SteelPeak Wealth LLC Has $8.75 Million Stock Position in Truist Financial Co. (NYSE:TFC)

SteelPeak Wealth LLC boosted its holdings in Truist Financial Co. (NYSE:TFC) by 3.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 224,380 shares of the insurance provider’s stock after buying an additional 7,890 shares during the quarter. SteelPeak Wealth LLC’s holdings in Truist Financial were worth $8,746,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TFC. Valmark Advisers Inc. boosted its position in Truist Financial by 2.2% in the fourth quarter. Valmark Advisers Inc. now owns 12,965 shares of the insurance provider’s stock valued at $479,000 after buying an additional 277 shares in the last quarter. St. Johns Investment Management Company LLC raised its holdings in Truist Financial by 0.9% in the 4th quarter. St. Johns Investment Management Company LLC now owns 32,255 shares of the insurance provider’s stock valued at $1,191,000 after buying an additional 296 shares during the last quarter. Mechanics Financial Corp boosted its position in Truist Financial by 7.4% during the 4th quarter. Mechanics Financial Corp now owns 4,345 shares of the insurance provider’s stock worth $160,000 after buying an additional 300 shares during the period. Day & Ennis LLC grew its holdings in Truist Financial by 4.3% during the 4th quarter. Day & Ennis LLC now owns 7,525 shares of the insurance provider’s stock worth $278,000 after acquiring an additional 311 shares during the last quarter. Finally, Carson Advisory Inc. increased its position in Truist Financial by 1.5% in the 4th quarter. Carson Advisory Inc. now owns 21,928 shares of the insurance provider’s stock valued at $810,000 after acquiring an additional 315 shares during the period. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Up 2.7 %

NYSE TFC traded up $1.01 on Friday, reaching $38.85. The company had a trading volume of 9,600,184 shares, compared to its average volume of 7,012,324. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $51.99 billion, a P/E ratio of -29.43, a P/E/G ratio of 2.04 and a beta of 1.06. The company’s fifty day moving average is $37.89 and its 200 day moving average is $37.16. Truist Financial Co. has a 52-week low of $26.57 and a 52-week high of $40.51.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The company had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same period last year, the firm earned $1.09 earnings per share. The firm’s revenue was down 8.8% on a year-over-year basis. Sell-side analysts anticipate that Truist Financial Co. will post 3.36 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Friday, May 10th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 5.35%. The ex-dividend date was Thursday, May 9th. Truist Financial’s dividend payout ratio is presently -157.58%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on TFC. Barclays began coverage on shares of Truist Financial in a research note on Thursday, May 16th. They issued an “equal weight” rating and a $43.00 price objective on the stock. Compass Point upgraded Truist Financial from a “neutral” rating to a “buy” rating and upped their target price for the company from $34.00 to $42.00 in a report on Tuesday, April 23rd. Stephens raised their price target on shares of Truist Financial from $43.00 to $47.00 and gave the stock an “overweight” rating in a report on Thursday, May 16th. Evercore ISI reaffirmed an “in-line” rating and issued a $44.00 price objective on shares of Truist Financial in a research note on Thursday, May 9th. Finally, Jefferies Financial Group upped their price target on shares of Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a research report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy 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 $43.17.

About Truist Financial

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.