Alps Advisors Inc. Acquires 66,634 Shares of Truist Financial Corporation (NYSE:TFC)

Alps Advisors Inc. boosted its position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 12.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 595,813 shares of the insurance provider's stock after acquiring an additional 66,634 shares during the period. Alps Advisors Inc.'s holdings in Truist Financial were worth $24,518,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of TFC. Brighton Jones LLC increased its holdings in shares of Truist Financial by 148.5% in the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider's stock worth $1,023,000 after purchasing an additional 14,093 shares during the period. Proficio Capital Partners LLC bought a new stake in Truist Financial during the fourth quarter valued at $5,452,000. Ashton Thomas Private Wealth LLC purchased a new position in Truist Financial during the fourth quarter worth about $247,000. Larson Financial Group LLC increased its stake in Truist Financial by 24.1% in the 4th quarter. Larson Financial Group LLC now owns 1,841 shares of the insurance provider's stock worth $80,000 after acquiring an additional 358 shares during the last quarter. Finally, AlphaQuest LLC increased its stake in Truist Financial by 127.7% in the 4th quarter. AlphaQuest LLC now owns 10,824 shares of the insurance provider's stock worth $470,000 after acquiring an additional 6,070 shares during the last quarter. Institutional investors own 71.28% of the company's stock.

Truist Financial Trading Down 0.1%

NYSE TFC traded down $0.04 during trading on Friday, hitting $45.46. The company had a trading volume of 8,319,455 shares, compared to its average volume of 8,340,705. The company's fifty day moving average is $41.10 and its 200-day moving average is $41.99. The company has a market cap of $59.53 billion, a price-to-earnings ratio of 13.41, a price-to-earnings-growth ratio of 1.69 and a beta of 0.85. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.55. Truist Financial Corporation has a one year low of $33.56 and a one year high of $49.06.

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

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 9th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.08 annualized dividend and a yield of 4.58%. Truist Financial's payout ratio is 61.36%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on TFC shares. Raymond James Financial raised Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price objective for the company in a report on Tuesday, July 8th. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and increased their price target for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. Keefe, Bruyette & Woods lowered shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price for the company. in a research report on Wednesday. JPMorgan Chase & Co. lowered their price target on Truist Financial from $48.00 to $42.00 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Finally, Barclays dropped their price target on Truist Financial from $51.00 to $47.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. Eight analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.44.

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.