Truist Financial Corporation (NYSE:TFC) Stake Boosted by CWA Asset Management Group LLC

CWA Asset Management Group LLC lifted its stake in shares of Truist Financial Corporation (NYSE:TFC) by 18.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 58,203 shares of the insurance provider’s stock after purchasing an additional 9,203 shares during the quarter. CWA Asset Management Group LLC’s holdings in Truist Financial were worth $2,395,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. LaFleur & Godfrey LLC grew its position in Truist Financial by 4.5% in the 4th quarter. LaFleur & Godfrey LLC now owns 108,168 shares of the insurance provider’s stock worth $4,692,000 after purchasing an additional 4,670 shares during the last quarter. Brighton Jones LLC boosted its position in shares of Truist Financial by 148.5% during the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock worth $1,023,000 after buying an additional 14,093 shares during the period. Strategic Financial Concepts LLC bought a new position in Truist Financial in the 4th quarter worth approximately $661,000. Sanctuary Advisors LLC increased its position in Truist Financial by 2.2% in the 4th quarter. Sanctuary Advisors LLC now owns 262,609 shares of the insurance provider’s stock valued at $12,610,000 after acquiring an additional 5,638 shares during the period. Finally, Empower Advisory Group LLC raised its stake in Truist Financial by 18.7% during the 4th quarter. Empower Advisory Group LLC now owns 6,942 shares of the insurance provider’s stock valued at $301,000 after acquiring an additional 1,093 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Up 1.9%

NYSE:TFC opened at $39.78 on Thursday. The stock has a fifty day simple moving average of $38.91 and a 200 day simple moving average of $42.24. The firm has a market capitalization of $52.10 billion, a price-to-earnings ratio of 11.74, a price-to-earnings-growth ratio of 1.45 and a beta of 0.84. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.55.

Truist Financial (NYSE:TFC) last announced its earnings results on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, hitting the consensus estimate of $0.87. The company had revenue of $4.95 billion during the quarter, compared to analysts’ expectations of $4.99 billion. Truist Financial had a net margin of 15.59% and a return on equity of 8.96%. During the same period last year, the company posted $0.90 earnings per share. Sell-side analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 9th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.23%. The ex-dividend date was Friday, May 9th. Truist Financial’s dividend payout ratio is 61.36%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TFC. Robert W. Baird raised Truist Financial from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $48.00 to $52.00 in a research note on Wednesday, March 5th. Citigroup decreased their target price 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. Raymond James Financial downgraded shares of Truist Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 2nd. Morgan Stanley reduced their price target on shares of Truist Financial from $50.00 to $43.00 and set an “equal weight” rating for the company in a research note on Monday, April 7th. Finally, Argus set a $43.00 price objective on shares of Truist Financial in a research note on Monday, April 21st. Nine investment 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’s stock. According to data from MarketBeat.com, Truist Financial currently has an average rating of “Moderate Buy” and an average price target of $47.83.

Truist Financial Company 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.