Element Wealth LLC Takes Position in Truist Financial Co. (NYSE:TFC)

Element Wealth LLC bought a new position in Truist Financial Co. (NYSE:TFC) during the 3rd quarter, Holdings Channel reports. The fund bought 5,250 shares of the insurance provider’s stock, valued at approximately $225,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Crewe Advisors LLC purchased a new position in shares of Truist Financial during the first quarter valued at approximately $27,000. MFA Wealth Advisors LLC bought a new stake in Truist Financial in the second quarter valued at $30,000. Y.D. More Investments Ltd bought a new stake in Truist Financial in the second quarter valued at $31,000. Hobbs Group Advisors LLC purchased a new position in Truist Financial during the 2nd quarter valued at $38,000. Finally, Beacon Capital Management LLC lifted its position in shares of Truist Financial by 57.4% in the 1st quarter. Beacon Capital Management LLC now owns 1,015 shares of the insurance provider’s stock worth $40,000 after purchasing an additional 370 shares during the period. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Down 0.0 %

TFC opened at $43.42 on Friday. Truist Financial Co. has a twelve month low of $27.01 and a twelve month high of $45.31. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62. The firm has a 50 day moving average price of $42.76 and a 200-day moving average price of $40.41. The stock has a market capitalization of $58.15 billion, a price-to-earnings ratio of -30.36, a PEG ratio of 1.84 and a beta of 1.05.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.07. The firm had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $4.83 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The company’s revenue for the quarter was down 15.9% on a year-over-year basis. During the same period last year, the business posted $0.95 EPS. Equities research analysts forecast that Truist Financial Co. will post 3.58 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.79%. Truist Financial’s dividend payout ratio is currently -145.45%.

Analyst Ratings Changes

Several equities analysts recently issued reports on TFC shares. Argus boosted their price target on shares of Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Baird R W lowered Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Compass Point upped their price target on Truist Financial from $46.00 to $47.00 in a research note on Wednesday, October 16th. Stephens reissued an “overweight” rating and set a $50.00 price objective on shares of Truist Financial in a research report on Tuesday, September 10th. Finally, Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and upped their target price for the stock from $45.00 to $47.00 in a research report on Wednesday, July 24th. Twelve equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $46.02.

Truist Financial 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.