Argentarii LLC Purchases New Shares in Truist Financial Co. (NYSE:TFC)

Argentarii LLC purchased a new stake in shares of Truist Financial Co. (NYSE:TFC) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 32,892 shares of the insurance provider’s stock, valued at approximately $1,427,000.

Several other hedge funds have also added to or reduced their stakes in TFC. Graypoint LLC raised its position in Truist Financial by 10.5% in the third quarter. Graypoint LLC now owns 6,195 shares of the insurance provider’s stock worth $265,000 after acquiring an additional 589 shares during the period. Principal Financial Group Inc. grew its stake in Truist Financial by 3.5% during the third quarter. Principal Financial Group Inc. now owns 1,511,299 shares of the insurance provider’s stock valued at $64,638,000 after acquiring an additional 50,637 shares in the last quarter. Capital Performance Advisors LLP bought a new stake in Truist Financial during the third quarter valued at approximately $58,000. Equitable Trust Co. lifted its position in Truist Financial by 46.4% during the third quarter. Equitable Trust Co. now owns 97,222 shares of the insurance provider’s stock valued at $4,158,000 after purchasing an additional 30,795 shares during the last quarter. Finally, CWA Asset Management Group LLC bought a new stake in shares of Truist Financial in the 3rd quarter worth approximately $1,913,000. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

TFC stock opened at $42.25 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. The business has a 50-day moving average price of $45.73 and a 200 day moving average price of $44.67. The company has a market capitalization of $55.15 billion, a P/E ratio of 12.69, a PEG ratio of 1.63 and a beta of 1.08. Truist Financial Co. has a 1-year low of $34.51 and a 1-year high of $49.06.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The company had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.05 billion. During the same quarter in the previous year, the firm earned $0.81 earnings per share. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. As a group, equities research analysts forecast that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.92%. The ex-dividend date was Friday, February 14th. Truist Financial’s dividend payout ratio (DPR) is 62.46%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Wells Fargo & Company boosted their price objective on shares of Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Raymond James upped their target price on shares of Truist Financial from $47.00 to $51.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. HSBC upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 7th. Citigroup increased their target price on shares of Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a report on Monday, November 25th. Finally, Robert W. Baird raised shares of Truist Financial from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $48.00 to $52.00 in a report on Wednesday. Nine investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $51.16.

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.