Elevation Point Wealth Partners LLC Has $2.74 Million Stock Holdings in Truist Financial Corporation $TFC

Elevation Point Wealth Partners LLC grew its position in Truist Financial Corporation (NYSE:TFC) by 93.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 59,573 shares of the insurance provider’s stock after purchasing an additional 28,736 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in Truist Financial were worth $2,739,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of TFC. Kemnay Advisory Services Inc. bought a new stake in shares of Truist Financial during the 4th quarter worth $25,000. Swiss RE Ltd. bought a new position in Truist Financial in the 4th quarter worth $26,000. McMillan Office Inc. bought a new position in Truist Financial in the 4th quarter worth $31,000. Maseco LLP lifted its position in Truist Financial by 53.8% during the 4th quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 228 shares during the last quarter. Finally, Mowery & Schoenfeld Wealth Management LLC lifted its position in Truist Financial by 190.7% during the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 431 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TFC has been the topic of several research analyst reports. Stephens initiated coverage on Truist Financial in a research report on Monday, June 15th. They issued an “overweight” rating and a $59.00 price target on the stock. 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. JPMorgan Chase & Co. decreased their target price on Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a research note on Tuesday, April 7th. Jefferies Financial Group reaffirmed a “mixed” rating and issued a $45.00 target price on shares of Truist Financial in a report on Friday, April 17th. Finally, Morgan Stanley dropped their price target on Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a research report on Monday, April 20th. Eight investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $55.26.

Truist Financial Stock Down 0.1%

Shares of TFC opened at $50.95 on Friday. The company has a 50-day simple moving average of $49.17 and a 200-day simple moving average of $49.40. 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 firm has a market capitalization of $63.47 billion, a P/E ratio of 12.64, a P/E/G ratio of 0.87 and a beta of 0.89. Truist Financial Corporation has a 52 week low of $40.78 and a 52 week 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 return on equity of 9.55% and a net margin of 18.14%.The company had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.18 billion. During the same quarter last year, the company earned $0.87 EPS. The company’s quarterly revenue was up 5.0% on a year-over-year basis. On average, equities research analysts expect that Truist Financial Corporation will post 4.52 earnings per share for the current year.

Truist Financial Announces Dividend

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