Global Assets Advisory LLC Purchases Shares of 7,531 Truist Financial Corporation (NYSE:TFC)

Global Assets Advisory LLC purchased a new stake in Truist Financial Corporation (NYSE:TFC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 7,531 shares of the insurance provider's stock, valued at approximately $286,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Cornerstone Wealth Group LLC lifted its holdings in shares of Truist Financial by 9.2% in the first quarter. Cornerstone Wealth Group LLC now owns 137,654 shares of the insurance provider's stock valued at $5,664,000 after purchasing an additional 11,591 shares in the last quarter. PBMares Wealth Management LLC lifted its holdings in shares of Truist Financial by 5.6% in the first quarter. PBMares Wealth Management LLC now owns 30,912 shares of the insurance provider's stock valued at $1,272,000 after purchasing an additional 1,642 shares in the last quarter. LaFleur & Godfrey LLC lifted its holdings in shares of Truist Financial by 19.6% in the first quarter. LaFleur & Godfrey LLC now owns 129,370 shares of the insurance provider's stock valued at $5,324,000 after purchasing an additional 21,202 shares in the last quarter. Southern Capital Advisors LLC purchased a new stake in shares of Truist Financial in the first quarter valued at about $1,942,000. Finally, Legacy Advisors LLC acquired a new position in Truist Financial in the 1st quarter valued at about $207,000. Hedge funds and other institutional investors own 71.28% of the company's stock.

Analyst Upgrades and Downgrades

TFC has been the subject of several analyst reports. Keefe, Bruyette & Woods cut their target price on shares of Truist Financial from $53.00 to $47.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. TD Cowen initiated coverage on shares of Truist Financial in a research note on Thursday, May 15th. They issued a "hold" rating and a $44.00 target price for the company. Argus set a $43.00 target price on shares of Truist Financial in a research note on Monday, April 21st. Citigroup cut their target price on shares of Truist Financial from $51.00 to $44.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. Finally, Wall Street Zen raised shares of Truist Financial from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Nine investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.83.

Truist Financial Stock Up 0.0%

TFC opened at $41.46 on Thursday. 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 stock has a market capitalization of $54.29 billion, a price-to-earnings ratio of 12.23, a price-to-earnings-growth ratio of 1.54 and a beta of 0.84. The business has a 50-day moving average of $39.40 and a two-hundred day moving average of $42.04. 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 issued its earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.87. Truist Financial had a return on equity of 8.96% and a net margin of 15.59%. The business had revenue of $4.95 billion during the quarter, compared to analysts' expectations of $4.99 billion. During the same quarter in the previous year, the business earned $0.90 EPS. On average, research analysts expect that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 9th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.02%. The ex-dividend date was Friday, May 9th. Truist Financial's payout ratio is currently 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.

Want to see what other hedge funds are holding TFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Truist Financial Corporation (NYSE:TFC - Free Report).

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.