Smith Chas P & Associates PA Cpas Acquires 11,556 Shares of Truist Financial Corporation $TFC

Smith Chas P & Associates PA Cpas lifted its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 212.1% during the 4th quarter, Holdings Channel reports. The firm owned 17,005 shares of the insurance provider’s stock after purchasing an additional 11,556 shares during the period. Smith Chas P & Associates PA Cpas’ holdings in Truist Financial were worth $837,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in TFC. Valley Wealth Managers Inc. bought a new position in Truist Financial in the third quarter valued at approximately $28,000. Maseco LLP increased its stake in Truist Financial by 53.8% in the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 228 shares during the last quarter. Mowery & Schoenfeld Wealth Management LLC increased its stake in Truist Financial by 190.7% in the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 431 shares during the last quarter. Ancora Advisors LLC increased its stake in Truist Financial by 259.1% in the third quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 500 shares during the last quarter. Finally, Bare Financial Services Inc increased its stake in Truist Financial by 56.9% in the fourth quarter. Bare Financial Services Inc now owns 822 shares of the insurance provider’s stock valued at $40,000 after acquiring an additional 298 shares during the last quarter. 71.28% of the stock is owned by institutional investors.

Truist Financial Stock Performance

Shares of Truist Financial stock opened at $48.42 on Thursday. Truist Financial Corporation has a fifty-two week low of $38.67 and a fifty-two week high of $56.19. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market capitalization of $60.32 billion, a P/E ratio of 12.01, a P/E/G ratio of 0.83 and a beta of 0.92. The company’s 50 day moving average price is $48.13 and its two-hundred day moving average price is $48.85.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The firm had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same quarter last year, the business posted $0.87 earnings per share. The company’s quarterly revenue was up 5.0% on a year-over-year basis. On average, equities analysts forecast that Truist Financial Corporation will post 4.52 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 8th will be given a $0.52 dividend. The ex-dividend date is Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.3%. Truist Financial’s dividend payout ratio (DPR) is currently 51.61%.

Wall Street Analysts Forecast Growth

TFC has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. JPMorgan Chase & Co. decreased their price objective on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a research note on Tuesday, April 7th. Jefferies Financial Group reissued a “mixed” rating and issued a $45.00 price objective on shares of Truist Financial in a research note on Friday, April 17th. Morgan Stanley decreased their price objective on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a research note on Monday, April 20th. Finally, Weiss Ratings raised shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Nine equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $55.59.

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.