Axxcess Wealth Management LLC Grows Stock Holdings in Truist Financial Corporation $TFC

Key Points

• Axxcess Wealth Management increased its Truist Financial stake by 77.2% in the fourth quarter, buying 68,990 more shares to bring its total to 158,394 shares worth about $7.8 million.
• Truist Financial reported quarterly earnings of $1.09 per share, topping estimates, while revenue came in slightly above expectations at $5.20 billion and rose 5% year over year.
• The company declared a $0.52 quarterly dividend, implying an annual yield of about 4.3%; analysts currently rate the stock Moderate Buy with an average price target of $55.59.

Axxcess Wealth Management LLC grew its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 77.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 158,394 shares of the insurance provider's stock after purchasing an additional 68,990 shares during the quarter. Axxcess Wealth Management LLC's holdings in Truist Financial were worth $7,795,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in TFC. Diamond Hill Capital Management Inc. boosted its stake in Truist Financial by 19.9% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 765,286 shares of the insurance provider's stock worth $37,660,000 after buying an additional 126,850 shares during the period. Commonwealth Financial Services LLC acquired a new stake in Truist Financial in the fourth quarter valued at approximately $283,000. Heritage Investors Management Corp raised its holdings in Truist Financial by 12.7% during the fourth quarter. Heritage Investors Management Corp now owns 13,273 shares of the insurance provider's stock worth $653,000 after purchasing an additional 1,498 shares in the last quarter. Bare Financial Services Inc raised its holdings in Truist Financial by 56.9% during the fourth quarter. Bare Financial Services Inc now owns 822 shares of the insurance provider's stock worth $40,000 after purchasing an additional 298 shares in the last quarter. Finally, Global Retirement Partners LLC raised its holdings in Truist Financial by 32.8% during the fourth quarter. Global Retirement Partners LLC now owns 86,528 shares of the insurance provider's stock worth $4,258,000 after purchasing an additional 21,388 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company's stock.

Truist Financial Stock Up 1.2%

TFC opened at $48.45 on Friday. The firm has a 50 day moving average price of $47.87 and a 200 day moving average price of $48.72. The company has a market cap of $60.37 billion, a PE ratio of 12.02, a price-to-earnings-growth ratio of 0.83 and a beta of 0.92. Truist Financial Corporation has a 1 year low of $38.27 and a 1 year high of $56.19. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC - Get Free Report) last announced its earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.09. The business had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The business's quarterly revenue was up 5.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.87 earnings per share. Sell-side analysts expect that Truist Financial Corporation will post 4.52 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 8th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date is Friday, May 8th. Truist Financial's dividend payout ratio (DPR) is presently 51.61%.

Wall Street Analyst Weigh In

TFC has been the topic of several research reports. Robert W. Baird downgraded shares of Truist Financial from an "outperform" rating to a "neutral" rating and set a $55.00 price objective on the stock. in a research report on Friday, May 1st. Morgan Stanley decreased their target price on shares of Truist Financial from $63.00 to $62.00 and set an "overweight" rating on the stock in a research report on Monday, April 20th. Jefferies Financial Group restated a "mixed" rating and set a $45.00 target price on shares of Truist Financial in a research report on Friday, April 17th. JPMorgan Chase & Co. decreased their price objective on shares of Truist Financial from $57.00 to $51.50 and set a "neutral" rating on the stock in a research report on Tuesday, April 7th. Finally, Royal Bank Of Canada upped their target price on shares of Truist Financial from $51.00 to $53.00 and gave the company an "outperform" rating in a report on Monday, April 20th. Nine investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Truist Financial currently has an average rating of "Moderate Buy" and an average price target of $55.59.

Truist Financial Company Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.

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