Dover Advisors LLC Purchases 8,307 Shares of Truist Financial Co. (NYSE:TFC)

Dover Advisors LLC lifted its position in shares of Truist Financial Co. (NYSE:TFC) by 53.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 23,760 shares of the insurance provider’s stock after acquiring an additional 8,307 shares during the quarter. Dover Advisors LLC’s holdings in Truist Financial were worth $978,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Comerica Bank increased its holdings in Truist Financial by 3.6% in the fourth quarter. Comerica Bank now owns 449,484 shares of the insurance provider’s stock valued at $19,499,000 after purchasing an additional 15,499 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its holdings in Truist Financial by 81.7% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,108,466 shares of the insurance provider’s stock valued at $48,085,000 after purchasing an additional 498,531 shares during the last quarter. Stifel Financial Corp increased its holdings in Truist Financial by 2.8% in the fourth quarter. Stifel Financial Corp now owns 2,242,763 shares of the insurance provider’s stock valued at $97,291,000 after purchasing an additional 60,848 shares during the last quarter. Glass Wealth Management Co LLC increased its holdings in Truist Financial by 9.5% in the fourth quarter. Glass Wealth Management Co LLC now owns 67,978 shares of the insurance provider’s stock valued at $2,949,000 after purchasing an additional 5,900 shares during the last quarter. Finally, Assetmark Inc. increased its holdings in Truist Financial by 97.1% in the fourth quarter. Assetmark Inc. now owns 91,833 shares of the insurance provider’s stock valued at $3,984,000 after purchasing an additional 45,235 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Wells Fargo & Company decreased their target price on Truist Financial from $52.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, March 28th. Robert W. Baird raised Truist Financial from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $48.00 to $52.00 in a research note on Wednesday, March 5th. Keefe, Bruyette & Woods decreased their target price on Truist Financial from $53.00 to $47.00 and set an “outperform” rating for the company in a research note on Monday, April 21st. Baird R W raised Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 5th. Finally, TD Cowen assumed coverage on Truist Financial in a research note on Thursday, May 15th. They issued a “hold” rating and a $44.00 target price for the company. Nine analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Truist Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.83.

Truist Financial Stock Down 2.5%

TFC stock opened at $38.94 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market capitalization of $50.99 billion, a P/E ratio of 11.69, a P/E/G ratio of 1.63 and a beta of 0.84. The business has a 50-day moving average of $38.77 and a 200-day moving average of $42.42. Truist Financial Co. has a fifty-two week low of $33.56 and a fifty-two week high of $49.06.

Truist Financial (NYSE:TFC) last released 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 return on equity of 9.32% and a net margin of 15.59%. The business had revenue of $4.95 billion for the quarter, compared to analyst estimates of $4.99 billion. During the same quarter in the prior year, the company posted $0.90 earnings per share. On average, sell-side analysts anticipate that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 9th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.08 annualized dividend and a yield of 5.34%. Truist Financial’s payout ratio 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.