Partners Wealth Management LLC purchased a new position in Truist Financial Corporation (NYSE:TFC – Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 21,738 shares of the insurance provider’s stock, valued at approximately $1,006,000.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Soltis Investment Advisors LLC boosted its holdings in shares of Truist Financial by 20.7% in the third quarter. Soltis Investment Advisors LLC now owns 6,385 shares of the insurance provider’s stock valued at $296,000 after purchasing an additional 1,094 shares during the period. Choreo LLC grew its stake in Truist Financial by 26.5% in the third quarter. Choreo LLC now owns 43,829 shares of the insurance provider’s stock worth $2,029,000 after purchasing an additional 9,191 shares in the last quarter. Fonville Wealth Management LLC grew its stake in Truist Financial by 20.7% in the third quarter. Fonville Wealth Management LLC now owns 6,044 shares of the insurance provider’s stock worth $280,000 after purchasing an additional 1,036 shares in the last quarter. D.A. Davidson & CO. grew its stake in Truist Financial by 4.3% in the third quarter. D.A. Davidson & CO. now owns 60,153 shares of the insurance provider’s stock worth $2,785,000 after purchasing an additional 2,472 shares in the last quarter. Finally, North Dakota State Investment Board increased its holdings in Truist Financial by 1.0% during the 3rd quarter. North Dakota State Investment Board now owns 37,932 shares of the insurance provider’s stock worth $1,756,000 after purchasing an additional 375 shares during the period. Institutional investors own 71.28% of the company’s stock.
Insider Activity at Truist Financial
In related news, CEO Michael Lyons purchased 25,000 shares of Truist Financial stock in a transaction dated Wednesday, October 28th. The stock was purchased at an average cost of $48.36 per share, with a total value of $1,209,000.00. Following the transaction, the chief executive officer owned 46,000 shares in the company, valued at approximately $2,224,560. The trade was a 119.05% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.15% of the company’s stock.
Truist Financial Stock Performance
Shares of TFC stock opened at $48.74 on Friday. The firm has a market cap of $59.54 billion, a price-to-earnings ratio of 12.56, a PEG ratio of 1.08 and a beta of 0.92. The company’s 50 day moving average is $48.39 and its 200 day moving average is $49.50. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.95. Truist Financial Corporation has a 52-week low of $43.13 and a 52-week high of $56.19.
Truist Financial (NYSE:TFC – Get Free Report) last posted its earnings results on Friday, October 16th. The insurance provider reported $1.16 earnings per share for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.01). The company had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.35 billion. Truist Financial had a return on equity of 10.37% and a net margin of 18.01%. The firm’s quarterly revenue was up 1.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.04 EPS. On average, sell-side analysts anticipate that Truist Financial Corporation will post 4.71 EPS for the current fiscal year.
Truist Financial Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 13th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend is Friday, November 13th. Truist Financial’s payout ratio is presently 53.61%.
Analyst Upgrades and Downgrades
A number of brokerages have weighed in on TFC. Keefe, Bruyette & Woods decreased their target price on Truist Financial from $55.00 to $54.00 and set a “market perform” rating for the company in a research report on Monday, October 19th. Bank of America downgraded Truist Financial from a “buy” rating to a “neutral” rating and increased their price target for the stock from $54.00 to $56.00 in a research report on Wednesday, July 8th. JPMorgan Chase & Co. raised their price target on Truist Financial from $50.50 to $51.50 and gave the company an “underweight” rating in a research note on Friday. Morgan Stanley downgraded Truist Financial from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $62.00 to $54.00 in a report on Monday, July 6th. Finally, Citigroup lowered their price objective on shares of Truist Financial from $54.00 to $50.00 and set a “neutral” rating for the company in a research note on Wednesday, October 21st. Seven analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Truist Financial currently has an average rating of “Hold” and a consensus price target of $53.82.
Check Out Our Latest Stock Report on Truist Financial
Truist Financial Profile
Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.
Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.
Featured Articles
- Five stocks we like better than Truist Financial
- Amazon’s Record Margins Couldn’t Stop the Sell-Off—Here’s Why
- DoorDash’s $17 Billion Bet on Instacart Faces a Long Regulatory Road Ahead
- FTC Puts A Wrinkle In the Cintas and UniFirst Merger
- Breaching the Valuation: The Real Reason Fortinet Dropped
Want to see what other hedge funds are holding TFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Truist Financial Corporation (NYSE:TFC – Free Report).
Receive News & Ratings for Truist Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Truist Financial and related companies with MarketBeat.com's FREE daily email newsletter.
