Merit Financial Group LLC Increases Stock Holdings in Truist Financial Co. (NYSE:TFC)

Merit Financial Group LLC lifted its stake in Truist Financial Co. (NYSE:TFC - Free Report) by 31.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 51,203 shares of the insurance provider's stock after purchasing an additional 12,202 shares during the quarter. Merit Financial Group LLC's holdings in Truist Financial were worth $2,107,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Harbor Investment Advisory LLC boosted its holdings in Truist Financial by 1,271.0% during the 1st quarter. Harbor Investment Advisory LLC now owns 1,796 shares of the insurance provider's stock valued at $74,000 after acquiring an additional 1,665 shares during the period. NBC Securities Inc. raised its position in shares of Truist Financial by 114,797.0% in the 1st quarter. NBC Securities Inc. now owns 37,916 shares of the insurance provider's stock worth $1,560,000 after acquiring an additional 37,883 shares in the last quarter. Enterprise Bank & Trust Co bought a new position in shares of Truist Financial in the 1st quarter worth $208,000. Fiduciary Alliance LLC raised its position in shares of Truist Financial by 1.0% in the 1st quarter. Fiduciary Alliance LLC now owns 98,554 shares of the insurance provider's stock worth $4,055,000 after acquiring an additional 936 shares in the last quarter. Finally, Iowa State Bank raised its position in shares of Truist Financial by 1.8% in the 1st quarter. Iowa State Bank now owns 91,416 shares of the insurance provider's stock worth $3,762,000 after acquiring an additional 1,617 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.

Truist Financial Stock Up 0.2%

Truist Financial stock opened at $39.59 on Friday. Truist Financial Co. has a fifty-two week low of $33.56 and a fifty-two week high of $49.06. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. The company has a market cap of $51.84 billion, a PE ratio of 11.89, a PEG ratio of 1.63 and a beta of 0.84. The business's 50-day simple moving average is $38.43 and its two-hundred day simple moving average is $42.71.

Truist Financial (NYSE:TFC - Get Free Report) last issued its earnings results on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, hitting analysts' consensus estimates of $0.87. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The firm had revenue of $4.95 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter in the prior year, the business earned $0.90 earnings per share. Equities analysts anticipate that Truist Financial Co. will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 9th were paid a $0.52 dividend. The ex-dividend date was Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.25%. Truist Financial's payout ratio is 61.36%.

Wall Street Analyst Weigh In

TFC has been the subject of a number of research analyst reports. Morgan Stanley decreased their price target on Truist Financial from $50.00 to $43.00 and set an "equal weight" rating for the company in a research note on Monday, April 7th. Piper Sandler decreased their price target 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. Raymond James cut Truist Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Baird R W upgraded Truist Financial from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 5th. Finally, Wall Street Zen upgraded 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 given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $47.83.

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.

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