SVB Wealth LLC Invests $984,000 in Truist Financial Co. (NYSE:TFC)

SVB Wealth LLC purchased a new position in Truist Financial Co. (NYSE:TFC) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 22,687 shares of the insurance provider’s stock, valued at approximately $984,000.

A number of other institutional investors also recently bought and sold shares of the stock. Pettyjohn Wood & White Inc. raised its stake in Truist Financial by 5.4% in the fourth quarter. Pettyjohn Wood & White Inc. now owns 81,082 shares of the insurance provider’s stock worth $3,517,000 after buying an additional 4,157 shares in the last quarter. Argyle Capital Management LLC raised its stake in Truist Financial by 5.6% in the fourth quarter. Argyle Capital Management LLC now owns 46,266 shares of the insurance provider’s stock worth $2,007,000 after buying an additional 2,441 shares in the last quarter. Fort Sheridan Advisors LLC raised its stake in Truist Financial by 25.3% in the fourth quarter. Fort Sheridan Advisors LLC now owns 26,060 shares of the insurance provider’s stock worth $1,130,000 after buying an additional 5,255 shares in the last quarter. QRG Capital Management Inc. raised its stake in Truist Financial by 1.2% in the fourth quarter. QRG Capital Management Inc. now owns 170,143 shares of the insurance provider’s stock worth $7,381,000 after buying an additional 2,064 shares in the last quarter. Finally, Proficio Capital Partners LLC bought a new position in shares of Truist Financial during the fourth quarter valued at approximately $5,452,000. 71.28% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. The Goldman Sachs Group raised their target price on shares of Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. HSBC raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. Piper Sandler raised their target price on shares of Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Wells Fargo & Company raised their target price on shares of Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, Compass Point raised their target price on shares of Truist Financial from $47.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Eleven investment 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’s stock. Based on data from MarketBeat.com, Truist Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.79.

Insider Buying and Selling

In other news, Director K. David Jr. Boyer sold 4,966 shares of Truist Financial stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total transaction of $229,429.20. Following the transaction, the director now owns 11,246 shares in the company, valued at $519,565.20. This trade represents a 30.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.17% of the stock is currently owned by corporate insiders.

Truist Financial Trading Down 2.0 %

Shares of TFC stock opened at $45.41 on Tuesday. Truist Financial Co. has a 12-month low of $34.51 and a 12-month high of $49.06. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The firm’s 50 day moving average is $45.81 and its 200 day moving average is $44.68. The stock has a market capitalization of $59.28 billion, a P/E ratio of 13.64, a P/E/G ratio of 1.63 and a beta of 1.08.

Truist Financial (NYSE:TFC) last issued its earnings results 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 net margin of 15.59% and a return on equity of 9.32%. The company had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5.05 billion. During the same quarter last year, the company posted $0.81 earnings per share. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. Research analysts expect that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.58%. The ex-dividend date was Friday, February 14th. Truist Financial’s dividend payout ratio is currently 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.