Spire Wealth Management Has $603,000 Stake in Truist Financial Corporation (NYSE:TFC)

Spire Wealth Management trimmed its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 38.6% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 14,659 shares of the insurance provider’s stock after selling 9,226 shares during the period. Spire Wealth Management’s holdings in Truist Financial were worth $603,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of TFC. Hopwood Financial Services Inc. bought a new stake in Truist Financial during the 4th quarter valued at $26,000. Navigoe LLC bought a new stake in shares of Truist Financial in the 4th quarter worth approximately $26,000. Curio Wealth LLC bought a new position in shares of Truist Financial during the 4th quarter worth $45,000. TCTC Holdings LLC boosted its position in Truist Financial by 28.1% during the fourth quarter. TCTC Holdings LLC now owns 1,310 shares of the insurance provider’s stock worth $57,000 after purchasing an additional 287 shares during the period. Finally, Pinney & Scofield Inc. purchased a new position in Truist Financial in the 4th quarter valued at approximately $57,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on TFC. Morgan Stanley lowered their target price on shares of Truist Financial from $50.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Monday, April 7th. Argus set a $43.00 target price on shares of Truist Financial in a research report on Monday, April 21st. Stephens dropped their price objective on Truist Financial from $48.00 to $46.00 and set an “overweight” rating for the company in a research note on Monday, April 21st. Citigroup upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and increased their target price for the stock from $44.00 to $55.00 in a report on Thursday. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of Truist Financial from $53.00 to $47.00 and set an “outperform” rating on the stock in a research report on Monday, April 21st. Eight investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Truist Financial presently has a consensus rating of “Moderate Buy” and an average price target of $48.44.

Truist Financial Stock Up 0.2%

Shares of Truist Financial stock opened at $42.63 on Friday. The stock has a market capitalization of $55.83 billion, a PE ratio of 12.58, a price-to-earnings-growth ratio of 1.58 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.83 and a current ratio of 0.83. The company has a 50-day simple moving average of $39.67 and a two-hundred day simple moving average of $41.96. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $49.06.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, hitting the consensus estimate of $0.87. The company had revenue of $4.95 billion during the quarter, compared to the consensus estimate of $4.99 billion. Truist Financial had a return on equity of 8.96% and a net margin of 15.59%. During the same period last year, the company earned $0.90 EPS. On average, analysts anticipate that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 9th were given a $0.52 dividend. The ex-dividend date was Friday, May 9th. This represents a $2.08 annualized dividend and a yield of 4.88%. Truist Financial’s payout ratio is 61.36%.

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.