Boothbay Fund Management LLC Makes New $286,000 Investment in Truist Financial Co. (NYSE:TFC)

Posted by Defense World Staff on Mar 4th, 2023

Boothbay Fund Management LLC acquired a new position in shares of Truist Financial Co. (NYSE:TFC – Get Rating) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 6,578 shares of the insurance provider’s stock, valued at approximately $286,000.

Other hedge funds also recently made changes to their positions in the company. Dynamic Advisor Solutions LLC lifted its position in Truist Financial by 1.2% in the third quarter. Dynamic Advisor Solutions LLC now owns 23,403 shares of the insurance provider’s stock valued at $1,019,000 after purchasing an additional 274 shares during the period. Bailard Inc. lifted its position in shares of Truist Financial by 2.4% during the 3rd quarter. Bailard Inc. now owns 48,433 shares of the insurance provider’s stock valued at $2,109,000 after acquiring an additional 1,133 shares during the period. Stephens Inc. AR lifted its position in shares of Truist Financial by 6.1% during the 3rd quarter. Stephens Inc. AR now owns 232,952 shares of the insurance provider’s stock valued at $10,143,000 after acquiring an additional 13,348 shares during the period. Captrust Financial Advisors lifted its position in shares of Truist Financial by 21.5% during the 2nd quarter. Captrust Financial Advisors now owns 962,495 shares of the insurance provider’s stock valued at $45,651,000 after acquiring an additional 170,239 shares during the period. Finally, Romano Brothers AND Company acquired a new stake in shares of Truist Financial during the 3rd quarter valued at approximately $305,000. Hedge funds and other institutional investors own 72.49% of the company’s stock.

Insiders Place Their Bets

In other news, insider Hugh S. Cummins III sold 35,229 shares of the company’s stock in a transaction dated Friday, January 27th. The shares were sold at an average price of $49.05, for a total value of $1,727,982.45. Following the sale, the insider now owns 307,069 shares in the company, valued at approximately $15,061,734.45. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.31% of the stock is currently owned by company insiders.

Truist Financial Stock Up 1.6 %

Shares of NYSE TFC opened at $46.24 on Friday. Truist Financial Co. has a 52-week low of $40.01 and a 52-week high of $61.10. The firm has a fifty day moving average of $47.08 and a 200-day moving average of $45.86. The stock has a market capitalization of $61.35 billion, a PE ratio of 10.44, a P/E/G ratio of 1.21 and a beta of 1.10. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.80.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 1st. Shareholders of record on Friday, February 10th were issued a $0.52 dividend. The ex-dividend date was Thursday, February 9th. This represents a $2.08 dividend on an annualized basis and a yield of 4.50%. Truist Financial’s dividend payout ratio is currently 46.95%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. StockNews.com cut shares of Truist Financial from a “buy” rating to a “hold” rating in a research note on Thursday, November 24th. Stephens cut shares of Truist Financial from an “overweight” rating to an “equal weight” rating and set a $53.00 price objective for the company. in a research note on Tuesday, January 31st. Jefferies Financial Group raised shares of Truist Financial from a “hold” rating to a “buy” rating in a research note on Monday, January 9th. Wells Fargo & Company dropped their price objective on shares of Truist Financial to $57.00 in a research note on Wednesday, December 14th. Finally, Morgan Stanley dropped their price objective on shares of Truist Financial from $59.00 to $56.00 and set an “equal weight” rating for the company in a research note on Friday, January 20th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $51.91.

Truist Financial Company Profile

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Truist Financial Corp. is a financial holding company, which engages in the provision of banking services to individuals, businesses, and municipalities. It operates through the following segments: Consumer Banking and Wealth, Corporate and Commercial Banking, Insurance Holdings, and Other, Treasury & Corporate.