Meridian Wealth Management LLC Buys 280 Shares of Truist Financial Co. (NYSE:TFC)

Meridian Wealth Management LLC increased its stake in Truist Financial Co. (NYSE:TFC) by 1.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 21,733 shares of the insurance provider’s stock after purchasing an additional 280 shares during the period. Meridian Wealth Management LLC’s holdings in Truist Financial were worth $930,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the company. Valley Wealth Managers Inc. bought a new position in Truist Financial during the third quarter worth about $26,000. MidAtlantic Capital Management Inc. acquired a new stake in Truist Financial during the third quarter worth approximately $32,000. MFA Wealth Advisors LLC bought a new position in Truist Financial during the 2nd quarter worth $30,000. Y.D. More Investments Ltd bought a new stake in shares of Truist Financial during the 2nd quarter valued at $31,000. Finally, Fortitude Family Office LLC grew its holdings in shares of 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 purchasing an additional 678 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

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

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share 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 the consensus estimate of $5.05 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. As a group, research analysts forecast that Truist Financial Co. will post 3.7 earnings per share for the current year.

Truist Financial Dividend Announcement

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

Analyst Ratings Changes

Several research firms recently weighed in on TFC. Royal Bank of Canada upped their price objective on shares of Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Wells Fargo & Company boosted their price objective on shares of Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Wolfe Research raised Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. Morgan Stanley lifted their target price on Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 30th. Finally, The Goldman Sachs Group dropped their target price on shares of Truist Financial from $50.00 to $48.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Twelve research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $46.37.

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.