Avity Investment Management Inc. Boosts Holdings in Truist Financial Co. (NYSE:TFC)

Avity Investment Management Inc. grew its holdings in shares of Truist Financial Co. (NYSE:TFC - Free Report) by 3.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 289,106 shares of the insurance provider's stock after buying an additional 8,463 shares during the quarter. Avity Investment Management Inc.'s holdings in Truist Financial were worth $11,897,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in TFC. Hopwood Financial Services Inc. acquired a new position in shares of Truist Financial during the fourth quarter valued at about $26,000. Navigoe LLC acquired a new position in shares of Truist Financial during the fourth quarter valued at about $26,000. Curio Wealth LLC acquired a new position in shares of Truist Financial during the fourth quarter valued at about $45,000. TCTC Holdings LLC grew its holdings in shares of Truist Financial by 28.1% during the fourth quarter. TCTC Holdings LLC now owns 1,310 shares of the insurance provider's stock valued at $57,000 after buying an additional 287 shares during the last quarter. Finally, Pinney & Scofield Inc. acquired a new position in shares of Truist Financial during the fourth quarter valued at about $57,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on TFC shares. Barclays reduced their price objective on shares of Truist Financial from $51.00 to $47.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Stephens dropped their price target on shares of Truist Financial from $48.00 to $46.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Keefe, Bruyette & Woods dropped their price target on shares of Truist Financial from $53.00 to $47.00 and set an "outperform" rating on the stock in a research report on Monday, April 21st. Piper Sandler dropped their price target on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating on the stock in a research report on Monday, April 21st. Finally, Wells Fargo & Company dropped their price target on shares of Truist Financial from $52.00 to $50.00 and set an "overweight" rating on the stock in a research report on Friday, March 28th. Nine equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Truist Financial currently has a consensus rating of "Moderate Buy" and an average price target of $47.83.

Truist Financial Stock Up 2.6%

Shares of NYSE:TFC traded up $1.03 during midday trading on Friday, reaching $40.66. The company's stock had a trading volume of 5,710,238 shares, compared to its average volume of 8,294,669. The firm has a 50 day moving average of $38.43 and a 200-day moving average of $42.71. The firm has a market capitalization of $53.25 billion, a P/E ratio of 12.21, a PEG ratio of 1.63 and a beta of 0.84. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a 12-month low of $33.56 and a 12-month high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.87. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The firm had revenue of $4.95 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter last year, the firm posted $0.90 EPS. On average, research analysts anticipate that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently announced 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 dividend on an annualized basis and a yield of 5.12%. The ex-dividend date was Friday, May 9th. Truist Financial's payout ratio is 61.36%.

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.