Broyhill Asset Management Acquires New Position in Truist Financial Co. (NYSE:TFC)

Broyhill Asset Management bought a new position in Truist Financial Co. (NYSE:TFC) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm bought 15,980 shares of the insurance provider’s stock, valued at approximately $693,000.

Several other institutional investors and hedge funds have also made changes to their positions in TFC. PBMares Wealth Management LLC raised its stake in Truist Financial by 0.8% during the fourth quarter. PBMares Wealth Management LLC now owns 29,270 shares of the insurance provider’s stock worth $1,270,000 after purchasing an additional 224 shares during the period. Koshinski Asset Management Inc. lifted its holdings in Truist Financial by 2.1% in the fourth quarter. Koshinski Asset Management Inc. now owns 10,825 shares of the insurance provider’s stock valued at $470,000 after acquiring an additional 225 shares during the last quarter. Aaron Wealth Advisors LLC grew its position in Truist Financial by 3.0% in the fourth quarter. Aaron Wealth Advisors LLC now owns 7,712 shares of the insurance provider’s stock worth $335,000 after acquiring an additional 227 shares during the period. FWG Holdings LLC increased its stake in Truist Financial by 4.3% during the fourth quarter. FWG Holdings LLC now owns 5,694 shares of the insurance provider’s stock worth $267,000 after acquiring an additional 234 shares during the last quarter. Finally, Ignite Planners LLC raised its position in Truist Financial by 1.4% in the fourth quarter. Ignite Planners LLC now owns 17,499 shares of the insurance provider’s stock valued at $772,000 after purchasing an additional 246 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Down 1.0 %

TFC opened at $35.30 on Monday. The business’s fifty day simple moving average is $42.36 and its 200 day simple moving average is $44.02. Truist Financial Co. has a 52 week low of $33.56 and a 52 week high of $49.06. The firm has a market cap of $46.08 billion, a P/E ratio of 10.60, a PEG ratio of 1.63 and a beta of 0.91. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The firm had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.05 billion. During the same period in the previous year, the company earned $0.81 EPS. Truist Financial’s revenue for the quarter was up 3.4% on a year-over-year basis. As a group, equities research analysts anticipate that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared 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 dividend payout ratio (DPR) is 62.46%.

Wall Street Analysts Forecast Growth

TFC has been the topic of several research analyst reports. Citigroup reduced their price objective on shares of Truist Financial from $51.00 to $44.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Robert W. Baird raised shares of Truist Financial from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $48.00 to $52.00 in a research report on Wednesday, March 5th. Raymond James lowered Truist Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 2nd. Hsbc Global Res upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Finally, Stephens boosted their price objective on Truist Financial from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Truist Financial has a consensus rating of “Moderate Buy” and a consensus price target 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.