Guggenheim Capital LLC Increases Stock Position in Truist Financial Co. (NYSE:TFC)

Guggenheim Capital LLC lifted its holdings in shares of Truist Financial Co. (NYSE:TFC) by 7.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 359,510 shares of the insurance provider’s stock after buying an additional 24,548 shares during the period. Guggenheim Capital LLC’s holdings in Truist Financial were worth $15,596,000 at the end of the most recent reporting period.

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

Truist Financial Stock Performance

Truist Financial stock opened at $36.49 on Wednesday. The stock has a fifty day moving average price of $41.90 and a 200 day moving average price of $43.92. Truist Financial Co. has a 52 week low of $33.56 and a 52 week high of $49.06. The firm has a market capitalization of $47.63 billion, a P/E ratio of 10.96, a PEG ratio of 1.63 and a beta of 0.91. 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 for the quarter, topping the consensus estimate of $0.88 by $0.03. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The business had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.05 billion. During the same period in the prior year, the firm posted $0.81 EPS. The company’s revenue was up 3.4% on a year-over-year basis. Equities research analysts anticipate that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were issued a dividend of $0.52 per share. The ex-dividend date was Friday, February 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.70%. Truist Financial’s payout ratio is 62.46%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Barclays boosted their price target on Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, January 6th. Stephens boosted their target price on Truist Financial from $54.00 to $57.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 21st. Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and raised their price target for the company from $48.00 to $52.00 in a research report on Wednesday, March 5th. Hsbc Global Res upgraded shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Finally, Morgan Stanley dropped their target price on shares of Truist Financial from $50.00 to $43.00 and set an “equal weight” rating for the company in a report on Monday, April 7th. One analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Truist Financial presently has an average rating of “Moderate Buy” and an average target price of $50.22.

Truist Financial Company 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.