Belpointe Asset Management LLC Has $1.34 Million Stake in Truist Financial Corporation $TFC

Key Points

• Belpointe Asset Management LLC increased its stake in Truist Financial Corporation by 159.8% during the first quarter, acquiring an additional 20,012 shares for a total worth of $1.34 million.
• Several analysts have recently upgraded Truist Financial's stock ratings, with a consensus rating of "Moderate Buy" and an average price target of $48.47.
• Truist Financial announced a quarterly dividend of $0.52, translating to an annualized dividend yield of 4.6%, with a payout ratio of 56.68%.

Belpointe Asset Management LLC increased its position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 159.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 32,536 shares of the insurance provider's stock after acquiring an additional 20,012 shares during the quarter. Belpointe Asset Management LLC's holdings in Truist Financial were worth $1,339,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Klingman & Associates LLC boosted its stake in Truist Financial by 2.2% during the 1st quarter. Klingman & Associates LLC now owns 11,756 shares of the insurance provider's stock worth $484,000 after acquiring an additional 248 shares during the last quarter. Haverford Trust Co boosted its stake in Truist Financial by 3.5% during the 1st quarter. Haverford Trust Co now owns 7,751 shares of the insurance provider's stock worth $319,000 after acquiring an additional 262 shares during the last quarter. Manchester Capital Management LLC boosted its stake in Truist Financial by 8.0% during the 1st quarter. Manchester Capital Management LLC now owns 3,898 shares of the insurance provider's stock worth $160,000 after acquiring an additional 288 shares during the last quarter. Ballast Inc. boosted its stake in Truist Financial by 0.7% during the 1st quarter. Ballast Inc. now owns 39,348 shares of the insurance provider's stock worth $1,619,000 after acquiring an additional 290 shares during the last quarter. Finally, Integrated Advisors Network LLC boosted its stake in Truist Financial by 4.8% during the 4th quarter. Integrated Advisors Network LLC now owns 6,316 shares of the insurance provider's stock worth $274,000 after acquiring an additional 291 shares during the last quarter. Institutional investors own 71.28% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in 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 objective on the stock in a research note on Tuesday, July 8th. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $47.00 price target on shares of Truist Financial in a research note on Thursday, August 21st. TD Cowen started coverage on shares of Truist Financial in a research note on Thursday, May 15th. They issued a "hold" rating and a $44.00 price target on the stock. Morgan Stanley reaffirmed a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. Finally, Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and lifted their price target for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $48.47.

Insider Activity at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the business's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the sale, the insider owned 500 shares of the company's stock, valued at $22,595. The trade was a 96.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.17% of the stock is currently owned by corporate insiders.

Truist Financial Stock Performance

Shares of TFC stock opened at $45.29 on Friday. The company's fifty day simple moving average is $45.02 and its 200-day simple moving average is $41.75. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. The firm has a market cap of $58.40 billion, a PE ratio of 12.34, a P/E/G ratio of 1.68 and a beta of 0.88. Truist Financial Corporation 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 data on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). The business had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The business's revenue for the quarter was down 406.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.91 EPS. Equities research analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial's payout ratio is currently 56.68%.

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.

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