Elevation Point Wealth Partners LLC Has $2.74 Million Stake in Truist Financial Corporation $TFC

Key Points

• Elevation Point Wealth Partners nearly doubled its Truist Financial stake in the first quarter, buying 28,736 more shares and bringing its total position to 59,573 shares valued at about $2.74 million.
• Truist Financial reported better-than-expected quarterly earnings, posting $1.09 EPS versus the $1.00 estimate and revenue of $5.20 billion, while revenue rose 5% year over year.
• The company recently paid a $0.52 quarterly dividend and currently offers an annualized yield of 4.1%; analysts have a consensus rating of Hold with an average price target of $55.26.

Elevation Point Wealth Partners LLC lifted its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 93.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 59,573 shares of the insurance provider's stock after purchasing an additional 28,736 shares during the quarter. Elevation Point Wealth Partners LLC's holdings in Truist Financial were worth $2,739,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. 3Chopt Investment Partners LLC grew its position in Truist Financial by 1.3% during the fourth quarter. 3Chopt Investment Partners LLC now owns 14,713 shares of the insurance provider's stock valued at $724,000 after purchasing an additional 193 shares in the last quarter. IFP Advisors Inc lifted its position in Truist Financial by 2.4% in the 4th quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider's stock worth $404,000 after buying an additional 194 shares in the last quarter. AlphaCore Capital LLC boosted its stake in shares of Truist Financial by 8.3% during the 4th quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider's stock valued at $128,000 after buying an additional 199 shares during the period. CYBER HORNET ETFs LLC boosted its stake in shares of Truist Financial by 5.5% during the 4th quarter. CYBER HORNET ETFs LLC now owns 3,820 shares of the insurance provider's stock valued at $188,000 after buying an additional 199 shares during the period. Finally, Mindset Wealth Management LLC grew its holdings in shares of Truist Financial by 0.6% during the 4th quarter. Mindset Wealth Management LLC now owns 34,667 shares of the insurance provider's stock valued at $1,706,000 after acquiring an additional 201 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Trading Down 0.1%

Shares of NYSE:TFC opened at $50.95 on Friday. The stock has a market capitalization of $63.47 billion, a PE ratio of 12.64, a P/E/G ratio of 0.87 and a beta of 0.89. Truist Financial Corporation has a 1 year low of $40.78 and a 1 year high of $56.19. The firm has a fifty day moving average price of $49.17 and a 200 day moving average price of $49.40. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70.

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

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. The ex-dividend date was Friday, May 8th. Truist Financial's dividend payout ratio is 51.61%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on TFC shares. Stephens started coverage on shares of Truist Financial in a research note on Monday, June 15th. They issued an "overweight" rating and a $59.00 price target on the stock. Jefferies Financial Group reissued a "mixed" rating and set a $45.00 price objective on shares of Truist Financial in a research report on Friday, April 17th. Morgan Stanley lowered their target price on Truist Financial from $63.00 to $62.00 and set an "overweight" rating on the stock in a research note on Monday, April 20th. Royal Bank Of Canada upped their target price on Truist Financial from $51.00 to $53.00 and gave the stock an "outperform" rating in a research report on Monday, April 20th. Finally, Wall Street Zen downgraded Truist Financial from a "hold" rating to a "sell" rating in a research note on Monday, June 29th. Eight equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $55.26.

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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