SageView Advisory Group LLC Takes Position in Truist Financial Co. (NYSE:TFC)

SageView Advisory Group 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 5,528 shares of the insurance provider’s stock, valued at approximately $240,000.

A number of other institutional investors and hedge funds have also bought and sold shares of TFC. Norges Bank bought a new position in shares of Truist Financial during the 4th quarter valued at about $402,828,000. FMR LLC grew its position in Truist Financial by 109.1% during the fourth quarter. FMR LLC now owns 10,460,159 shares of the insurance provider’s stock valued at $453,762,000 after acquiring an additional 5,457,053 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Truist Financial during the fourth quarter worth approximately $198,051,000. Amundi lifted its holdings in shares of Truist Financial by 6.5% in the 4th quarter. Amundi now owns 23,683,345 shares of the insurance provider’s stock worth $1,040,718,000 after acquiring an additional 1,450,323 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Truist Financial by 12.4% in the 4th quarter. Invesco Ltd. now owns 9,951,283 shares of the insurance provider’s stock valued at $431,687,000 after purchasing an additional 1,101,256 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Price Performance

Shares of TFC stock opened at $36.01 on Thursday. The business’s fifty day moving average is $41.66 and its 200 day moving average is $43.86. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. The stock has a market cap of $47.01 billion, a price-to-earnings ratio of 10.81, a PEG ratio of 1.63 and a beta of 0.91. Truist Financial Co. has a twelve month low of $33.56 and a twelve month high of $49.06.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share (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 company had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.05 billion. During the same period last year, the business earned $0.81 EPS. Truist Financial’s quarterly revenue was up 3.4% compared to the same quarter last year. Research analysts expect that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.78%. The ex-dividend date was Friday, February 14th. Truist Financial’s payout ratio is 62.46%.

Wall Street Analyst Weigh In

Several analysts have weighed in on TFC shares. Barclays boosted their price target on shares of Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, January 6th. Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $48.00 to $52.00 in a research report on Wednesday, March 5th. Baird R W upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 5th. Citigroup decreased their target price on shares of Truist Financial from $51.00 to $44.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Truist Financial from $48.00 to $42.00 and set a “neutral” rating for the company in a research report on Thursday, April 3rd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $50.22.

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.