Envestnet Asset Management Inc. Grows Stake in Truist Financial Corporation (NYSE:TFC)

Envestnet Asset Management Inc. grew its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 1.8% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 3,434,797 shares of the insurance provider's stock after acquiring an additional 60,957 shares during the quarter. Envestnet Asset Management Inc. owned about 0.26% of Truist Financial worth $141,342,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in TFC. Brighton Jones LLC increased its holdings in shares of Truist Financial by 148.5% in the 4th 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. Proficio Capital Partners LLC purchased a new position in shares of Truist Financial in the 4th quarter valued at about $5,452,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of Truist Financial in the 4th quarter valued at about $247,000. Larson Financial Group LLC increased its holdings in shares of Truist Financial by 24.1% in the 4th quarter. Larson Financial Group LLC now owns 1,841 shares of the insurance provider's stock valued at $80,000 after acquiring an additional 358 shares during the last quarter. Finally, AlphaQuest LLC increased its holdings in shares of Truist Financial by 127.7% in the 4th quarter. AlphaQuest LLC now owns 10,824 shares of the insurance provider's stock valued at $470,000 after acquiring an additional 6,070 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.

Analyst Upgrades and Downgrades

TFC has been the subject of a number of research analyst reports. Citigroup raised Truist Financial from a "neutral" rating to a "buy" rating and upped their target price for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Stephens decreased their target price on Truist Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Argus set a $43.00 price target on Truist Financial in a report on Monday, April 21st. Wells Fargo & Company reduced their price target on Truist Financial from $52.00 to $50.00 and set an "overweight" rating for the company in a report on Friday, March 28th. Finally, Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $48.00 price target on shares of Truist Financial in a report on Wednesday. Eight investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $48.44.

Truist Financial Trading Down 0.5%

Shares of TFC opened at $45.16 on Thursday. The stock's 50-day moving average is $40.84 and its two-hundred day moving average is $42.00. The stock has a market cap of $59.14 billion, a PE ratio of 13.32, a P/E/G ratio of 1.69 and a beta of 0.85. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $49.06. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.83.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings data on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, hitting analysts' consensus estimates of $0.87. The company had revenue of $4.95 billion for the quarter, compared to analysts' expectations of $4.99 billion. Truist Financial had a return on equity of 8.96% and a net margin of 15.59%. During the same quarter in the previous year, the firm posted $0.90 earnings per share. Equities analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 9th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.61%. The ex-dividend date of this dividend was Friday, May 9th. Truist Financial's payout ratio is 61.36%.

Truist Financial Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.