Independent Advisor Alliance Acquires 22,135 Shares of Truist Financial Co. (NYSE:TFC)

Independent Advisor Alliance raised its position in shares of Truist Financial Co. (NYSE:TFC) by 7.8% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 304,742 shares of the insurance provider’s stock after purchasing an additional 22,135 shares during the quarter. Independent Advisor Alliance’s holdings in Truist Financial were worth $13,220,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. increased its position in Truist Financial by 48.7% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,963 shares of the insurance provider’s stock valued at $129,000 after purchasing an additional 971 shares during the period. Principal Financial Group Inc. increased its position in Truist Financial by 3.5% during the 3rd quarter. Principal Financial Group Inc. now owns 1,511,299 shares of the insurance provider’s stock valued at $64,638,000 after purchasing an additional 50,637 shares during the period. Cadence Bank grew its position in shares of Truist Financial by 101.6% during the 3rd quarter. Cadence Bank now owns 185,184 shares of the insurance provider’s stock worth $7,920,000 after buying an additional 93,322 shares during the period. Country Club Bank grew its position in shares of Truist Financial by 719.8% during the 4th 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 during the period. Finally, David Wealth Management LLC acquired a new stake in shares of Truist Financial during the 4th quarter worth approximately $2,354,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on TFC shares. Compass Point raised their price objective on shares of Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. The Goldman Sachs Group raised their price objective on shares of Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Piper Sandler raised their price objective on shares of Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Robert W. Baird raised shares of Truist Financial from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $48.00 to $52.00 in a research report on Wednesday, March 5th. Finally, Hsbc Global Res raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Nine equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $51.16.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $40.41 on Tuesday. 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 stock’s fifty day simple moving average is $45.67 and its two-hundred day simple moving average is $44.68. Truist Financial Co. has a 1-year low of $34.51 and a 1-year high of $49.06. The stock has a market cap of $52.75 billion, a PE ratio of 12.13, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08.

Truist Financial (NYSE:TFC) last issued 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. The business had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The business’s revenue was up 3.4% on a year-over-year basis. During the same period last year, the business earned $0.81 EPS. As a group, analysts forecast that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.15%. The ex-dividend date was Friday, February 14th. Truist Financial’s payout ratio is 62.46%.

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.