Pinney & Scofield Inc. Makes New Investment in Truist Financial Co. (NYSE:TFC)

Pinney & Scofield Inc. purchased a new position in shares of Truist Financial Co. (NYSE:TFC) during the 4th quarter, Holdings Channel.com reports. The fund purchased 1,310 shares of the insurance provider’s stock, valued at approximately $57,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TFC. PBMares Wealth Management LLC boosted its holdings in Truist Financial by 0.8% in the fourth quarter. PBMares Wealth Management LLC now owns 29,270 shares of the insurance provider’s stock valued at $1,270,000 after purchasing an additional 224 shares during the period. FWG Holdings LLC boosted its holdings in Truist Financial by 4.3% in the fourth quarter. FWG Holdings LLC now owns 5,694 shares of the insurance provider’s stock valued at $267,000 after purchasing an additional 234 shares during the period. Avestar Capital LLC boosted its holdings in Truist Financial by 4.1% in the fourth quarter. Avestar Capital LLC now owns 6,299 shares of the insurance provider’s stock valued at $273,000 after purchasing an additional 250 shares during the period. Pathway Financial Advisors LLC boosted its holdings in Truist Financial by 2.2% in the fourth quarter. Pathway Financial Advisors LLC now owns 12,124 shares of the insurance provider’s stock valued at $526,000 after purchasing an additional 260 shares during the period. Finally, Nwam LLC boosted its holdings in Truist Financial by 3.2% in the fourth quarter. Nwam LLC now owns 8,395 shares of the insurance provider’s stock valued at $364,000 after purchasing an additional 263 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently issued reports on TFC shares. Raymond James lowered Truist Financial from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 2nd. TD Cowen assumed coverage on Truist Financial in a report on Thursday, May 15th. They set a “hold” rating and a $44.00 price target for the company. Stephens decreased their price target on Truist Financial from $48.00 to $46.00 and set an “overweight” rating for the company in a report on Monday, April 21st. Wells Fargo & Company decreased their price target on Truist Financial from $52.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, March 28th. Finally, JPMorgan Chase & Co. decreased their price target on Truist Financial from $48.00 to $42.00 and set a “neutral” rating for the company in a report on Thursday, April 3rd. Nine analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.83.

Truist Financial Stock Down 0.5%

TFC opened at $39.31 on Friday. The business’s 50-day simple moving average is $38.79 and its 200-day simple moving average is $43.14. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. Truist Financial Co. has a one year low of $33.56 and a one year high of $49.06. The stock has a market capitalization of $51.48 billion, a P/E ratio of 11.80, a price-to-earnings-growth ratio of 1.63 and a beta of 0.83.

Truist Financial (NYSE:TFC) last posted its earnings results on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, hitting analysts’ consensus estimates of $0.87. The business had revenue of $4.95 billion for the quarter, compared to analysts’ expectations of $4.99 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. During the same quarter in the previous year, the firm earned $0.90 earnings per share. Analysts anticipate that Truist Financial Co. will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Friday, May 9th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.29%. The ex-dividend date is Friday, May 9th. Truist Financial’s dividend payout ratio (DPR) is presently 61.36%.

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.