Truist Financial Corporation $TFC Shares Acquired by Patriot Financial Group Insurance Agency LLC

Patriot Financial Group Insurance Agency LLC grew its position in Truist Financial Corporation (NYSE:TFC) by 115.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 53,902 shares of the insurance provider’s stock after acquiring an additional 28,918 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in Truist Financial were worth $2,478,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in TFC. Diamant Asset Management Inc. increased its holdings in shares of Truist Financial by 1,468.3% in the first quarter. Diamant Asset Management Inc. now owns 472,388 shares of the insurance provider’s stock valued at $2,172,000 after purchasing an additional 442,267 shares during the period. Caldwell Trust Co raised its position in Truist Financial by 6.7% during the 1st quarter. Caldwell Trust Co now owns 7,283 shares of the insurance provider’s stock worth $335,000 after buying an additional 457 shares during the last quarter. Venturi Wealth Management LLC raised its position in Truist Financial by 2.6% during the 1st quarter. Venturi Wealth Management LLC now owns 13,394 shares of the insurance provider’s stock worth $616,000 after buying an additional 336 shares during the last quarter. Welch Group LLC lifted its stake in shares of Truist Financial by 0.4% in the 1st quarter. Welch Group LLC now owns 1,329,163 shares of the insurance provider’s stock worth $61,102,000 after acquiring an additional 5,100 shares during the period. Finally, GHP Investment Advisors Inc. boosted its holdings in shares of Truist Financial by 1.6% in the first quarter. GHP Investment Advisors Inc. now owns 46,936 shares of the insurance provider’s stock valued at $2,158,000 after acquiring an additional 753 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

TFC has been the topic of a number of recent analyst reports. Jefferies Financial Group reiterated a “mixed” rating and set a $45.00 price target on shares of Truist Financial in a research note on Friday, April 17th. Robert W. Baird lowered Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price objective on the stock. in a report on Friday, May 1st. Stephens started coverage on Truist Financial in a research report on Monday, June 15th. They set an “overweight” rating and a $59.00 target price on the stock. Wall Street Zen cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Monday. 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. Ten equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Truist Financial has an average rating of “Moderate Buy” and an average price target of $55.79.

Truist Financial Stock Performance

Shares of TFC opened at $50.48 on Monday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The stock has a market cap of $62.90 billion, a P/E ratio of 12.53, a PEG ratio of 0.86 and a beta of 0.89. The company has a 50-day moving average of $49.17 and a two-hundred day moving average of $49.35. Truist Financial Corporation has a 12-month low of $40.78 and a 12-month high of $56.19.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, beating 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 prior year, the business earned $0.87 earnings per share. The company’s quarterly revenue was up 5.0% on a year-over-year basis. As a group, research analysts predict that Truist Financial Corporation will post 4.5 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Friday, May 8th. Truist Financial’s dividend payout ratio is 51.61%.

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.