Integrated Advisors Network LLC Boosts Holdings in Truist Financial Co. (NYSE:TFC)

Integrated Advisors Network LLC lifted its position in shares of Truist Financial Co. (NYSE:TFC) by 806.6% in the first quarter, HoldingsChannel reports. The institutional investor owned 57,264 shares of the insurance provider’s stock after purchasing an additional 50,948 shares during the period. Integrated Advisors Network LLC’s holdings in Truist Financial were worth $2,356,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Handelsbanken Fonder AB increased its holdings in Truist Financial by 0.5% in the first quarter. Handelsbanken Fonder AB now owns 328,093 shares of the insurance provider’s stock valued at $13,501,000 after buying an additional 1,709 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Truist Financial by 51.6% in the first quarter. SG Americas Securities LLC now owns 692,672 shares of the insurance provider’s stock worth $28,503,000 after purchasing an additional 235,856 shares in the last quarter. Ibex Wealth Advisors raised its stake in shares of Truist Financial by 0.6% during the first quarter. Ibex Wealth Advisors now owns 176,762 shares of the insurance provider’s stock valued at $7,274,000 after purchasing an additional 981 shares in the last quarter. Sonora Investment Management Group LLC lifted its holdings in Truist Financial by 2.0% in the first quarter. Sonora Investment Management Group LLC now owns 342,018 shares of the insurance provider’s stock worth $14,074,000 after purchasing an additional 6,815 shares during the period. Finally, Accurate Wealth Management LLC grew its position in Truist Financial by 9.8% in the 1st quarter. Accurate Wealth Management LLC now owns 7,682 shares of the insurance provider’s stock valued at $316,000 after buying an additional 688 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Down 1.1%

TFC opened at $40.29 on Thursday. Truist Financial Co. has a 1-year low of $33.56 and a 1-year high of $49.06. The stock has a market capitalization of $52.75 billion, a price-to-earnings ratio of 12.10, a P/E/G ratio of 1.63 and a beta of 0.84. The business has a 50 day moving average of $38.59 and a 200-day moving average of $42.53. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61.

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

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 9th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.16%. The ex-dividend date of this dividend was Friday, May 9th. Truist Financial’s payout ratio is presently 61.36%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on TFC. Baird R W raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 5th. TD Cowen started coverage on Truist Financial in a research note on Thursday, May 15th. They set a “hold” rating and a $44.00 target price for the company. Barclays cut their price target on shares of Truist Financial from $51.00 to $47.00 and set an “equal weight” rating for the company in a report on Monday, April 21st. Piper Sandler decreased their target price on shares of Truist Financial from $45.00 to $41.00 and set a “neutral” rating for the company in a report on Monday, April 21st. Finally, Wells Fargo & Company lowered their price objective on shares of Truist Financial from $52.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday, March 28th. Nine equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.83.

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.