SteelPeak Wealth LLC Acquires 11,564 Shares of Truist Financial Corporation (NYSE:TFC)

SteelPeak Wealth LLC boosted its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 14.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 89,898 shares of the insurance provider's stock after acquiring an additional 11,564 shares during the quarter. SteelPeak Wealth LLC's holdings in Truist Financial were worth $3,699,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in TFC. Capital International Investors increased its stake in Truist Financial by 26.0% in the fourth quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider's stock valued at $3,930,983,000 after acquiring an additional 18,712,246 shares during the last quarter. Norges Bank bought a new position in Truist Financial in the fourth quarter valued at approximately $402,828,000. FMR LLC increased its stake in Truist Financial by 109.1% in the fourth quarter. FMR LLC now owns 10,460,159 shares of the insurance provider's stock valued at $453,762,000 after acquiring an additional 5,457,053 shares during the last quarter. Northern Trust Corp increased its stake in Truist Financial by 20.5% in the fourth quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider's stock valued at $626,154,000 after acquiring an additional 2,452,239 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in Truist Financial by 610.8% in the first quarter. Assenagon Asset Management S.A. now owns 2,661,895 shares of the insurance provider's stock valued at $109,537,000 after acquiring an additional 2,287,410 shares during the last quarter. 71.28% of the stock is owned by institutional investors.

Truist Financial Trading Down 0.1%

TFC stock traded down $0.04 during midday trading on Friday, hitting $45.46. The stock had a trading volume of 8,319,455 shares, compared to its average volume of 8,327,899. The firm has a market cap of $59.53 billion, a P/E ratio of 13.41, a price-to-earnings-growth ratio of 1.69 and a beta of 0.85. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.55. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. The business has a fifty day moving average price of $41.10 and a two-hundred day moving average price of $42.02.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly 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 during the quarter, compared to the consensus estimate of $4.99 billion. During the same period in the previous year, the firm posted $0.90 earnings per share. On average, sell-side analysts predict that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 9th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.58%. The ex-dividend date of this dividend was Friday, May 9th. Truist Financial's dividend payout ratio (DPR) is currently 61.36%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on TFC shares. Citigroup upgraded shares of Truist Financial from a "neutral" rating to a "buy" rating and raised their target price for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Piper Sandler cut their target price on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating on the stock in a research report on Monday, April 21st. Barclays cut their target price on shares of Truist Financial from $51.00 to $47.00 and set an "equal weight" rating on the stock in a research report on Monday, April 21st. JPMorgan Chase & Co. cut their target price on shares of Truist Financial from $48.00 to $42.00 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Finally, Stephens cut their target price on shares of Truist Financial from $48.00 to $46.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Eight research 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's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.44.

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.