Envestnet Asset Management Inc. Has $146.36 Million Position in Truist Financial Co. (NYSE:TFC)

Envestnet Asset Management Inc. raised its stake in shares of Truist Financial Co. (NYSE:TFC - Free Report) by 2.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,373,840 shares of the insurance provider's stock after acquiring an additional 70,709 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.25% of Truist Financial worth $146,357,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the company. Bangor Savings Bank grew its holdings 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 worth $25,000 after purchasing an additional 272 shares during the last quarter. Hopwood Financial Services Inc. acquired a new position in Truist Financial during the 4th quarter worth about $26,000. Curio Wealth LLC bought a new stake in Truist Financial during the 4th quarter worth about $45,000. City State Bank increased its position in Truist Financial by 158.1% in the 4th quarter. City State Bank now owns 1,169 shares of the insurance provider's stock valued at $51,000 after acquiring an additional 716 shares in the last quarter. Finally, Brown Lisle Cummings Inc. acquired a new stake in Truist Financial in the 4th quarter valued at about $55,000. Institutional investors and hedge funds own 71.28% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Morgan Stanley lowered their price target 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. HSBC raised Truist Financial from a "hold" rating to a "buy" rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods upped their price target on Truist Financial from $55.00 to $57.00 and gave the company an "outperform" rating in a research note on Tuesday, January 21st. Citigroup lowered their price objective on Truist Financial from $51.00 to $44.00 and set a "neutral" rating for the company in a research report on Monday, March 24th. Finally, Raymond James downgraded shares of Truist Financial from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $50.22.

Truist Financial Stock Down 1.0 %

TFC stock traded down $0.34 during mid-day trading on Friday, hitting $35.30. 18,557,752 shares of the company were exchanged, compared to its average volume of 8,134,781. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current 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 simple moving average is $42.36 and its 200 day simple moving average is $44.02. The firm has a market cap of $46.08 billion, a P/E ratio of 10.60, a P/E/G ratio of 1.63 and a beta of 0.91.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, topping analysts' consensus estimates of $0.88 by $0.03. The business had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The firm's quarterly revenue was up 3.4% on a year-over-year basis. During the same period last year, the business posted $0.81 earnings per share. On average, sell-side analysts predict that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.89%. The ex-dividend date of this dividend was Friday, February 14th. Truist Financial's dividend payout ratio is presently 62.46%.

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.