Fort Pitt Capital Group LLC Raises Stake in Truist Financial Co. (NYSE:TFC)

Fort Pitt Capital Group LLC lifted its position in shares of Truist Financial Co. (NYSE:TFC) by 2.1% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 85,206 shares of the insurance provider’s stock after purchasing an additional 1,713 shares during the quarter. Fort Pitt Capital Group LLC’s holdings in Truist Financial were worth $3,321,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Bleakley Financial Group LLC boosted its holdings in Truist Financial by 6.1% in the 4th quarter. Bleakley Financial Group LLC now owns 29,890 shares of the insurance provider’s stock worth $1,104,000 after acquiring an additional 1,731 shares during the period. Natixis Advisors L.P. boosted its holdings in Truist Financial by 30.9% in the 4th quarter. Natixis Advisors L.P. now owns 373,375 shares of the insurance provider’s stock worth $13,783,000 after acquiring an additional 88,035 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Truist Financial by 53.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 338,972 shares of the insurance provider’s stock worth $12,515,000 after acquiring an additional 117,524 shares during the period. Parnassus Investments LLC purchased a new position in Truist Financial in the 4th quarter worth approximately $95,049,000. Finally, Rafferty Asset Management LLC boosted its holdings in Truist Financial by 47.7% in the 4th quarter. Rafferty Asset Management LLC now owns 1,185,259 shares of the insurance provider’s stock worth $43,760,000 after acquiring an additional 382,976 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Barclays assumed coverage on Truist Financial in a report on Thursday, May 16th. They issued an “equal weight” rating and a $43.00 price target for the company. Jefferies Financial Group upped their price target on Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a report on Monday, April 8th. Stephens upped their target price on Truist Financial from $43.00 to $47.00 and gave the company an “overweight” rating in a research report on Thursday, May 16th. JPMorgan Chase & Co. upped their target price on Truist Financial from $39.50 to $40.50 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Finally, Citigroup upped their target price on Truist Financial from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. One analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Truist Financial has an average rating of “Moderate Buy” and a consensus target price of $43.17.

Truist Financial Stock Performance

Shares of TFC stock traded up $0.16 on Friday, hitting $36.79. 9,627,219 shares of the stock traded hands, compared to its average volume of 6,088,120. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market capitalization of $49.23 billion, a PE ratio of -27.87, a PEG ratio of 1.81 and a beta of 1.06. Truist Financial Co. has a 1-year low of $26.57 and a 1-year high of $40.51. The company’s fifty day moving average is $37.74 and its 200 day moving average is $37.05.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.12. The firm had revenue of $4.87 billion during the quarter, compared to the consensus estimate of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The firm’s revenue was down 8.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.09 EPS. On average, equities research analysts predict that Truist Financial Co. will post 3.36 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Friday, May 10th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 5.65%. Truist Financial’s payout ratio is currently -157.58%.

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.