Modern Wealth Management LLC Invests $219,000 in Truist Financial Co. (NYSE:TFC)

Modern Wealth Management LLC acquired a new position in Truist Financial Co. (NYSE:TFC) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 4,645 shares of the insurance provider’s stock, valued at approximately $219,000.

A number of other institutional investors and hedge funds have also bought and sold shares of TFC. Bangor Savings Bank increased its holdings in shares of Truist Financial by 92.5% in the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after buying an additional 272 shares during the last quarter. Hopwood Financial Services Inc. purchased a new position in Truist Financial in the fourth quarter worth $26,000. Curio Wealth LLC bought a new position in Truist Financial in the fourth quarter valued at $45,000. City State Bank raised its position in Truist Financial by 158.1% during the fourth quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock valued at $51,000 after purchasing an additional 716 shares in the last quarter. Finally, True Wealth Design LLC bought a new stake in Truist Financial during the third quarter worth about $51,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TFC has been the topic of several recent research reports. Hsbc Global Res upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Compass Point boosted their price objective on shares of Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Wells Fargo & Company reduced their target price on shares of Truist Financial from $52.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday. Citigroup lowered their price target on shares of Truist Financial from $51.00 to $44.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Finally, Morgan Stanley raised their price objective on Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 21st. Nine investment 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 stock. According to MarketBeat.com, Truist Financial has an average rating of “Moderate Buy” and an average target price of $50.68.

Truist Financial Trading Down 2.3 %

NYSE:TFC opened at $40.46 on Friday. Truist Financial Co. has a 12 month low of $35.09 and a 12 month high of $49.06. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The company has a 50-day moving average price of $44.78 and a 200-day moving average price of $44.40. The stock has a market cap of $52.81 billion, a price-to-earnings ratio of 12.15, a P/E/G ratio of 1.63 and a beta of 1.08.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The business had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5.05 billion. During the same period in the previous year, the firm posted $0.81 EPS. The business’s revenue was up 3.4% on a year-over-year basis. Equities analysts predict that Truist Financial Co. will post 4 EPS for the current year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were issued a $0.52 dividend. The ex-dividend date was Friday, February 14th. This represents a $2.08 dividend on an annualized basis and a yield of 5.14%. Truist Financial’s dividend payout ratio (DPR) is 62.46%.

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.