Truist Financial Corporation (NYSE:TFC) Position Increased by Cornerstone Wealth Group LLC

Cornerstone Wealth Group LLC increased its position in shares of Truist Financial Corporation (NYSE:TFC) by 9.2% in the 1st quarter, Holdings Channel.com reports. The fund owned 137,654 shares of the insurance provider’s stock after buying an additional 11,591 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Truist Financial were worth $5,664,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of TFC. FWG Holdings LLC grew its position in shares of 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 last quarter. Nwam LLC grew its position in shares of 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 last quarter. TIAA Trust National Association grew its position in shares of Truist Financial by 1.2% in the fourth quarter. TIAA Trust National Association now owns 23,822 shares of the insurance provider’s stock valued at $1,033,000 after purchasing an additional 283 shares during the last quarter. TCTC Holdings LLC grew its position in shares of Truist Financial by 28.1% in the fourth quarter. TCTC Holdings LLC now owns 1,310 shares of the insurance provider’s stock valued at $57,000 after purchasing an additional 287 shares during the last quarter. Finally, Meeder Advisory Services Inc. grew its position in shares of Truist Financial by 1.0% in the fourth quarter. Meeder Advisory Services Inc. now owns 28,385 shares of the insurance provider’s stock valued at $1,231,000 after purchasing an additional 288 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Stock Performance

NYSE:TFC opened at $41.09 on Tuesday. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06. The firm has a 50 day moving average of $39.19 and a 200-day moving average of $42.05. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $53.81 billion, a P/E ratio of 12.12, a price-to-earnings-growth ratio of 1.49 and a beta of 0.84.

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. As a group, sell-side analysts anticipate that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 9th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.06%. The ex-dividend date was Friday, May 9th. Truist Financial’s dividend payout ratio (DPR) is presently 61.36%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on TFC. Raymond James Financial downgraded Truist Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 2nd. Citigroup decreased their target price on Truist Financial from $51.00 to $44.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. Barclays decreased their target price on Truist Financial from $51.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Monday, April 21st. Argus set a $43.00 target price on Truist Financial in a research report on Monday, April 21st. Finally, Baird R W raised Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 5th. Nine investment 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $47.83.

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.