Peregrine Asset Advisers Inc. Raises Stake in Truist Financial Corporation (NYSE:TFC)

Peregrine Asset Advisers Inc. boosted its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 76.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 98,153 shares of the insurance provider's stock after buying an additional 42,377 shares during the quarter. Truist Financial accounts for approximately 1.5% of Peregrine Asset Advisers Inc.'s portfolio, making the stock its 20th largest holding. Peregrine Asset Advisers Inc.'s holdings in Truist Financial were worth $4,039,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Chancellor Financial Group WB LP lifted its stake in shares of Truist Financial by 10.8% during the first quarter. Chancellor Financial Group WB LP now owns 8,396 shares of the insurance provider's stock valued at $345,000 after buying an additional 819 shares during the period. Wealth Quarterback LLC lifted its stake in shares of Truist Financial by 8.4% during the first quarter. Wealth Quarterback LLC now owns 16,572 shares of the insurance provider's stock valued at $682,000 after buying an additional 1,285 shares during the period. Wealth Alliance LLC lifted its stake in shares of Truist Financial by 1.2% during the first quarter. Wealth Alliance LLC now owns 37,167 shares of the insurance provider's stock valued at $1,529,000 after buying an additional 454 shares during the period. Bingham Private Wealth LLC lifted its stake in shares of Truist Financial by 39.6% during the first quarter. Bingham Private Wealth LLC now owns 10,147 shares of the insurance provider's stock valued at $418,000 after buying an additional 2,880 shares during the period. Finally, Teachers Retirement System of The State of Kentucky lifted its stake in shares of Truist Financial by 3.1% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 102,429 shares of the insurance provider's stock valued at $4,215,000 after buying an additional 3,122 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TFC has been the subject of several recent research reports. Wall Street Zen raised shares of Truist Financial from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Argus set a $43.00 price objective on shares of Truist Financial in a research report on Monday, April 21st. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Piper Sandler dropped their price objective on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. Finally, Morgan Stanley reaffirmed a "mixed" rating on shares of Truist Financial in a report on Monday. Seven 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 stock. Based on data from MarketBeat.com, Truist Financial presently has a consensus rating of "Moderate Buy" and an average price target of $48.72.

Truist Financial Trading Up 1.1%

Shares of TFC stock traded up $0.50 on Tuesday, reaching $45.23. The company had a trading volume of 7,226,446 shares, compared to its average volume of 8,361,641. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. The stock has a market cap of $59.22 billion, a PE ratio of 12.32, a PEG ratio of 1.66 and a beta of 0.85. The company has a 50-day moving average of $41.67 and a 200-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 posted its earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). Truist Financial had a return on equity of 8.69% and a net margin of 16.82%. The business had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $5.04 billion. During the same period in the previous year, the company posted $0.91 earnings per share. Truist Financial's revenue for the quarter was down 406.0% compared to the same quarter last year. On average, equities analysts forecast 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 4.60%. The ex-dividend date was Friday, May 9th. Truist Financial's dividend payout ratio is currently 56.68%.

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.