Western Pacific Wealth Management LP Makes New Investment in Truist Financial Co. (NYSE:TFC)

by · The Cerbat Gem

Western Pacific Wealth Management LP bought a new stake in shares of Truist Financial Co. (NYSE:TFC – Free Report) in the 3rd quarter, HoldingsChannel reports. The fund bought 1,301 shares of the insurance provider’s stock, valued at approximately $56,000.

A number of other hedge funds also recently made changes to their positions in the business. Ascent Wealth Partners LLC bought a new position in Truist Financial during the third quarter valued at about $318,000. Principal Financial Group Inc. boosted its stake in Truist Financial by 3.5% in the third quarter. Principal Financial Group Inc. now owns 1,511,299 shares of the insurance provider’s stock valued at $64,638,000 after acquiring an additional 50,637 shares during the last quarter. Malaga Cove Capital LLC grew its position in shares of Truist Financial by 7.0% during the 3rd quarter. Malaga Cove Capital LLC now owns 8,906 shares of the insurance provider’s stock valued at $381,000 after acquiring an additional 584 shares during the period. Baugh & Associates LLC increased its stake in shares of Truist Financial by 1.6% during the 3rd quarter. Baugh & Associates LLC now owns 135,462 shares of the insurance provider’s stock worth $5,566,000 after purchasing an additional 2,083 shares during the last quarter. Finally, Graypoint LLC raised its holdings in shares of Truist Financial by 10.5% in the 3rd quarter. Graypoint LLC now owns 6,195 shares of the insurance provider’s stock worth $265,000 after purchasing an additional 589 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TFC has been the subject of several research reports. Bank of America increased their price objective on Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. StockNews.com upgraded Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Keefe, Bruyette & Woods increased their price objective on Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. UBS Group upped their price target on Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Finally, Robert W. Baird lowered shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price objective for the company. in a research report on Wednesday, July 17th. Twelve investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $46.02.

Check Out Our Latest Stock Report on TFC

Truist Financial Price Performance

Shares of Truist Financial stock opened at $46.20 on Friday. The firm has a market capitalization of $61.33 billion, a PE ratio of -32.31, a price-to-earnings-growth ratio of 1.73 and a beta of 1.05. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62. Truist Financial Co. has a 12 month low of $28.93 and a 12 month high of $47.03. The business’s 50-day moving average price is $42.82 and its 200-day moving average price is $40.85.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.50%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial’s dividend payout ratio (DPR) is presently -145.45%.

Truist Financial Company Profile

(Free Report)

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.

Read More

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