3Chopt Investment Partners LLC Grows Stock Holdings in Truist Financial Corporation (NYSE:TFC)

3Chopt Investment Partners LLC increased its stake in shares of Truist Financial Corporation (NYSE:TFC) by 48.7% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 17,293 shares of the insurance provider’s stock after acquiring an additional 5,660 shares during the period. 3Chopt Investment Partners LLC’s holdings in Truist Financial were worth $712,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Hopwood Financial Services Inc. acquired a new stake in Truist Financial in the fourth quarter valued at about $26,000. Navigoe LLC acquired a new stake in Truist Financial in the fourth quarter valued at about $26,000. Curio Wealth LLC acquired a new stake in Truist Financial in the fourth quarter valued at about $45,000. TCTC Holdings LLC lifted its position in Truist Financial by 28.1% in the fourth quarter. TCTC Holdings LLC now owns 1,310 shares of the insurance provider’s stock valued at $57,000 after purchasing an additional 287 shares during the period. Finally, Pinney & Scofield Inc. acquired a new stake in Truist Financial in the fourth quarter valued at about $57,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Up 0.2%

TFC stock opened at $42.63 on Friday. The stock has a market capitalization of $55.83 billion, a P/E ratio of 12.58, a PEG ratio of 1.58 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.83 and a current ratio of 0.83. Truist Financial Corporation has a one year low of $33.56 and a one year high of $49.06. The company has a 50 day moving average price of $39.67 and a two-hundred day moving average price of $41.98.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, meeting 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 in the previous year, the company earned $0.90 EPS. As a group, sell-side analysts expect that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 9th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 4.88%. Truist Financial’s dividend payout ratio is currently 61.36%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on TFC shares. Barclays reduced their price objective on shares of Truist Financial from $51.00 to $47.00 and set an “equal weight” rating for the company in a research report on Monday, April 21st. Keefe, Bruyette & Woods reduced their price target on shares of Truist Financial from $53.00 to $47.00 and set an “outperform” rating for the company in a research report on Monday, April 21st. 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. Baird R W upgraded shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 5th. Finally, Robert W. Baird raised shares of Truist Financial from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $48.00 to $52.00 in a research note on Wednesday, March 5th. Eight investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $48.44.

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.