Ibex Wealth Advisors Grows Stock Holdings in Truist Financial Corporation $TFC

Ibex Wealth Advisors increased its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 6.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 193,653 shares of the insurance provider’s stock after purchasing an additional 11,215 shares during the quarter. Ibex Wealth Advisors’ holdings in Truist Financial were worth $8,902,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Pinnacle Financial Partners Inc. increased its stake in shares of Truist Financial by 30.0% during the third quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock worth $7,994,000 after acquiring an additional 40,393 shares during the period. Legal & General Group Plc boosted its holdings in Truist Financial by 9.0% in the 3rd quarter. Legal & General Group Plc now owns 7,902,804 shares of the insurance provider’s stock valued at $361,316,000 after purchasing an additional 655,542 shares in the last quarter. Cadence Bank increased its position in Truist Financial by 8.0% during the 3rd quarter. Cadence Bank now owns 335,969 shares of the insurance provider’s stock worth $15,361,000 after purchasing an additional 24,745 shares during the period. Ritholtz Wealth Management raised its stake in shares of Truist Financial by 91.9% during the 4th quarter. Ritholtz Wealth Management now owns 45,749 shares of the insurance provider’s stock worth $2,251,000 after buying an additional 21,903 shares in the last quarter. Finally, Carnegie Investment Counsel lifted its holdings in shares of Truist Financial by 57.8% in the 4th quarter. Carnegie Investment Counsel now owns 105,792 shares of the insurance provider’s stock valued at $5,206,000 after buying an additional 38,750 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on TFC shares. Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $63.00 to $54.00 in a research report on Tuesday, June 30th. UBS Group cut shares of Truist Financial from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $58.00 to $55.00 in a research note on Tuesday. Bank of America restated a “neutral” rating and set a $56.00 target price (up from $54.00) on shares of Truist Financial in a research report on Wednesday. Jefferies Financial Group reiterated a “mixed” rating and set a $45.00 price target on shares of Truist Financial in a research report on Friday, April 17th. Finally, Wall Street Zen lowered Truist Financial from a “hold” rating to a “sell” rating in a research note on Monday, June 29th. Seven equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $54.47.

Truist Financial Price Performance

TFC stock opened at $51.29 on Friday. Truist Financial Corporation has a 1 year low of $40.78 and a 1 year high of $56.19. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. The stock’s 50 day moving average price is $49.16 and its 200 day moving average price is $49.42. The firm has a market cap of $63.90 billion, a P/E ratio of 12.73, a PEG ratio of 0.87 and a beta of 0.89.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same period in the prior year, the firm earned $0.87 EPS. The firm’s quarterly revenue was up 5.0% on a year-over-year basis. On average, sell-side analysts expect that Truist Financial Corporation will post 4.51 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. Truist Financial’s dividend payout ratio is presently 51.61%.

Truist Financial Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.