Ashton Thomas Private Wealth LLC Purchases New Shares in Truist Financial Co. (NYSE:TFC)

Ashton Thomas Private Wealth LLC purchased a new stake in Truist Financial Co. (NYSE:TFC) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 5,697 shares of the insurance provider’s stock, valued at approximately $247,000.

Other institutional investors have also added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. boosted its stake in Truist Financial by 48.7% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,963 shares of the insurance provider’s stock valued at $129,000 after purchasing an additional 971 shares during the period. Principal Financial Group Inc. boosted its stake in Truist Financial by 3.5% in the 3rd quarter. Principal Financial Group Inc. now owns 1,511,299 shares of the insurance provider’s stock valued at $64,638,000 after purchasing an additional 50,637 shares during the period. Cadence Bank lifted its position in shares of Truist Financial by 101.6% during the 3rd quarter. Cadence Bank now owns 185,184 shares of the insurance provider’s stock valued at $7,920,000 after acquiring an additional 93,322 shares during the period. Country Club Bank lifted its position in shares of Truist Financial by 719.8% during the 4th quarter. Country Club Bank now owns 45,499 shares of the insurance provider’s stock valued at $1,973,000 after acquiring an additional 39,949 shares during the period. Finally, David Wealth Management LLC bought a new stake in shares of Truist Financial during the 4th quarter valued at $2,354,000. 71.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TFC. Compass Point upped their target price on Truist Financial from $47.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Raymond James upped their target price on Truist Financial from $47.00 to $51.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Citigroup upped their target price on Truist Financial from $47.00 to $51.00 and gave the company a “neutral” rating in a research report on Monday, November 25th. Barclays upped their target price on Truist Financial from $47.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Finally, Keefe, Bruyette & Woods upped their target price on Truist Financial from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, January 21st. Nine analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.16.

Truist Financial Price Performance

Shares of TFC opened at $39.96 on Wednesday. Truist Financial Co. has a 12-month low of $34.51 and a 12-month high of $49.06. The business has a 50-day simple moving average of $45.60 and a two-hundred day simple moving average of $44.65. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. The stock has a market cap of $52.16 billion, a PE ratio of 12.00, a PEG ratio of 1.63 and a beta of 1.08.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The business 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 business’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.81 EPS. Analysts anticipate that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were paid a $0.52 dividend. The ex-dividend date was Friday, February 14th. This represents a $2.08 annualized dividend and a dividend yield of 5.21%. Truist Financial’s payout ratio is 62.46%.

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.