Silvercrest Asset Management Group LLC Buys 354,109 Shares of Truist Financial Co. (NYSE:TFC)

Silvercrest Asset Management Group LLC increased its stake in Truist Financial Co. (NYSE:TFC - Free Report) by 1,031.3% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 388,444 shares of the insurance provider's stock after buying an additional 354,109 shares during the quarter. Silvercrest Asset Management Group LLC's holdings in Truist Financial were worth $16,851,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Comerica Bank grew its holdings in Truist Financial by 3.6% during the fourth quarter. Comerica Bank now owns 449,484 shares of the insurance provider's stock valued at $19,499,000 after purchasing an additional 15,499 shares during the period. Thurston Springer Miller Herd & Titak Inc. raised its position in shares of Truist Financial by 48.7% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,963 shares of the insurance provider's stock worth $129,000 after buying an additional 971 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its position in shares of Truist Financial by 81.7% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,108,466 shares of the insurance provider's stock worth $48,085,000 after buying an additional 498,531 shares in the last quarter. Country Club Bank raised its position in shares of Truist Financial by 719.8% in the fourth quarter. Country Club Bank now owns 45,499 shares of the insurance provider's stock worth $1,973,000 after buying an additional 39,949 shares in the last quarter. Finally, David Wealth Management LLC purchased a new stake in shares of Truist Financial in the fourth quarter worth $2,354,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Stock Down 1.8%

Shares of TFC stock traded down $0.75 during trading hours on Tuesday, hitting $40.65. 11,771,869 shares of the company's stock traded hands, compared to its average volume of 8,211,058. 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 stock's fifty day simple moving average is $38.85 and its two-hundred day simple moving average is $43.22. Truist Financial Co. has a 12-month low of $33.56 and a 12-month high of $49.06. The stock has a market cap of $53.23 billion, a price-to-earnings ratio of 12.21, a PEG ratio of 1.63 and a beta of 0.83.

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

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Friday, May 9th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.12%. The ex-dividend date is Friday, May 9th. Truist Financial's payout ratio is currently 61.36%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on TFC. Morgan Stanley dropped 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. Robert W. Baird raised Truist Financial from a "neutral" rating to an "outperform" rating and upped their target price for the stock from $48.00 to $52.00 in a research note on Wednesday, March 5th. Baird R W upgraded shares of Truist Financial from a "hold" rating to a "strong-buy" rating in a report on Wednesday, March 5th. TD Cowen assumed coverage on shares of Truist Financial in a report on Thursday, May 15th. They set a "hold" rating and a $44.00 target price on the stock. Finally, StockNews.com upgraded shares of Truist Financial from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Nine investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $47.83.

Truist Financial Company 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.