New Age Alpha Advisors LLC Acquires Shares of 59,805 Truist Financial Corporation $TFC

New Age Alpha Advisors LLC acquired a new stake in shares of Truist Financial Corporation (NYSE:TFC) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 59,805 shares of the insurance provider’s stock, valued at approximately $2,943,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Independent Advisor Alliance raised its stake in Truist Financial by 9.7% during the third quarter. Independent Advisor Alliance now owns 329,093 shares of the insurance provider’s stock valued at $15,046,000 after buying an additional 29,191 shares in the last quarter. Cullen Capital Management LLC raised its stake in Truist Financial by 10.3% during the third quarter. Cullen Capital Management LLC now owns 4,591,783 shares of the insurance provider’s stock valued at $209,936,000 after buying an additional 427,067 shares in the last quarter. Oppenheimer & Co. Inc. raised its stake in Truist Financial by 18.6% during the third quarter. Oppenheimer & Co. Inc. now owns 169,030 shares of the insurance provider’s stock valued at $7,728,000 after buying an additional 26,530 shares in the last quarter. Oppenheimer Asset Management Inc. raised its stake in Truist Financial by 2.6% during the third quarter. Oppenheimer Asset Management Inc. now owns 421,809 shares of the insurance provider’s stock valued at $19,285,000 after buying an additional 10,706 shares in the last quarter. Finally, Versor Investments LP raised its position in shares of Truist Financial by 64.4% during the 3rd quarter. Versor Investments LP now owns 25,008 shares of the insurance provider’s stock worth $1,143,000 after purchasing an additional 9,800 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on TFC shares. JPMorgan Chase & Co. dropped their price target on Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. Royal Bank Of Canada increased their price target on Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a research report on Monday, April 20th. Morgan Stanley dropped their price target on Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a research report on Monday, April 20th. Wall Street Zen upgraded Truist Financial from a “sell” rating to a “hold” rating in a research report on Saturday. Finally, Weiss Ratings upgraded Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Nine equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $55.59.

Truist Financial Stock Up 0.7%

Shares of Truist Financial stock opened at $48.70 on Wednesday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The business’s 50 day simple moving average is $48.05 and its 200-day simple moving average is $48.82. The stock has a market capitalization of $60.67 billion, a price-to-earnings ratio of 12.08, a PEG ratio of 0.83 and a beta of 0.92. Truist Financial Corporation has a twelve month low of $38.67 and a twelve month high of $56.19.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.09. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The business had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.18 billion. During the same period in the prior year, the company posted $0.87 EPS. The business’s revenue for the quarter was up 5.0% compared to the same quarter last year. Equities research analysts forecast that Truist Financial Corporation will post 4.52 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 8th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend is Friday, May 8th. Truist Financial’s dividend payout ratio is 51.61%.

Truist Financial Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.