Envestnet Asset Management Inc. Purchases 70,709 Shares of Truist Financial Co. (NYSE:TFC)

Envestnet Asset Management Inc. increased its holdings in shares of Truist Financial Co. (NYSE:TFC) by 2.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,373,840 shares of the insurance provider’s stock after acquiring an additional 70,709 shares during the period. Envestnet Asset Management Inc. owned about 0.25% of Truist Financial worth $146,357,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TFC. PBMares Wealth Management LLC grew its holdings in shares of Truist Financial by 0.8% during the fourth quarter. PBMares Wealth Management LLC now owns 29,270 shares of the insurance provider’s stock worth $1,270,000 after purchasing an additional 224 shares during the last quarter. Koshinski Asset Management Inc. lifted its position in Truist Financial by 2.1% during the 4th quarter. Koshinski Asset Management Inc. now owns 10,825 shares of the insurance provider’s stock worth $470,000 after buying an additional 225 shares in the last quarter. Aaron Wealth Advisors LLC grew its holdings in Truist Financial by 3.0% during the 4th quarter. Aaron Wealth Advisors LLC now owns 7,712 shares of the insurance provider’s stock worth $335,000 after acquiring an additional 227 shares during the last quarter. FWG Holdings LLC increased its position in Truist Financial by 4.3% in the 4th quarter. FWG Holdings LLC now owns 5,694 shares of the insurance provider’s stock valued at $267,000 after acquiring an additional 234 shares in the last quarter. Finally, Ignite Planners LLC raised its stake in shares of Truist Financial by 1.4% in the fourth quarter. Ignite Planners LLC now owns 17,499 shares of the insurance provider’s stock worth $772,000 after acquiring an additional 246 shares during the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Stock Performance

TFC opened at $35.11 on Tuesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market capitalization of $45.83 billion, a price-to-earnings ratio of 10.54, a P/E/G ratio of 1.63 and a beta of 0.91. The business’s 50-day moving average price is $43.72 and its two-hundred day moving average price is $44.28. Truist Financial Co. has a 1 year low of $33.56 and a 1 year high of $49.06.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.88 by $0.03. The firm had revenue of $5.11 billion for 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 quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.81 EPS. Equities analysts expect that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were paid a dividend of $0.52 per share. The ex-dividend date was Friday, February 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.92%. Truist Financial’s dividend payout ratio is 62.46%.

Analyst Ratings Changes

Several analysts have recently commented on the stock. StockNews.com cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Thursday, April 3rd. JPMorgan Chase & Co. decreased their price objective on Truist Financial from $48.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday, April 3rd. Compass Point boosted their target price on Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Raymond James cut Truist Financial from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 2nd. Finally, HSBC raised Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Truist Financial presently has a consensus rating of “Moderate Buy” and an average target price of $49.74.

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.