Truist Financial Corporation (NYSE:TFC) Shares Acquired by Adapt Wealth Advisors LLC

Adapt Wealth Advisors LLC lifted its stake in shares of Truist Financial Corporation (NYSE:TFC) by 78.9% during the first quarter, Holdings Channel reports. The firm owned 20,456 shares of the insurance provider’s stock after buying an additional 9,021 shares during the period. Adapt Wealth Advisors LLC’s holdings in Truist Financial were worth $842,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in TFC. Hopwood Financial Services Inc. acquired a new stake in Truist Financial in the 4th quarter valued at approximately $26,000. Navigoe LLC acquired a new stake in Truist Financial in the 4th quarter valued at approximately $26,000. Centennial Bank AR boosted its stake in shares of Truist Financial by 360.2% during the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 580 shares in the last quarter. Sierra Ocean LLC boosted its stake in shares of Truist Financial by 64.4% during the 1st quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 352 shares in the last quarter. Finally, Rossby Financial LCC bought a new stake in shares of Truist Financial during the 1st quarter worth $43,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on TFC. Piper Sandler reduced their price objective on Truist Financial from $45.00 to $41.00 and set a “neutral” rating for the company in a research note on Monday, April 21st. Wells Fargo & Company decreased their target price on Truist Financial from $52.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, March 28th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $48.00 price objective on shares of Truist Financial in a report on Wednesday. Argus set a $43.00 price objective on Truist Financial in a report on Monday, April 21st. Finally, Barclays cut their target price on Truist Financial from $51.00 to $47.00 and set an “equal weight” rating on the stock in a report on Monday, April 21st. Eight equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $48.44.

Truist Financial Stock Performance

TFC stock opened at $45.16 on Thursday. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.83. The company has a 50 day moving average price of $40.84 and a 200 day moving average price of $42.00. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06. The stock has a market capitalization of $59.14 billion, a PE ratio of 13.32, a price-to-earnings-growth ratio of 1.69 and a beta of 0.85.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Thursday, April 17th. The insurance provider reported $0.87 earnings per share 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 8.96%. The firm had revenue of $4.95 billion during the quarter, compared to analysts’ expectations of $4.99 billion. During the same quarter in the previous year, the company posted $0.90 EPS. Analysts forecast that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently announced 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. This represents a $2.08 annualized dividend and a dividend yield of 4.61%. The ex-dividend date of this dividend was Friday, May 9th. Truist Financial’s payout ratio is 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.