3Chopt Investment Partners LLC Takes $505,000 Position in Truist Financial Co. (NYSE:TFC)

3Chopt Investment Partners LLC purchased a new position in shares of Truist Financial Co. (NYSE:TFC) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 11,633 shares of the insurance provider’s stock, valued at approximately $505,000.

Other hedge funds also recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its stake in shares of Truist Financial by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 27,975,691 shares of the insurance provider’s stock valued at $1,210,348,000 after buying an additional 534,740 shares during the last quarter. Amundi boosted its holdings in Truist Financial by 6.5% during the 4th quarter. Amundi now owns 23,683,345 shares of the insurance provider’s stock valued at $1,040,718,000 after acquiring an additional 1,450,323 shares during the period. FMR LLC increased its stake in Truist Financial by 109.1% in the fourth quarter. FMR LLC now owns 10,460,159 shares of the insurance provider’s stock worth $453,762,000 after purchasing an additional 5,457,053 shares during the period. Invesco Ltd. lifted its position in shares of Truist Financial by 12.4% during the fourth quarter. Invesco Ltd. now owns 9,951,283 shares of the insurance provider’s stock worth $431,687,000 after purchasing an additional 1,101,256 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Truist Financial by 7.9% during the fourth quarter. American Century Companies Inc. now owns 9,882,885 shares of the insurance provider’s stock valued at $428,720,000 after purchasing an additional 722,749 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Stephens lifted their price objective 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. Morgan Stanley lowered their price target on Truist Financial from $50.00 to $43.00 and set an “equal weight” rating for the company in a report on Monday, April 7th. JPMorgan Chase & Co. reduced their price objective on Truist Financial from $48.00 to $42.00 and set a “neutral” rating on the stock in a report on Thursday, April 3rd. Raymond James cut Truist Financial from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 2nd. Finally, Wells Fargo & Company cut their price target on Truist Financial from $52.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, March 28th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $50.22.

Truist Financial Stock Performance

TFC opened at $35.30 on Friday. The company has a market cap of $46.08 billion, a P/E ratio of 10.60, a price-to-earnings-growth ratio of 1.63 and a beta of 0.91. 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 firm’s 50-day moving average price is $42.36 and its 200-day moving average price is $44.00. Truist Financial Co. has a 52-week low of $33.56 and a 52-week high of $49.06.

Truist Financial (NYSE:TFC) last posted its quarterly 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 net margin of 15.59% and a return on equity of 9.32%. The business’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the company posted $0.81 earnings per share. As a group, equities analysts anticipate that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.08 annualized dividend and a yield of 5.89%. Truist Financial’s payout ratio is presently 62.46%.

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.