West Paces Advisors Inc. Acquires 24,752 Shares of Truist Financial Co. (NYSE:TFC)

West Paces Advisors Inc. raised its holdings in shares of Truist Financial Co. (NYSE:TFC - Free Report) by 2,337.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,811 shares of the insurance provider's stock after buying an additional 24,752 shares during the quarter. West Paces Advisors Inc.'s holdings in Truist Financial were worth $1,062,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of TFC. Capital International Investors grew its holdings in shares of Truist Financial by 26.0% during the 4th quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider's stock worth $3,930,983,000 after purchasing an additional 18,712,246 shares in the last quarter. Norges Bank acquired a new position in shares of Truist Financial in the fourth quarter valued at $402,828,000. FMR LLC lifted its position in Truist Financial by 109.1% in the fourth quarter. FMR LLC now owns 10,460,159 shares of the insurance provider's stock worth $453,762,000 after purchasing an additional 5,457,053 shares during the period. Raymond James Financial Inc. bought a new position in Truist Financial in the fourth quarter worth $198,051,000. Finally, Northern Trust Corp boosted its stake in Truist Financial by 20.5% during the fourth quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider's stock worth $626,154,000 after buying an additional 2,452,239 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

Truist Financial Trading Up 0.8%

NYSE:TFC traded up $0.30 during trading hours on Tuesday, hitting $40.75. 4,643,480 shares of the stock were exchanged, compared to its average volume of 8,284,724. The company has a market capitalization of $53.37 billion, a P/E ratio of 12.24, a price-to-earnings-growth ratio of 1.63 and a beta of 0.84. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. The company's 50 day moving average is $38.40 and its two-hundred day moving average is $42.56. Truist Financial Co. has a twelve month low of $33.56 and a twelve month high of $49.06.

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

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 9th were given 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 yield of 5.10%. Truist Financial's payout ratio is presently 61.36%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. 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 note on Monday, April 21st. Morgan Stanley lowered their target price on shares of Truist Financial from $50.00 to $43.00 and set an "equal weight" rating on the stock in a research note on Monday, April 7th. Baird R W upgraded shares of Truist Financial from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 5th. JPMorgan Chase & Co. decreased their price objective on Truist Financial from $48.00 to $42.00 and set a "neutral" rating on the stock in a report on Thursday, April 3rd. Finally, Citigroup dropped their target price on Truist Financial from $51.00 to $44.00 and set a "neutral" rating for the company in a report on Monday, March 24th. Nine investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $47.83.

Truist Financial 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.