Envestnet Portfolio Solutions Inc. Grows Stock Holdings in Truist Financial Co. (NYSE:TFC)

Envestnet Portfolio Solutions Inc. grew its holdings in Truist Financial Co. (NYSE:TFC) by 2.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 98,896 shares of the insurance provider’s stock after acquiring an additional 2,475 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Truist Financial were worth $4,290,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Bangor Savings Bank boosted its holdings 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 stake in Truist Financial during the fourth quarter worth $26,000. MidAtlantic Capital Management Inc. purchased a new stake in Truist Financial during the third quarter worth $32,000. True Wealth Design LLC purchased a new stake in Truist Financial during the third quarter worth $51,000. Finally, City State Bank boosted its holdings in Truist Financial by 158.1% during the fourth quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock worth $51,000 after buying an additional 716 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Price Performance

Truist Financial stock opened at $40.84 on Wednesday. Truist Financial Co. has a 12-month low of $35.06 and a 12-month high of $49.06. The stock has a market cap of $53.32 billion, a P/E ratio of 12.27, a PEG ratio of 1.63 and a beta of 1.08. The company has a 50-day moving average price of $45.26 and a 200 day moving average price of $44.52. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.03. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The firm had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.05 billion. During the same period last year, the business earned $0.81 earnings per share. Truist Financial’s revenue was up 3.4% compared to the same quarter last year. Sell-side analysts anticipate that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 5.09%. The ex-dividend date of this dividend was Friday, February 14th. Truist Financial’s dividend payout ratio (DPR) is presently 62.46%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on TFC shares. Raymond James increased their price target on shares of Truist Financial from $47.00 to $51.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Keefe, Bruyette & Woods increased their price objective on shares of Truist Financial from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, January 21st. Morgan Stanley increased their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a report on Tuesday, January 21st. Baird R W raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 5th. Finally, HSBC raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Tuesday, January 7th. Nine analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Truist Financial currently has a consensus 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.