PBMares Wealth Management LLC Acquires 1,642 Shares of Truist Financial Corporation (NYSE:TFC)

PBMares Wealth Management LLC increased its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 5.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 30,912 shares of the insurance provider’s stock after acquiring an additional 1,642 shares during the period. PBMares Wealth Management LLC’s holdings in Truist Financial were worth $1,272,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. LaFleur & Godfrey LLC grew its holdings in shares of Truist Financial by 4.5% in the 4th quarter. LaFleur & Godfrey LLC now owns 108,168 shares of the insurance provider’s stock valued at $4,692,000 after buying an additional 4,670 shares during the period. Brighton Jones LLC grew its holdings in shares of Truist Financial by 148.5% in the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after acquiring an additional 14,093 shares in the last quarter. Private Advisor Group LLC raised its stake in shares of Truist Financial by 6.4% during the 4th quarter. Private Advisor Group LLC now owns 84,554 shares of the insurance provider’s stock worth $3,668,000 after purchasing an additional 5,080 shares in the last quarter. TCW Group Inc. lifted its stake in Truist Financial by 2.6% in the fourth quarter. TCW Group Inc. now owns 18,707 shares of the insurance provider’s stock valued at $812,000 after acquiring an additional 469 shares during the last quarter. Finally, Wealthspire Advisors LLC grew its holdings in Truist Financial by 28.8% during the fourth quarter. Wealthspire Advisors LLC now owns 33,603 shares of the insurance provider’s stock worth $1,458,000 after purchasing an additional 7,507 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have weighed in on TFC. Stephens dropped their price objective on shares of Truist Financial from $48.00 to $46.00 and set an “overweight” rating for the company in a research note on Monday, April 21st. Citigroup cut their price objective on shares of Truist Financial from $51.00 to $44.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Morgan Stanley decreased 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 report on Monday, April 7th. Piper Sandler cut their price target on shares of Truist Financial from $45.00 to $41.00 and set a “neutral” rating for the company in a report on Monday, April 21st. Finally, Wells Fargo & Company reduced their price target on shares of Truist Financial from $52.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday, March 28th. Nine analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $47.83.

Truist Financial Stock Performance

Shares of TFC opened at $41.09 on Tuesday. The business has a fifty day moving average of $39.19 and a 200 day moving average of $42.05. The firm has a market capitalization of $53.81 billion, a P/E ratio of 12.12, a PEG ratio of 1.49 and a beta of 0.84. Truist Financial Corporation has a one year low of $33.56 and a one year high of $49.06. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.83.

Truist Financial (NYSE:TFC) last released 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 during the quarter, compared to analyst estimates of $4.99 billion. Truist Financial had a return on equity of 8.96% and a net margin of 15.59%. During the same quarter in the previous year, the company posted $0.90 earnings per share. As a group, sell-side analysts anticipate that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently disclosed 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 was Friday, May 9th. This represents a $2.08 annualized dividend and a yield of 5.06%. Truist Financial’s dividend payout ratio (DPR) is currently 61.36%.

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.