Quantessence Capital LLC Takes Position in Truist Financial Co. (NYSE:TFC)

Quantessence Capital LLC bought a new stake in Truist Financial Co. (NYSE:TFC) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 8,766 shares of the insurance provider’s stock, valued at approximately $380,000.

Other institutional investors also recently bought and sold shares of the company. Bangor Savings Bank increased its position in shares of Truist Financial by 92.5% in the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 272 shares during the period. Hopwood Financial Services Inc. bought a new stake in shares of Truist Financial in the fourth quarter worth about $26,000. Curio Wealth LLC purchased a new position in Truist Financial during the 4th quarter valued at about $45,000. City State Bank raised its position in Truist Financial by 158.1% during the 4th quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock valued at $51,000 after purchasing an additional 716 shares during the last quarter. Finally, Brown Lisle Cummings Inc. purchased a new stake in Truist Financial in the 4th quarter worth approximately $55,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Stock Performance

Shares of Truist Financial stock opened at $36.34 on Wednesday. The stock has a market cap of $47.44 billion, a price-to-earnings ratio of 10.91, a PEG ratio of 1.63 and a beta of 0.91. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. Truist Financial Co. has a 1 year low of $33.56 and a 1 year high of $49.06. The firm’s 50-day moving average is $40.79 and its 200 day moving average is $43.71.

Truist Financial (NYSE:TFC) last issued its earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.87. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The firm had revenue of $4.95 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter in the prior year, the firm posted $0.90 earnings per share. Sell-side analysts anticipate that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 5.72%. The ex-dividend date was Friday, February 14th. Truist Financial’s dividend payout ratio is currently 61.36%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on TFC shares. JPMorgan Chase & Co. reduced their target price on Truist Financial from $48.00 to $42.00 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. Baird R W raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 5th. Piper Sandler dropped their target price on shares of Truist Financial from $45.00 to $41.00 and set a “neutral” rating for the company in a research report on Monday. HSBC raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Tuesday, January 7th. Finally, Citigroup decreased their price target on shares of Truist Financial from $51.00 to $44.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Nine investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $47.83.

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.