Beese Fulmer Investment Management Inc. Grows Stock Holdings in Truist Financial Co. (NYSE:TFC)

Beese Fulmer Investment Management Inc. raised its stake in shares of Truist Financial Co. (NYSE:TFC) by 3.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 14,976 shares of the insurance provider’s stock after acquiring an additional 442 shares during the period. Beese Fulmer Investment Management Inc.’s holdings in Truist Financial were worth $641,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Crewe Advisors LLC purchased a new stake in shares of Truist Financial during the first quarter worth approximately $27,000. MFA Wealth Advisors LLC acquired a new stake in shares of Truist Financial in the 2nd quarter worth $30,000. Y.D. More Investments Ltd purchased a new stake in shares of Truist Financial in the second quarter valued at about $31,000. Hobbs Group Advisors LLC acquired a new position in shares of Truist Financial during the second quarter worth about $38,000. Finally, Beacon Capital Management LLC raised its holdings in Truist Financial by 57.4% during the first quarter. Beacon Capital Management LLC now owns 1,015 shares of the insurance provider’s stock worth $40,000 after purchasing an additional 370 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on TFC. Bank of America raised their price target on Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Stephens reissued an “overweight” rating and issued a $50.00 target price on shares of Truist Financial in a report on Tuesday, September 10th. Morgan Stanley upped their price target on shares of Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. Compass Point boosted their price objective on shares of Truist Financial from $46.00 to $47.00 in a report on Wednesday, October 16th. Finally, Baird R W lowered shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Twelve equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Truist Financial currently has an average rating of “Hold” and an average target price of $46.02.

Truist Financial Stock Up 0.1 %

Truist Financial stock opened at $43.44 on Thursday. The firm’s 50-day moving average is $42.76 and its two-hundred day moving average is $40.41. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62. Truist Financial Co. has a 12-month low of $27.01 and a 12-month high of $45.31.

Truist Financial (NYSE:TFC) last announced its earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.07. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The firm had revenue of $5.02 billion for the quarter, compared to analyst estimates of $4.83 billion. During the same quarter last year, the business earned $0.95 earnings per share. Truist Financial’s revenue was down 15.9% compared to the same quarter last year. On average, equities analysts anticipate that Truist Financial Co. will post 3.58 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.79%. The ex-dividend date is Friday, November 8th. Truist Financial’s dividend payout ratio is currently -145.45%.

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.