Kingsview Wealth Management LLC Has $6.60 Million Stake in Truist Financial Co. (NYSE:TFC)

Kingsview Wealth Management LLC lifted its position in shares of Truist Financial Co. (NYSE:TFC) by 2.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 154,342 shares of the insurance provider’s stock after acquiring an additional 3,491 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Truist Financial were worth $6,601,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Valley Wealth Managers Inc. acquired a new position in Truist Financial during the 3rd quarter worth about $26,000. MFA Wealth Advisors LLC acquired a new position in Truist Financial during the 2nd quarter worth about $30,000. Y.D. More Investments Ltd acquired a new position in Truist Financial during the 2nd quarter worth about $31,000. MidAtlantic Capital Management Inc. acquired a new position in Truist Financial during the 3rd quarter worth about $32,000. Finally, Fortitude Family Office LLC lifted its holdings in Truist Financial by 376.7% during the 3rd quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after buying an additional 678 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Performance

Shares of Truist Financial stock opened at $47.96 on Friday. Truist Financial Co. has a one year low of $31.23 and a one year high of $48.06. The firm has a market capitalization of $63.67 billion, a price-to-earnings ratio of -33.54, a PEG ratio of 1.92 and a beta of 1.05. The business has a 50-day simple moving average of $43.68 and a 200 day simple moving average of $41.53. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.08. The firm had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. On average, research analysts anticipate that Truist Financial Co. will post 3.7 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.34%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial’s dividend payout ratio is currently -145.45%.

Wall Street Analyst Weigh In

Several brokerages have commented on TFC. JPMorgan Chase & Co. lifted their target price on Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Wells Fargo & Company lifted their target price on Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Stephens reissued an “overweight” rating and issued a $50.00 price objective on shares of Truist Financial in a research note on Tuesday, September 10th. Finally, Royal Bank of Canada boosted their price objective on Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Twelve research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Truist Financial has a consensus rating of “Hold” and an average target price of $46.37.

Truist Financial 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.