Piedmont Capital Management LLC NC Invests $633,000 in Truist Financial Corporation $TFC

Piedmont Capital Management LLC NC acquired a new position in shares of Truist Financial Corporation (NYSE:TFC) in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 12,855 shares of the insurance provider’s stock, valued at approximately $633,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Pinnacle Financial Partners Inc. lifted its holdings in shares of Truist Financial by 30.0% in the 3rd quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock valued at $7,994,000 after purchasing an additional 40,393 shares during the last quarter. Equitable Trust Co. lifted its holdings in shares of Truist Financial by 48.9% in the 3rd quarter. Equitable Trust Co. now owns 118,261 shares of the insurance provider’s stock valued at $5,407,000 after purchasing an additional 38,850 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of 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 during the last quarter. Cadence Bank lifted its holdings in shares of Truist Financial by 8.0% in the 3rd quarter. Cadence Bank now owns 335,969 shares of the insurance provider’s stock valued at $15,361,000 after purchasing an additional 24,745 shares during the last quarter. Finally, Ritholtz Wealth Management lifted its holdings in shares of Truist Financial by 91.9% in the 4th quarter. Ritholtz Wealth Management now owns 45,749 shares of the insurance provider’s stock valued at $2,251,000 after purchasing an additional 21,903 shares during the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TFC has been the subject of several research reports. Royal Bank Of Canada boosted their target price on Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a report on Monday, April 20th. Jefferies Financial Group reissued a “mixed” rating and issued a $45.00 target price on shares of Truist Financial in a report on Friday, April 17th. JPMorgan Chase & Co. reduced their target price on Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Weiss Ratings raised Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Finally, Wall Street Zen downgraded Truist Financial from a “hold” rating to a “sell” rating in a report on Saturday. Nine equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $55.59.

Truist Financial Stock Performance

NYSE:TFC opened at $51.63 on Monday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market cap of $64.33 billion, a price-to-earnings ratio of 12.81, a price-to-earnings-growth ratio of 0.88 and a beta of 0.89. The firm’s fifty day moving average price is $49.10 and its 200 day moving average price is $49.18. Truist Financial Corporation has a 1-year low of $38.83 and a 1-year high of $56.19.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $5.18 billion. During the same quarter in the prior year, the firm earned $0.87 EPS. Truist Financial’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 4.52 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend was Friday, May 8th. Truist Financial’s dividend payout ratio is currently 51.61%.

Truist Financial Company 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.