Stevens Capital Management LP Acquires New Shares in Truist Financial Co. (NYSE:TFC)

Stevens Capital Management LP acquired a new stake in Truist Financial Co. (NYSE:TFC) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 13,729 shares of the insurance provider’s stock, valued at approximately $507,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in TFC. Avior Wealth Management LLC increased its holdings in Truist Financial by 62.3% in the third quarter. Avior Wealth Management LLC now owns 5,453 shares of the insurance provider’s stock valued at $156,000 after purchasing an additional 2,093 shares during the last quarter. Strategic Blueprint LLC increased its holdings in shares of Truist Financial by 16.2% in the third quarter. Strategic Blueprint LLC now owns 14,259 shares of the insurance provider’s stock worth $408,000 after acquiring an additional 1,991 shares in the last quarter. Caprock Group LLC raised its position in shares of Truist Financial by 79.6% during the third quarter. Caprock Group LLC now owns 32,832 shares of the insurance provider’s stock worth $939,000 after purchasing an additional 14,550 shares during the period. Koshinski Asset Management Inc. lifted its holdings in shares of Truist Financial by 12.7% during the 3rd quarter. Koshinski Asset Management Inc. now owns 13,220 shares of the insurance provider’s stock valued at $378,000 after purchasing an additional 1,487 shares in the last quarter. Finally, Ballast Inc. grew its position in shares of Truist Financial by 25.6% in the 3rd quarter. Ballast Inc. now owns 38,900 shares of the insurance provider’s stock valued at $1,113,000 after purchasing an additional 7,918 shares during the period. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

NYSE:TFC traded down $0.81 during mid-day trading on Thursday, reaching $37.98. 7,241,235 shares of the company’s stock were exchanged, compared to its average volume of 9,665,404. Truist Financial Co. has a one year low of $25.56 and a one year high of $39.29. The firm has a market capitalization of $50.69 billion, a PE ratio of -28.66, a price-to-earnings-growth ratio of 2.45 and a beta of 1.08. The business’s fifty day simple moving average is $36.83 and its two-hundred day simple moving average is $34.73. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The business had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same period last year, the firm earned $1.09 earnings per share. Truist Financial’s revenue for the quarter was down 8.8% compared to the same quarter last year. Analysts anticipate that Truist Financial Co. will post 3.26 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Friday, May 10th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.48%. The ex-dividend date of this dividend is Thursday, May 9th. Truist Financial’s dividend payout ratio is currently -157.58%.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $37.48, for a total value of $141,074.72. Following the transaction, the director now directly owns 16,132 shares of the company’s stock, valued at approximately $604,627.36. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.17% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on TFC. Piper Sandler lifted their price target on shares of Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, January 19th. Royal Bank of Canada boosted their price objective on shares of Truist Financial from $40.00 to $42.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. Jefferies Financial Group increased their target price on Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a report on Monday, April 8th. Citigroup increased their target price on shares of Truist Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Stephens restated an “overweight” rating and set a $43.00 target price on shares of Truist Financial in a report on Tuesday. One analyst has rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Truist Financial presently has an average rating of “Moderate Buy” and an average target price of $41.97.

Truist Financial Profile

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.