Concurrent Investment Advisors LLC Has $5.93 Million Holdings in Truist Financial Corporation (NYSE:TFC)

Concurrent Investment Advisors LLC boosted its position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 8.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 144,105 shares of the insurance provider's stock after purchasing an additional 11,805 shares during the period. Concurrent Investment Advisors LLC's holdings in Truist Financial were worth $5,930,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its position 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 valued at $1,023,000 after acquiring an additional 14,093 shares during the last quarter. Fisher Asset Management LLC increased its position in shares of Truist Financial by 5.5% in the fourth quarter. Fisher Asset Management LLC now owns 8,431 shares of the insurance provider's stock valued at $366,000 after acquiring an additional 436 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Truist Financial in the fourth quarter valued at about $104,000. Victory Capital Management Inc. increased its position in shares of Truist Financial by 49.9% in the fourth quarter. Victory Capital Management Inc. now owns 651,503 shares of the insurance provider's stock valued at $28,262,000 after acquiring an additional 216,956 shares during the last quarter. Finally, Assetmark Inc. increased its position in shares of Truist Financial by 97.1% in the fourth quarter. Assetmark Inc. now owns 91,833 shares of the insurance provider's stock valued at $3,984,000 after acquiring an additional 45,235 shares during the last quarter. Institutional investors own 71.28% of the company's stock.

Wall Street Analyst Weigh In

TFC has been the topic of a number of recent research reports. Barclays lowered their target price on Truist Financial from $51.00 to $47.00 and set an "equal weight" rating on the stock in a research report on Monday, April 21st. Wells Fargo & Company lowered their target price on Truist Financial from $52.00 to $50.00 and set an "overweight" rating on the stock in a research report on Friday, March 28th. Wall Street Zen upgraded Truist Financial from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. Raymond James Financial cut Truist Financial from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. Finally, Argus set a $43.00 price target on Truist Financial in a report on Monday, April 21st. Eight research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $48.44.

Truist Financial Price Performance

TFC traded down $0.36 during trading on Monday, hitting $45.18. 7,072,972 shares of the stock traded hands, compared to its average volume of 8,271,157. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06. The company has a market cap of $59.17 billion, a price-to-earnings ratio of 13.33, a PEG ratio of 1.69 and a beta of 0.85. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.83. The business has a 50 day moving average price of $40.44 and a 200 day moving average price of $41.94.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings data on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, meeting the consensus estimate of $0.87. Truist Financial had a net margin of 15.59% and a return on equity of 8.96%. The business had revenue of $4.95 billion during the quarter, compared to the consensus estimate of $4.99 billion. During the same period in the previous year, the business earned $0.90 earnings per share. Equities research analysts forecast that Truist Financial Corporation will post 4 earnings per share 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 given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.08 annualized dividend and a yield of 4.60%. Truist Financial's dividend payout ratio is currently 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.