Piedmont Capital Management LLC NC Takes Position in Truist Financial Corporation $TFC

Piedmont Capital Management LLC NC purchased a new stake in Truist Financial Corporation (NYSE:TFC) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 12,855 shares of the insurance provider’s stock, valued at approximately $633,000.

A number of other institutional investors have also recently modified their holdings of the business. Swiss RE Ltd. acquired a new position in Truist Financial during the fourth quarter worth $26,000. McMillan Office Inc. acquired a new position in Truist Financial during the fourth quarter worth $31,000. Maseco LLP boosted its position in shares of Truist Financial by 53.8% during the 4th quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 228 shares in the last quarter. Mowery & Schoenfeld Wealth Management LLC boosted its position in shares of Truist Financial by 190.7% during the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 431 shares in the last quarter. Finally, Ancora Advisors LLC boosted its position in shares of Truist Financial by 259.1% during the 3rd quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 500 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TFC has been the topic of several research analyst reports. Jefferies Financial Group restated a “mixed” rating and set a $45.00 target price on shares of Truist Financial in a research report on Friday, April 17th. Morgan Stanley decreased their target price on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a research report on Monday, April 20th. Robert W. Baird cut shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 target price for the company. in a report on Friday, May 1st. JPMorgan Chase & Co. dropped their target price on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Finally, Weiss Ratings raised shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Nine analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.59.

Truist Financial Price Performance

Truist Financial stock opened at $51.63 on Monday. Truist Financial Corporation has a 52 week low of $38.83 and a 52 week high of $56.19. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. The firm’s 50-day simple moving average is $49.10 and its 200 day simple moving average is $49.18. The firm has a market capitalization of $64.33 billion, a PE ratio of 12.81, a P/E/G ratio of 0.88 and a beta of 0.89.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, topping the consensus estimate of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The business had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same period in the previous year, the firm earned $0.87 EPS. The business’s revenue for the quarter was up 5.0% compared to the same quarter last year. On average, equities research analysts predict that Truist Financial Corporation will post 4.52 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed 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 was Friday, May 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.0%. Truist Financial’s payout ratio is currently 51.61%.

Truist Financial Profile

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.