Perigon Wealth Management LLC Boosts Stock Position in Truist Financial Co. (NYSE:TFC)

Perigon Wealth Management LLC lifted its position in shares of Truist Financial Co. (NYSE:TFC) by 8.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,392 shares of the insurance provider’s stock after purchasing an additional 625 shares during the period. Perigon Wealth Management LLC’s holdings in Truist Financial were worth $310,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of TFC. Fairfield Bush & CO. purchased a new stake in shares of Truist Financial during the first quarter worth about $25,000. OFI Invest Asset Management bought a new position in Truist Financial in the third quarter worth about $26,000. Operose Advisors LLC bought a new position in Truist Financial in the third quarter worth about $31,000. Quarry LP bought a new position in Truist Financial in the first quarter worth about $32,000. Finally, Tyler Stone Wealth Management bought a new position in Truist Financial in the third quarter worth about $33,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director K. David Jr. Boyer sold 3,764 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $37.48, for a total value of $141,074.72. Following the sale, the director now owns 16,132 shares in the company, valued at $604,627.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.17% of the stock is currently owned by corporate insiders.

Truist Financial Stock Performance

Shares of TFC opened at $35.63 on Wednesday. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a 50 day moving average of $36.62 and a 200 day moving average of $34.36. Truist Financial Co. has a twelve month low of $25.56 and a twelve month high of $39.29.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Thursday, January 18th. The insurance provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.13. The company had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.70 billion. Truist Financial had a negative net margin of 3.28% and a positive return on equity of 9.64%. During the same quarter last year, the firm earned $1.30 earnings per share. Analysts predict that Truist Financial Co. will post 3.33 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 9th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.84%. The ex-dividend date of this dividend was Thursday, February 8th. Truist Financial’s dividend payout ratio is currently -192.59%.

Wall Street Analysts Forecast Growth

TFC has been the subject of a number of research reports. Wells Fargo & Company increased their price target on shares of Truist Financial from $39.00 to $45.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Stephens raised shares of Truist Financial from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $41.00 to $43.00 in a research note on Tuesday, March 19th. 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 note on Friday, April 5th. TheStreet downgraded shares of Truist Financial from a “b-” rating to a “c” rating in a research note on Tuesday, February 20th. Finally, Morgan Stanley raised their target price on shares of Truist Financial from $38.00 to $43.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 30th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $41.47.

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.