StoneRidge PMG Advisors LLC acquired a new position in shares of Truist Financial Corporation (NYSE:TFC – Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 18,555 shares of the insurance provider’s stock, valued at approximately $859,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of TFC. Quest 10 Wealth Builders Inc. lifted its stake in Truist Financial by 24.6% in the 3rd quarter. Quest 10 Wealth Builders Inc. now owns 1,039 shares of the insurance provider’s stock valued at $48,000 after acquiring an additional 205 shares in the last quarter. Shepherd Financial Partners LLC grew its stake in shares of Truist Financial by 1.8% during the 3rd quarter. Shepherd Financial Partners LLC now owns 12,032 shares of the insurance provider’s stock worth $557,000 after acquiring an additional 208 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its stake in shares of Truist Financial by 4.0% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,456 shares of the insurance provider’s stock worth $272,000 after acquiring an additional 211 shares in the last quarter. Csenge Advisory Group grew its stake in shares of Truist Financial by 0.3% during the 2nd quarter. Csenge Advisory Group now owns 69,426 shares of the insurance provider’s stock worth $3,459,000 after acquiring an additional 227 shares in the last quarter. Finally, Apella Capital LLC grew its stake in shares of Truist Financial by 0.5% during the 2nd quarter. Apella Capital LLC now owns 43,030 shares of the insurance provider’s stock worth $2,210,000 after acquiring an additional 232 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.
Insider Buying and Selling at Truist Financial
In other news, CEO Michael Lyons bought 25,000 shares of the company’s stock in a transaction dated Wednesday, October 28th. The stock was bought at an average price of $48.36 per share, with a total value of $1,209,000.00. Following the completion of the acquisition, the chief executive officer owned 46,000 shares of the company’s stock, valued at $2,224,560. This represents a 119.05% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.15% of the company’s stock.
Wall Street Analyst Weigh In
TFC has been the topic of a number of recent research reports. Keefe, Bruyette & Woods lowered their price objective on shares of Truist Financial from $55.00 to $54.00 and set a “market perform” rating on the stock in a report on Monday, October 19th. Weiss Ratings restated a “buy (b)” rating on shares of Truist Financial in a research note on Tuesday, October 27th. Bank of America decreased their price objective on Truist Financial from $56.00 to $53.00 in a report on Thursday, October 8th. JPMorgan Chase & Co. lifted their target price on Truist Financial from $50.50 to $51.50 and gave the company an “underweight” rating in a research report on Friday, October 30th. Finally, Wall Street Zen downgraded Truist Financial from a “hold” rating to a “sell” rating in a research report on Saturday, October 31st. Nine research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $54.73.
Read Our Latest Research Report on TFC
Truist Financial Stock Performance
Shares of TFC stock opened at $49.48 on Monday. Truist Financial Corporation has a 52 week low of $43.13 and a 52 week high of $56.19. The company has a market capitalization of $59.30 billion, a price-to-earnings ratio of 12.75, a PEG ratio of 1.10 and a beta of 0.90. The company has a 50-day simple moving average of $48.34 and a 200 day simple moving average of $49.50. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.88 and a current ratio of 0.88.
Truist Financial (NYSE:TFC – Get Free Report) last posted its earnings results on Friday, October 16th. The insurance provider reported $1.16 EPS for the quarter, missing the consensus estimate of $1.17 by ($0.01). The firm had revenue of $5.30 billion during the quarter, compared to analyst estimates of $5.35 billion. Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. Truist Financial’s revenue for the quarter was up 1.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.04 EPS. On average, sell-side analysts predict that Truist Financial Corporation will post 4.66 earnings per share for the current year.
Truist Financial Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 13th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, November 13th. This represents a $2.08 annualized dividend and a yield of 4.2%. Truist Financial’s dividend payout ratio (DPR) is presently 53.61%.
Truist Financial Profile
Truist Financial Corporation (NYSE: TFC) is a financial services company headquartered in Charlotte, North Carolina. It provides banking and related services to individuals, businesses and institutions, including deposit accounts, loans, credit cards, payment services and treasury management.
The company also offers wealth management, investment and mortgage services, along with commercial banking and capital markets solutions. Its operations are concentrated in the southeastern and mid-Atlantic United States, serving customers through branches, digital channels and other delivery platforms.
Truist was formed in 2019 through the merger of BB&T Corporation and SunTrust Banks.
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