Adapt Wealth Advisors LLC Increases Stock Holdings in Truist Financial Corporation (NYSE:TFC)

Adapt Wealth Advisors LLC raised its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 78.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 20,456 shares of the insurance provider's stock after purchasing an additional 9,021 shares during the quarter. Adapt Wealth Advisors LLC's holdings in Truist Financial were worth $842,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of TFC. Comerica Bank boosted its stake in shares of Truist Financial by 3.6% in the fourth quarter. Comerica Bank now owns 449,484 shares of the insurance provider's stock valued at $19,499,000 after buying an additional 15,499 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of Truist Financial by 81.7% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,108,466 shares of the insurance provider's stock valued at $48,085,000 after buying an additional 498,531 shares in the last quarter. Cantor Fitzgerald Investment Advisors L.P. boosted its stake in shares of Truist Financial by 4.6% in the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider's stock valued at $17,927,000 after buying an additional 19,286 shares in the last quarter. Stifel Financial Corp boosted its stake in shares of Truist Financial by 2.8% in the fourth quarter. Stifel Financial Corp now owns 2,242,763 shares of the insurance provider's stock valued at $97,291,000 after buying an additional 60,848 shares in the last quarter. Finally, Pinnacle Financial Partners Inc raised its holdings in Truist Financial by 55.1% during the first quarter. Pinnacle Financial Partners Inc now owns 134,363 shares of the insurance provider's stock worth $5,530,000 after purchasing an additional 47,717 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on TFC shares. Wells Fargo & Company decreased their price objective on Truist Financial from $52.00 to $50.00 and set an "overweight" rating on the stock in a research note on Friday, March 28th. Raymond James Financial upgraded Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 target price for the company in a research note on Tuesday. JPMorgan Chase & Co. dropped their target price on Truist Financial from $48.00 to $42.00 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. Stephens dropped their target price on Truist Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Finally, Morgan Stanley dropped their target price on Truist Financial from $50.00 to $43.00 and set an "equal weight" rating for the company in a research note on Monday, April 7th. Eight investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $48.44.

Truist Financial Trading Down 0.5%

Shares of TFC opened at $45.16 on Thursday. The company has a market capitalization of $59.14 billion, a P/E ratio of 13.32, a P/E/G ratio of 1.69 and a beta of 0.85. Truist Financial Corporation has a one year low of $33.56 and a one year high of $49.06. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a 50-day moving average price of $40.84 and a 200 day moving average price of $42.00.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, meeting analysts' consensus estimates of $0.87. Truist Financial had a return on equity of 8.96% and a net margin of 15.59%. The firm had revenue of $4.95 billion during the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter in the prior year, the business posted $0.90 earnings per share. Sell-side analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 9th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.61%. The ex-dividend date of this dividend was Friday, May 9th. Truist Financial's payout ratio is currently 61.36%.

Truist Financial Company 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.

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