Wedbush Securities Inc. Takes $498,000 Position in Truist Financial Co. (NYSE:TFC)

Wedbush Securities Inc. purchased a new position in Truist Financial Co. (NYSE:TFC) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 11,475 shares of the insurance provider’s stock, valued at approximately $498,000.

Several other institutional investors have also recently added to or reduced their stakes in TFC. Norges Bank acquired a new position in Truist Financial in the fourth quarter worth about $402,828,000. Raymond James Financial Inc. bought a new position in Truist Financial during the 4th quarter worth approximately $198,051,000. Amundi grew its position in shares of Truist Financial by 6.5% in the 4th quarter. Amundi now owns 23,683,345 shares of the insurance provider’s stock worth $1,040,718,000 after acquiring an additional 1,450,323 shares in the last quarter. KBC Group NV increased its holdings in shares of Truist Financial by 96.9% in the 4th quarter. KBC Group NV now owns 2,031,893 shares of the insurance provider’s stock valued at $88,144,000 after acquiring an additional 999,763 shares during the last quarter. Finally, ExodusPoint Capital Management LP acquired a new stake in shares of Truist Financial during the 4th quarter valued at approximately $40,651,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Morgan Stanley lowered their target price on shares of Truist Financial from $50.00 to $43.00 and set an “equal weight” rating for the company in a research note on Monday. Robert W. Baird raised shares of Truist Financial from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $48.00 to $52.00 in a research report on Wednesday, March 5th. Keefe, Bruyette & Woods raised their target price on shares of Truist Financial from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, January 21st. Wells Fargo & Company lowered their target price on Truist Financial from $52.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, March 28th. Finally, HSBC raised Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $50.22.

Truist Financial Stock Down 0.8 %

TFC opened at $34.87 on Wednesday. The stock’s fifty day moving average is $43.22 and its 200-day moving average is $44.16. Truist Financial Co. has a one year low of $33.56 and a one year high of $49.06. The company has a market capitalization of $45.51 billion, a PE ratio of 10.47, a P/E/G ratio of 1.63 and a beta of 0.91. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. Truist Financial’s revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.81 EPS. On average, equities analysts predict that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were given a $0.52 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.08 annualized dividend and a yield of 5.97%. Truist Financial’s dividend payout ratio (DPR) is 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.