Sierra Summit Advisors LLC Buys Shares of 28,404 Truist Financial Co. (NYSE:TFC)

Sierra Summit Advisors LLC acquired a new position in Truist Financial Co. (NYSE:TFC - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 28,404 shares of the insurance provider's stock, valued at approximately $1,232,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. grew its position in Truist Financial by 48.7% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,963 shares of the insurance provider's stock worth $129,000 after purchasing an additional 971 shares during the period. Principal Financial Group Inc. grew its holdings in Truist Financial by 3.5% during the third quarter. Principal Financial Group Inc. now owns 1,511,299 shares of the insurance provider's stock worth $64,638,000 after acquiring an additional 50,637 shares during the period. Country Club Bank raised its position in Truist Financial by 719.8% during the fourth quarter. Country Club Bank now owns 45,499 shares of the insurance provider's stock valued at $1,973,000 after acquiring an additional 39,949 shares in the last quarter. David Wealth Management LLC acquired a new position in Truist Financial in the fourth quarter valued at approximately $2,354,000. Finally, Glass Wealth Management Co LLC boosted its position in Truist Financial by 9.5% in the 4th quarter. Glass Wealth Management Co LLC now owns 67,978 shares of the insurance provider's stock worth $2,949,000 after purchasing an additional 5,900 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company's stock.

Truist Financial Price Performance

Shares of NYSE TFC traded down $0.34 during mid-day trading on Friday, reaching $35.30. The company's stock had a trading volume of 18,557,752 shares, compared to its average volume of 8,133,746. The stock has a market capitalization of $46.08 billion, a P/E ratio of 10.60, a P/E/G ratio of 1.63 and a beta of 0.91. Truist Financial Co. has a 1-year low of $33.56 and a 1-year high of $49.06. The stock has a 50-day moving average of $42.36 and a two-hundred day moving average of $44.00. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83.

Truist Financial (NYSE:TFC - Get Free Report) last released its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, topping analysts' consensus estimates of $0.88 by $0.03. The business had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The business's revenue was up 3.4% on a year-over-year basis. During the same period last year, the company posted $0.81 EPS. On average, equities research analysts anticipate that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.89%. The ex-dividend date of this dividend was Friday, February 14th. Truist Financial's payout ratio is currently 62.46%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on TFC shares. StockNews.com lowered shares of Truist Financial from a "hold" rating to a "sell" rating in a report on Saturday. Robert W. Baird raised shares of Truist Financial from a "neutral" rating to an "outperform" rating and lifted their price objective for the company from $48.00 to $52.00 in a report on Wednesday, March 5th. Keefe, Bruyette & Woods increased their target price on shares of Truist Financial from $55.00 to $57.00 and gave the stock an "outperform" rating in a research note on Tuesday, January 21st. HSBC upgraded Truist Financial from a "hold" rating to a "buy" rating and set a $50.00 target price on the stock in a research report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. reduced their price target on Truist Financial from $48.00 to $42.00 and set a "neutral" rating for the company in a report on Thursday, April 3rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $50.22.

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.