Beese Fulmer Investment Management Inc. Boosts Position in Truist Financial Co. (NYSE:TFC)

Beese Fulmer Investment Management Inc. grew its holdings in shares of Truist Financial Co. (NYSE:TFC) by 21.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 110,373 shares of the insurance provider’s stock after buying an additional 19,807 shares during the quarter. Beese Fulmer Investment Management Inc.’s holdings in Truist Financial were worth $4,302,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. Missouri Trust & Investment Co grew its position in Truist Financial by 227.2% in the fourth quarter. Missouri Trust & Investment Co now owns 854 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 593 shares in the last quarter. Northwest Financial Advisors acquired a new stake in Truist Financial during the 4th quarter valued at $34,000. Morton Brown Family Wealth LLC increased its stake in Truist Financial by 236.0% during the 4th quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock worth $34,000 after buying an additional 649 shares during the period. Criterion Capital Advisors LLC acquired a new position in Truist Financial in the 4th quarter worth $38,000. Finally, Operose Advisors LLC purchased a new position in Truist Financial in the 3rd quarter valued at about $31,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analyst Ratings Changes

TFC has been the subject of several research analyst reports. Barclays assumed coverage on Truist Financial in a research note on Thursday, May 16th. They set an “equal weight” rating and a $43.00 target price for the company. Compass Point raised shares of Truist Financial from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $34.00 to $42.00 in a report on Tuesday, April 23rd. UBS Group increased their price target on shares of Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. Piper Sandler boosted their price objective on Truist Financial from $38.00 to $41.00 and gave the company a “neutral” rating in a report on Tuesday, May 14th. Finally, Keefe, Bruyette & Woods increased their target price on Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $43.17.

Truist Financial Price Performance

NYSE:TFC traded up $0.77 during mid-day trading on Wednesday, reaching $36.57. 9,417,330 shares of the stock were exchanged, compared to its average volume of 6,024,469. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75. The business has a fifty day moving average price of $37.75 and a 200 day moving average price of $36.97. Truist Financial Co. has a 1-year low of $26.57 and a 1-year high of $40.51. The firm has a market capitalization of $48.93 billion, a PE ratio of -27.70, a PEG ratio of 1.77 and a beta of 1.06.

Truist Financial (NYSE:TFC) last issued its earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.12. The firm had revenue of $4.87 billion during the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The firm’s revenue for the quarter was down 8.8% compared to the same quarter last year. During the same period last year, the firm posted $1.09 earnings per share. Research analysts expect that Truist Financial Co. will post 3.36 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Friday, May 10th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.69%. The ex-dividend date of this dividend was Thursday, May 9th. Truist Financial’s dividend payout ratio is -157.58%.

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.