Code Waechter LLC Acquires New Shares in Truist Financial Corporation (NYSE:TFC)

Code Waechter LLC acquired a new stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,874 shares of the insurance provider's stock, valued at approximately $365,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. TIAA Trust National Association grew its holdings in shares of Truist Financial by 1.2% during the fourth quarter. TIAA Trust National Association now owns 23,822 shares of the insurance provider's stock valued at $1,033,000 after buying an additional 283 shares during the last quarter. TCTC Holdings LLC grew its stake in Truist Financial by 28.1% during the 4th quarter. TCTC Holdings LLC now owns 1,310 shares of the insurance provider's stock valued at $57,000 after purchasing an additional 287 shares during the last quarter. Meeder Advisory Services Inc. increased its holdings in shares of Truist Financial by 1.0% in the fourth quarter. Meeder Advisory Services Inc. now owns 28,385 shares of the insurance provider's stock valued at $1,231,000 after purchasing an additional 288 shares during the period. Integrated Advisors Network LLC raised its stake in shares of Truist Financial by 4.8% in the fourth quarter. Integrated Advisors Network LLC now owns 6,316 shares of the insurance provider's stock worth $274,000 after purchasing an additional 291 shares during the last quarter. Finally, McKinley Carter Wealth Services Inc. lifted its holdings in shares of Truist Financial by 1.6% during the first quarter. McKinley Carter Wealth Services Inc. now owns 19,657 shares of the insurance provider's stock worth $809,000 after purchasing an additional 305 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Price Performance

Shares of NYSE TFC traded up $0.09 during midday trading on Friday, hitting $45.59. The stock had a trading volume of 4,817,933 shares, compared to its average volume of 8,307,222. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.55. The stock has a 50 day simple moving average of $40.98 and a 200-day simple moving average of $42.01. The company has a market capitalization of $59.70 billion, a PE ratio of 13.45, a P/E/G ratio of 1.68 and a beta of 0.85. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last announced its earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.87. The company had revenue of $4.95 billion for the quarter, compared to analysts' expectations of $4.99 billion. Truist Financial had a net margin of 15.59% and a return on equity of 8.96%. During the same quarter in the previous year, the company posted $0.90 EPS. On average, sell-side analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 9th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.56%. The ex-dividend date of this dividend was Friday, May 9th. Truist Financial's payout ratio is currently 61.36%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Raymond James Financial raised shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price target for the company in a research report on Tuesday. Citigroup upgraded shares of Truist Financial from a "neutral" rating to a "buy" rating and boosted their target price for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Piper Sandler cut their price target on Truist Financial from $45.00 to $41.00 and set a "neutral" rating on the stock in a research report on Monday, April 21st. Barclays decreased their price objective on Truist Financial from $51.00 to $47.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Finally, TD Cowen assumed coverage on Truist Financial in a report on Thursday, May 15th. They set a "hold" rating and a $44.00 target price on the stock. Eight equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $48.44.

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.