PBMares Wealth Management LLC Grows Stock Position in Truist Financial Co. (NYSE:TFC)

PBMares Wealth Management LLC raised its stake in Truist Financial Co. (NYSE:TFC) by 0.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 29,270 shares of the insurance provider’s stock after buying an additional 224 shares during the quarter. PBMares Wealth Management LLC’s holdings in Truist Financial were worth $1,270,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Bangor Savings Bank grew its stake in Truist Financial by 92.5% during the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 272 shares in the last quarter. Valley Wealth Managers Inc. acquired a new stake in shares of Truist Financial in the third quarter valued at about $26,000. MidAtlantic Capital Management Inc. purchased a new stake in Truist Financial in the 3rd quarter valued at approximately $32,000. Fortitude Family Office LLC increased its position in Truist Financial by 376.7% during the 3rd quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 678 shares in the last quarter. Finally, Ashton Thomas Securities LLC acquired a new position in shares of Truist Financial in the third quarter valued at approximately $45,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on TFC shares. Keefe, Bruyette & Woods boosted their target price 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. Raymond James raised their target price on Truist Financial from $47.00 to $51.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Wells Fargo & Company upped 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. Stephens upped their price target on shares of Truist Financial from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Tuesday, January 21st. Finally, JPMorgan Chase & Co. increased 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. Eleven research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.79.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $47.64 on Friday. The company has a market cap of $63.24 billion, a P/E ratio of 14.31, a price-to-earnings-growth ratio of 1.68 and a beta of 1.08. The company’s fifty day moving average is $45.55 and its two-hundred day moving average is $44.09. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a 12-month low of $34.23 and a 12-month high of $49.06.

Truist Financial (NYSE:TFC) last announced 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 return on equity of 9.32% and a net margin of 15.59%. The firm had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.05 billion. During the same period in the prior year, the business earned $0.81 EPS. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. Equities analysts expect that Truist Financial Co. will post 3.95 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Friday, February 14th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.37%. The ex-dividend date of this dividend is Friday, February 14th. Truist Financial’s payout ratio is presently 62.46%.

Insider Buying and Selling at Truist Financial

In other news, CEO William H. Rogers, Jr. bought 34,180 shares of the company’s stock in a transaction on Monday, November 25th. The shares were bought at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the transaction, the chief executive officer now directly owns 691,451 shares in the company, valued at approximately $33,576,860.56. This trade represents a 5.20 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director K. David Jr. Boyer sold 4,966 shares of Truist Financial stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total value of $229,429.20. Following the sale, the director now owns 11,246 shares of the company’s stock, valued at approximately $519,565.20. This represents a 30.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.17% of the company’s stock.

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.