Axxcess Wealth Management LLC Increases Position in Truist Financial Co. (NYSE:TFC)

Axxcess Wealth Management LLC grew its holdings in Truist Financial Co. (NYSE:TFC) by 4.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 81,065 shares of the insurance provider’s stock after purchasing an additional 3,307 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Truist Financial were worth $3,517,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bangor Savings Bank lifted its position in Truist Financial by 92.5% during the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after buying an additional 272 shares in the last quarter. Hopwood Financial Services Inc. purchased a new position in shares of Truist Financial during the 4th quarter worth $26,000. MidAtlantic Capital Management Inc. acquired a new position in shares of Truist Financial during the 3rd quarter valued at about $32,000. Curio Wealth LLC purchased a new stake in shares of Truist Financial in the fourth quarter valued at about $45,000. Finally, True Wealth Design LLC acquired a new stake in Truist Financial during the third quarter worth about $51,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Down 0.5 %

Shares of NYSE TFC opened at $40.84 on Wednesday. The business has a 50-day moving average of $45.26 and a two-hundred day moving average of $44.52. 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 company has a market capitalization of $53.32 billion, a price-to-earnings ratio of 12.27, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08. Truist Financial Co. has a 1 year low of $35.06 and a 1 year high of $49.06.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.81 earnings per share. On average, analysts forecast that Truist Financial Co. will post 4 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, March 3rd. Stockholders of record on Friday, February 14th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.09%. Truist Financial’s payout ratio is 62.46%.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Raymond James increased their price target 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. Compass Point raised their target price on Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Piper Sandler lifted their target price on Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday, January 17th. Finally, Hsbc Global Res raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Nine equities research 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 company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.16.

Truist Financial 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.