Skba Capital Management LLC Raises Holdings in Truist Financial Co. (NYSE:TFC)

Skba Capital Management LLC increased its position in Truist Financial Co. (NYSE:TFC) by 92.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 265,400 shares of the insurance provider’s stock after acquiring an additional 127,500 shares during the quarter. Truist Financial comprises 1.8% of Skba Capital Management LLC’s investment portfolio, making the stock its 22nd largest holding. Skba Capital Management LLC’s holdings in Truist Financial were worth $11,513,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TFC. Bangor Savings Bank boosted its position in Truist Financial by 92.5% during the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 272 shares during the period. Hopwood Financial Services Inc. bought a new position in Truist Financial in the 4th quarter worth approximately $26,000. Curio Wealth LLC purchased a new position in Truist Financial in the 4th quarter valued at approximately $45,000. City State Bank raised its holdings in Truist Financial by 158.1% during the 4th quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock valued at $51,000 after acquiring an additional 716 shares during the period. Finally, True Wealth Design LLC purchased a new stake in shares of Truist Financial during the third quarter worth $51,000. 71.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on TFC. StockNews.com upgraded Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. Wells Fargo & Company decreased their price target on Truist Financial from $52.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday. HSBC upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Tuesday, January 7th. Piper Sandler increased their target price on shares of Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Finally, Baird R W raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 5th. Nine 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $50.68.

Truist Financial Stock Performance

Truist Financial stock opened at $40.46 on Monday. The firm has a fifty day simple moving average of $44.78 and a two-hundred day simple moving average of $44.44. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a twelve month low of $35.09 and a twelve month high of $49.06. The company has a market capitalization of $52.81 billion, a PE ratio of 12.15, a P/E/G ratio of 1.63 and a beta of 1.08.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The company had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.05 billion. During the same quarter in the previous year, the company posted $0.81 EPS. Truist Financial’s revenue for the quarter was up 3.4% on a year-over-year basis. Research analysts expect that Truist Financial Co. will post 4 EPS for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 5.14%. The ex-dividend date was Friday, February 14th. Truist Financial’s payout ratio is 62.46%.

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.