 15,499 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec grew its position in shares of Truist Financial by 81.7% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,108,466 shares of the insurance provider’s stock worth $48,085,000 after buying an additional 498,531 shares during the period. Country Club Bank grew its position in shares of Truist Financial by 719.8% during the 4th quarter. Country Club Bank now owns 45,499 shares of the insurance provider’s stock worth $1,973,000 after buying an additional 39,949 shares during the period. David Wealth Management LLC acquired a new stake in shares of Truist Financial during the 4th quarter worth approximately $2,354,000. Finally, Stifel Financial Corp grew its position in shares of Truist Financial by 2.8% during the 4th quarter. Stifel Financial Corp now owns 2,242,763 shares of the insurance provider’s stock worth $97,291,000 after buying an additional 60,848 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on TFC. Citigroup lowered their price target on shares of Truist Financial from $51.00 to $44.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Keefe, Bruyette & Woods reduced their price objective on shares of Truist Financial from $53.00 to $47.00 and set an “outperform” rating on the stock in a research note on Monday, April 21st. Piper Sandler reduced their price objective on shares of Truist Financial from $45.00 to $41.00 and set a “neutral” rating on the stock in a research note on Monday, April 21st. Wall Street Zen raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Wednesday, May 7th. Finally, JPMorgan Chase & Co. cut their price target on shares of Truist Financial from $48.00 to $42.00 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. Nine analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.83.

Truist Financial Price Performance

NYSE TFC opened at $39.63 on Wednesday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a 12-month low of $33.56 and a 12-month high of $49.06. The company has a market capitalization of $51.90 billion, a PE ratio of 11.90, a price-to-earnings-growth ratio of 1.63 and a beta of 0.83. The firm’s 50 day moving average is $38.48 and its 200-day moving average is $42.78.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.87. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The company had revenue of $4.95 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same period last year, the company earned $0.90 earnings per share. Equities research analysts anticipate that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 9th were issued a $0.52 dividend. The ex-dividend date was Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.25%. Truist Financial’s dividend payout ratio (DPR) is presently 61.36%.

Truist Financial Profile

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.