Modern Wealth Management LLC Raises Stock Position in Truist Financial Corporation $TFC

Modern Wealth Management LLC raised its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 169.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,767 shares of the insurance provider’s stock after acquiring an additional 9,912 shares during the quarter. Modern Wealth Management LLC’s holdings in Truist Financial were worth $736,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. 3Chopt Investment Partners LLC boosted its stake in shares of Truist Financial by 1.3% in the fourth quarter. 3Chopt Investment Partners LLC now owns 14,713 shares of the insurance provider’s stock worth $724,000 after acquiring an additional 193 shares during the period. IFP Advisors Inc raised its stake in Truist Financial by 2.4% during the 4th quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider’s stock valued at $404,000 after purchasing an additional 194 shares during the period. PCB Capital LLC raised its stake in Truist Financial by 3.0% during the 1st quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider’s stock valued at $310,000 after purchasing an additional 198 shares during the period. AlphaCore Capital LLC lifted its holdings in Truist Financial by 8.3% in the 4th quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider’s stock worth $128,000 after purchasing an additional 199 shares in the last quarter. Finally, CYBER HORNET ETFs LLC lifted its holdings in Truist Financial by 5.5% in the 4th quarter. CYBER HORNET ETFs LLC now owns 3,820 shares of the insurance provider’s stock worth $188,000 after purchasing an additional 199 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on TFC shares. Jefferies Financial Group reaffirmed a “mixed” rating and set a $45.00 price objective on shares of Truist Financial in a report on Friday, April 17th. Stephens lowered their target price on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating on the stock in a report on Tuesday, July 21st. JPMorgan Chase & Co. restated an “underweight” rating and set a $53.00 target price (down from $53.50) on shares of Truist Financial in a research report on Monday, July 20th. Wall Street Zen cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Monday, June 29th. Finally, Raymond James Financial reiterated a “market perform” rating on shares of Truist Financial in a research note on Wednesday, July 1st. Seven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $54.61.

Truist Financial Stock Performance

NYSE:TFC opened at $51.75 on Monday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial Corporation has a 1 year low of $40.78 and a 1 year high of $56.19. The stock’s 50 day simple moving average is $49.81 and its two-hundred day simple moving average is $49.56. The company has a market cap of $64.48 billion, a price-to-earnings ratio of 11.87, a PEG ratio of 0.94 and a beta of 0.89.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.15. The business had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The company’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 EPS. As a group, equities analysts anticipate that Truist Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.0%. Truist Financial’s dividend payout ratio is presently 47.71%.

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.