Raymond James Financial Inc. Takes $198.05 Million Position in Truist Financial Co. (NYSE:TFC)

Raymond James Financial Inc. purchased a new stake in shares of Truist Financial Co. (NYSE:TFC - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,565,487 shares of the insurance provider's stock, valued at approximately $198,051,000. Raymond James Financial Inc. owned 0.34% of Truist Financial at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Tradewinds LLC. boosted its stake in Truist Financial by 0.5% in the 3rd quarter. Tradewinds LLC. now owns 44,513 shares of the insurance provider's stock worth $1,904,000 after purchasing an additional 222 shares during the period. PBMares Wealth Management LLC boosted its stake in Truist Financial by 0.8% in the 4th quarter. PBMares Wealth Management LLC now owns 29,270 shares of the insurance provider's stock worth $1,270,000 after purchasing an additional 224 shares during the period. Koshinski Asset Management Inc. boosted its stake in Truist Financial by 2.1% in the 4th quarter. Koshinski Asset Management Inc. now owns 10,825 shares of the insurance provider's stock worth $470,000 after purchasing an additional 225 shares during the period. Aaron Wealth Advisors LLC boosted its stake in Truist Financial by 3.0% in the 4th quarter. Aaron Wealth Advisors LLC now owns 7,712 shares of the insurance provider's stock worth $335,000 after purchasing an additional 227 shares during the period. Finally, Ignite Planners LLC boosted its stake in Truist Financial by 1.4% in the 4th quarter. Ignite Planners LLC now owns 17,499 shares of the insurance provider's stock worth $772,000 after purchasing an additional 246 shares during the period. Institutional investors and hedge funds own 71.28% of the company's stock.

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Truist Financial Stock Performance

TFC traded up $0.01 during trading on Friday, hitting $42.25. The stock had a trading volume of 8,470,694 shares, compared to its average volume of 7,426,036. The firm has a market cap of $55.15 billion, a PE ratio of 12.69, 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. The company has a 50 day simple moving average of $45.73 and a 200-day simple moving average of $44.67.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.03. The company 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 business's quarterly revenue was up 3.4% on a year-over-year basis. During the same period last year, the business posted $0.81 EPS. Analysts expect that Truist Financial Co. will post 4 EPS for the current year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were given a $0.52 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.08 annualized dividend and a yield of 4.92%. Truist Financial's dividend payout ratio is 62.46%.

Analyst Ratings Changes

TFC has been the subject of a number of recent analyst reports. Wells Fargo & Company raised their price objective on shares of Truist Financial from $48.00 to $52.00 and gave the stock an "overweight" rating in a research note on Friday, November 15th. Baird R W raised shares of Truist Financial from a "hold" rating to a "strong-buy" rating in a research note on Wednesday. StockNews.com upgraded shares of Truist Financial from a "sell" rating to a "hold" rating in a research report on Friday, January 17th. Morgan Stanley increased their target price on shares of Truist Financial from $55.00 to $56.00 and gave the stock an "equal weight" rating in a research report on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods increased their target price on shares of Truist Financial from $55.00 to $57.00 and gave the stock an "outperform" rating in a research report on Tuesday, January 21st. Nine research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Truist Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of $51.16.

About Truist Financial

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.