Cascades Capital Asset Management LLC Acquires Shares of 4,684 Truist Financial Co. (NYSE:TFC)

Cascades Capital Asset Management LLC bought a new stake in Truist Financial Co. (NYSE:TFC) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 4,684 shares of the insurance provider’s stock, valued at approximately $203,000.

Other institutional investors have also modified their holdings of the company. Bangor Savings Bank grew its position in Truist Financial by 92.5% in the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock valued at $25,000 after buying an additional 272 shares during the last quarter. Hopwood Financial Services Inc. purchased a new stake in shares of Truist Financial in the fourth quarter valued at about $26,000. Curio Wealth LLC acquired a new position in shares of Truist Financial during the fourth quarter worth about $45,000. City State Bank raised its holdings in Truist Financial by 158.1% during the fourth quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock worth $51,000 after purchasing an additional 716 shares in the last quarter. Finally, Brown Lisle Cummings Inc. acquired a new stake in Truist Financial in the fourth quarter valued at about $55,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Price Performance

NYSE:TFC opened at $34.80 on Friday. Truist Financial Co. has a 12-month low of $33.71 and a 12-month high of $49.06. The firm has a market cap of $45.43 billion, a price-to-earnings ratio of 10.45, a price-to-earnings-growth ratio of 1.63 and a beta of 0.91. The company’s 50-day moving average is $43.97 and its two-hundred day moving average is $44.32. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. The business had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.81 earnings per share. Research analysts expect that Truist Financial Co. will post 4 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.98%. The ex-dividend date was Friday, February 14th. Truist Financial’s dividend payout ratio is currently 62.46%.

Wall Street Analysts Forecast Growth

TFC has been the topic of several recent analyst reports. StockNews.com cut Truist Financial from a “hold” rating to a “sell” rating in a research report on Thursday. Wells Fargo & Company dropped their price objective on Truist Financial from $52.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, March 28th. JPMorgan Chase & Co. reduced their target price on Truist Financial from $48.00 to $42.00 and set a “neutral” rating for the company in a report on Thursday. Hsbc Global Res raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Baird R W upgraded shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $50.42.

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.