Global Wealth Management Investment Advisory Inc. Raises Stock Position in Truist Financial Corporation (NYSE:TFC)

Global Wealth Management Investment Advisory Inc. raised its position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 9.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 89,660 shares of the insurance provider's stock after acquiring an additional 7,837 shares during the quarter. Global Wealth Management Investment Advisory Inc.'s holdings in Truist Financial were worth $3,690,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in TFC. Hopwood Financial Services Inc. acquired a new position in Truist Financial in the 4th quarter valued at $26,000. Navigoe LLC acquired a new stake in shares of Truist Financial in the fourth quarter valued at about $26,000. Rossby Financial LCC purchased a new position in shares of Truist Financial in the first quarter worth about $43,000. Curio Wealth LLC acquired a new position in Truist Financial during the fourth quarter worth about $45,000. Finally, TCTC Holdings LLC grew its stake in Truist Financial by 28.1% during the 4th quarter. TCTC Holdings LLC now owns 1,310 shares of the insurance provider's stock valued at $57,000 after acquiring an additional 287 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.

Analyst Ratings Changes

TFC has been the topic of several recent analyst reports. Keefe, Bruyette & Woods decreased their target price on shares of Truist Financial from $53.00 to $47.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. Stephens decreased their price objective on Truist Financial from $48.00 to $46.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Piper Sandler cut their target price on Truist Financial from $45.00 to $41.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. Argus set a $43.00 price objective on shares of Truist Financial in a report on Monday, April 21st. Finally, Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and increased their target price for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Eight investment 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 company. According to MarketBeat.com, Truist Financial has an average rating of "Moderate Buy" and a consensus price target of $48.44.

Truist Financial Stock Up 0.4%

TFC stock traded up $0.20 during mid-day trading on Friday, reaching $45.23. The company had a trading volume of 5,612,374 shares, compared to its average volume of 8,262,880. The firm has a fifty day simple moving average of $40.29 and a 200 day simple moving average of $41.95. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.83 and a current ratio of 0.83. The company has a market capitalization of $59.23 billion, a price-to-earnings ratio of 13.34, a price-to-earnings-growth ratio of 1.69 and a beta of 0.85. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week 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 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 firm had revenue of $4.95 billion for the quarter, compared to analysts' expectations of $4.99 billion. During the same quarter last year, the company earned $0.90 earnings per share. Analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 9th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.60%. 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.