Alps Advisors Inc. Increases Stake in Truist Financial Corporation (NYSE:TFC)

Alps Advisors Inc. raised its stake in Truist Financial Corporation (NYSE:TFC) by 12.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 595,813 shares of the insurance provider’s stock after purchasing an additional 66,634 shares during the period. Alps Advisors Inc.’s holdings in Truist Financial were worth $24,518,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TFC. Hopwood Financial Services Inc. purchased a new position in Truist Financial in the fourth quarter valued at about $26,000. Navigoe LLC purchased a new position in Truist Financial in the fourth quarter valued at about $26,000. Centennial Bank AR grew its stake in Truist Financial by 360.2% in the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 580 shares during the last quarter. Sierra Ocean LLC grew its stake in Truist Financial by 64.4% in the first quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 352 shares during the last quarter. Finally, Rossby Financial LCC purchased a new position in Truist Financial in the first quarter valued at about $43,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Down 0.5%

Shares of NYSE:TFC opened at $45.16 on Thursday. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $49.06. The company has a market capitalization of $59.14 billion, a PE ratio of 13.32, a PEG ratio of 1.69 and a beta of 0.85. The business has a 50 day moving average of $40.84 and a two-hundred day moving average of $42.00. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.55.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, hitting the consensus estimate of $0.87. The firm had revenue of $4.95 billion during the quarter, compared to analysts’ expectations of $4.99 billion. Truist Financial had a return on equity of 8.96% and a net margin of 15.59%. During the same period in the previous year, the business earned $0.90 earnings per share. As a group, analysts forecast that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 9th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.61%. The ex-dividend date was Friday, May 9th. Truist Financial’s dividend payout ratio (DPR) is presently 61.36%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on TFC. Morgan Stanley cut their target price on Truist Financial from $50.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Monday, April 7th. Raymond James Financial raised Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 price target for the company in a report on Tuesday. Barclays lowered their price target on Truist Financial from $51.00 to $47.00 and set an “equal weight” rating for the company in a report on Monday, April 21st. Stephens lowered 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. Finally, Citigroup raised Truist Financial from a “neutral” rating to a “buy” rating and raised their price target for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. Eight investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Truist Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.44.

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.