Inceptionr LLC Purchases Shares of 42,748 Truist Financial Corporation $TFC

Inceptionr LLC bought a new position in shares of Truist Financial Corporation (NYSE:TFC) during the 1st quarter, HoldingsChannel.com reports. The institutional investor bought 42,748 shares of the insurance provider’s stock, valued at approximately $1,965,000. Truist Financial comprises 0.5% of Inceptionr LLC’s investment portfolio, making the stock its 17th biggest position.

Other large investors also recently bought and sold shares of the company. Pinnacle Financial Partners Inc. grew its position in shares of Truist Financial by 30.0% in the 3rd quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock valued at $7,994,000 after purchasing an additional 40,393 shares during the period. Ritholtz Wealth Management lifted its stake in Truist Financial by 91.9% in the fourth quarter. Ritholtz Wealth Management now owns 45,749 shares of the insurance provider’s stock valued at $2,251,000 after buying an additional 21,903 shares in the last quarter. Fifth Third Bancorp boosted its holdings in shares of Truist Financial by 531.8% in the first quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider’s stock valued at $20,059,000 after buying an additional 367,291 shares during the period. LBP AM SA bought a new stake in shares of Truist Financial during the fourth quarter worth $10,836,000. Finally, Carnegie Investment Counsel raised its holdings in shares of Truist Financial by 57.8% during the fourth quarter. Carnegie Investment Counsel now owns 105,792 shares of the insurance provider’s stock worth $5,206,000 after acquiring an additional 38,750 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Stock Down 1.1%

Truist Financial stock opened at $51.18 on Friday. The company has a market cap of $63.77 billion, a P/E ratio of 11.74, a price-to-earnings-growth ratio of 0.94 and a beta of 0.89. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19. The company has a fifty day simple moving average of $49.72 and a 200 day simple moving average of $49.55. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.24 billion. During the same period in the previous year, the business earned $0.91 EPS. The company’s revenue was up 5.6% compared to the same quarter last year. Research analysts anticipate that Truist Financial Corporation will post 4.59 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 1st. Investors of record on Friday, May 8th were given a $0.52 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. Truist Financial’s payout ratio is currently 47.71%.

Wall Street Analysts Forecast Growth

TFC has been the subject of a number of research analyst reports. Royal Bank Of Canada upped their target price on shares of Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a research note on Monday, April 20th. Stephens dropped their price target on Truist Financial from $59.00 to $57.00 and set an “overweight” rating on the stock in a research note on Tuesday. Robert W. Baird boosted their price target on Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a report on Monday. Keefe, Bruyette & Woods upped their price objective on Truist Financial from $53.00 to $55.00 and gave the stock a “market perform” rating in a research report on Monday. Finally, Bank of America reiterated a “neutral” rating and set a $56.00 price objective (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Seven equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $54.61.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.