Western Pacific Wealth Management LP Acquires New Holdings in Truist Financial Co. (NYSE:TFC)

Western Pacific Wealth Management LP bought a new position in shares of Truist Financial Co. (NYSE:TFC) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund bought 1,301 shares of the insurance provider’s stock, valued at approximately $56,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Crewe Advisors LLC acquired a new stake in Truist Financial in the first quarter valued at $27,000. MFA Wealth Advisors LLC acquired a new stake in shares of Truist Financial in the second quarter valued at about $30,000. Y.D. More Investments Ltd bought a new position in shares of Truist Financial during the second quarter worth about $31,000. Fortitude Family Office LLC lifted its stake in shares of Truist Financial by 376.7% in the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 678 shares during the period. Finally, Hobbs Group Advisors LLC bought a new stake in Truist Financial in the second quarter valued at approximately $38,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TFC has been the topic of a number of recent analyst reports. Bank of America boosted their price target on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. The Goldman Sachs Group cut their price target on shares of Truist Financial from $50.00 to $48.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. Stephens reissued an “overweight” rating and issued a $50.00 price objective on shares of Truist Financial in a research report on Tuesday, September 10th. Citigroup lowered Truist Financial from a “buy” rating to a “neutral” rating and upped their target price for the company from $45.00 to $47.00 in a research report on Wednesday, July 24th. Finally, JPMorgan Chase & Co. lifted their target price on Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. Twelve analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $46.02.

Truist Financial Stock Down 1.7 %

Shares of NYSE:TFC opened at $46.20 on Friday. The stock has a market cap of $61.33 billion, a price-to-earnings ratio of -32.31, a PEG ratio of 1.73 and a beta of 1.05. The business’s 50 day moving average is $42.82 and its 200 day moving average is $40.85. Truist Financial Co. has a 12-month low of $28.93 and a 12-month high of $47.03. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be paid a $0.52 dividend. The ex-dividend date is Friday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.50%. Truist Financial’s payout ratio is -145.45%.

Truist Financial Company 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.