Golden State Equity Partners Purchases 590 Shares of Truist Financial Co. (NYSE:TFC)

Golden State Equity Partners grew its holdings in Truist Financial Co. (NYSE:TFC) by 5.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 11,343 shares of the insurance provider’s stock after buying an additional 590 shares during the quarter. Golden State Equity Partners’ holdings in Truist Financial were worth $419,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Day & Ennis LLC increased its position in Truist Financial by 4.3% in the fourth quarter. Day & Ennis LLC now owns 7,525 shares of the insurance provider’s stock worth $278,000 after purchasing an additional 311 shares during the period. Farmers & Merchants Trust Co of Chambersburg PA increased its position in Truist Financial by 32.0% in the fourth quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,333 shares of the insurance provider’s stock worth $49,000 after purchasing an additional 323 shares during the period. Cape Investment Advisory Inc. grew its position in shares of Truist Financial by 7.4% during the 3rd quarter. Cape Investment Advisory Inc. now owns 4,849 shares of the insurance provider’s stock worth $139,000 after buying an additional 335 shares during the period. Birmingham Capital Management Co. Inc. AL grew its position in shares of Truist Financial by 4.1% during the 3rd quarter. Birmingham Capital Management Co. Inc. AL now owns 8,544 shares of the insurance provider’s stock worth $244,000 after buying an additional 335 shares during the period. Finally, Farmers Trust Co. grew its position in shares of Truist Financial by 2.8% during the 4th quarter. Farmers Trust Co. now owns 12,190 shares of the insurance provider’s stock worth $450,000 after buying an additional 336 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on TFC. Barclays lifted their price objective on Truist Financial from $40.00 to $42.00 and gave the company an “equal weight” rating in a report on Tuesday, January 2nd. Bank of America upgraded Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 price objective on the stock in a report on Thursday, January 4th. Royal Bank of Canada boosted their target price on Truist Financial from $40.00 to $42.00 and gave the company an “outperform” rating in a research note on Friday, January 19th. Piper Sandler boosted their target price on Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, January 19th. Finally, UBS Group boosted their target price on Truist Financial from $45.00 to $49.00 and gave the company a “buy” rating in a research note on Friday, April 5th. One research analyst has rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $41.97.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $38.17 on Friday. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.82 and a quick ratio of 0.82. The stock’s fifty day moving average price is $36.90 and its two-hundred day moving average price is $34.86. Truist Financial Co. has a one year low of $25.56 and a one year high of $39.29. The firm has a market cap of $50.94 billion, a price-to-earnings ratio of -28.92, a P/E/G ratio of 2.01 and a beta of 1.08.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The firm had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same period in the prior year, the firm posted $1.09 EPS. The company’s revenue for the quarter was down 8.8% on a year-over-year basis. On average, equities analysts forecast that Truist Financial Co. will post 3.27 EPS for the current year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Friday, May 10th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.45%. Truist Financial’s payout ratio is -157.58%.

Insider Activity

In other news, Director K. David Jr. Boyer sold 3,764 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the completion of the sale, the director now directly owns 16,132 shares in the company, valued at approximately $604,627.36. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.17% of the company’s stock.

About Truist Financial

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.