Riverbend Wealth Management LLC Purchases New Shares in Truist Financial Co. (NYSE:TFC)

Riverbend Wealth Management LLC purchased a new stake in shares of Truist Financial Co. (NYSE:TFC) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 14,624 shares of the insurance provider’s stock, valued at approximately $634,000.

Other large investors also recently made changes to their positions in the company. Bangor Savings Bank lifted its position in shares of Truist Financial by 92.5% during the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 272 shares in the last quarter. Valley Wealth Managers Inc. bought a new position in shares of Truist Financial during the third quarter valued at about $26,000. MidAtlantic Capital Management Inc. bought a new position in shares of Truist Financial during the third quarter valued at about $32,000. Ashton Thomas Securities LLC bought a new position in shares of Truist Financial during the third quarter valued at about $45,000. Finally, City State Bank lifted its position in shares of Truist Financial by 158.1% during the fourth 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 in the last quarter. 71.28% of the stock is owned by institutional investors.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $40.41 on Tuesday. The company has a 50 day moving average of $45.67 and a 200 day moving average of $44.68. The stock has a market cap of $52.75 billion, a P/E ratio of 12.13, a P/E/G ratio of 1.63 and a beta of 1.08. Truist Financial Co. has a 12 month low of $34.51 and a 12 month high of $49.06. 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 issued its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.88 by $0.03. The company had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. Truist Financial’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.81 earnings per share. As a group, sell-side analysts forecast that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were paid a $0.52 dividend. The ex-dividend date was Friday, February 14th. This represents a $2.08 dividend on an annualized basis and a yield of 5.15%. Truist Financial’s dividend payout ratio is presently 62.46%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Raymond James raised their price target on shares of Truist Financial from $47.00 to $51.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Citigroup lifted their price objective on shares of Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research report on Monday, November 25th. StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday, January 17th. Barclays lifted their price objective on shares of Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. Finally, HSBC raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Tuesday, January 7th. Nine analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Truist Financial has a consensus rating of “Moderate Buy” and an average price target of $51.16.

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.