Raymond James & Associates Raises Position in Truist Financial Co. (NYSE:TFC)

Raymond James & Associates lifted its stake in shares of Truist Financial Co. (NYSE:TFC) by 1.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,709,998 shares of the insurance provider’s stock after acquiring an additional 68,746 shares during the quarter. Raymond James & Associates owned 0.28% of Truist Financial worth $144,616,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Valmark Advisers Inc. raised its position in Truist Financial by 2.2% in the 4th quarter. Valmark Advisers Inc. now owns 12,965 shares of the insurance provider’s stock valued at $479,000 after purchasing an additional 277 shares in the last quarter. St. Johns Investment Management Company LLC raised its holdings in Truist Financial by 0.9% in the fourth quarter. St. Johns Investment Management Company LLC now owns 32,255 shares of the insurance provider’s stock valued at $1,191,000 after acquiring an additional 296 shares in the last quarter. Mechanics Financial Corp lifted its stake in Truist Financial by 7.4% in the fourth quarter. Mechanics Financial Corp now owns 4,345 shares of the insurance provider’s stock worth $160,000 after acquiring an additional 300 shares during the last quarter. Day & Ennis LLC lifted its stake 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 acquiring an additional 311 shares during the last quarter. Finally, Carson Advisory Inc. grew its holdings in Truist Financial by 1.5% during the 4th quarter. Carson Advisory Inc. now owns 21,928 shares of the insurance provider’s stock worth $810,000 after acquiring an additional 315 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

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

Truist Financial Stock Performance

Shares of NYSE TFC traded up $0.15 during mid-day trading on Monday, hitting $38.32. 8,070,976 shares of the company were exchanged, compared to its average volume of 9,584,816. The firm has a market cap of $51.14 billion, a price-to-earnings ratio of -29.03, a price-to-earnings-growth ratio of 2.01 and a beta of 1.08. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75. Truist Financial Co. has a 1-year low of $25.56 and a 1-year high of $39.29. The stock has a 50 day simple moving average of $36.94 and a 200-day simple moving average of $34.97.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (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 in the previous year, the business posted $1.09 earnings per share. The business’s revenue was down 8.8% compared to the same quarter last year. On average, sell-side analysts forecast that Truist Financial Co. will post 3.27 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Friday, May 10th will be paid a $0.52 dividend. The ex-dividend date is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.43%. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Compass Point upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and raised their price objective for the company from $34.00 to $42.00 in a report on Tuesday, April 23rd. Morgan Stanley reaffirmed an “equal weight” rating and set a $43.00 price target on shares of Truist Financial in a report on Monday, April 22nd. Jefferies Financial Group upped their price objective on Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. HSBC raised their target price on Truist Financial from $37.00 to $39.00 and gave the stock a “hold” rating in a research report on Thursday, March 28th. Finally, StockNews.com downgraded Truist Financial from a “hold” rating to a “sell” rating in a report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $41.97.

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.