Foundations Investment Advisors LLC Increases Stake in Truist Financial Co. (NYSE:TFC)

Posted by Defense World Staff on Mar 20th, 2023

Foundations Investment Advisors LLC boosted its stake in Truist Financial Co. (NYSE:TFC – Get Rating) by 172.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,895 shares of the insurance provider’s stock after purchasing an additional 12,600 shares during the period. Foundations Investment Advisors LLC’s holdings in Truist Financial were worth $856,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the stock. Glassy Mountain Advisors Inc. purchased a new position in Truist Financial in the 4th quarter worth approximately $154,000. MCIA Inc purchased a new position in shares of Truist Financial during the fourth quarter valued at approximately $1,320,000. Norway Savings Bank boosted its holdings in Truist Financial by 8.7% in the fourth quarter. Norway Savings Bank now owns 20,013 shares of the insurance provider’s stock valued at $861,000 after acquiring an additional 1,595 shares in the last quarter. Gries Financial LLC boosted its holdings in Truist Financial by 53.6% in the fourth quarter. Gries Financial LLC now owns 34,604 shares of the insurance provider’s stock valued at $1,489,000 after acquiring an additional 12,073 shares in the last quarter. Finally, Coldstream Capital Management Inc. bought a new position in Truist Financial in the 4th quarter worth $593,000. 72.49% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, insider Hugh S. Cummins III sold 35,229 shares of the business’s stock in a transaction on Friday, January 27th. The shares were sold at an average price of $49.05, for a total transaction of $1,727,982.45. Following the completion of the sale, the insider now directly 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 available through this link. In other Truist Financial news, insider Hugh S. Cummins III sold 35,229 shares of the business’s stock in a transaction on Friday, January 27th. The shares were sold at an average price of $49.05, for a total transaction of $1,727,982.45. Following the completion of the sale, the insider now directly 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 available through this link. Also, Director David M. Ratcliffe acquired 13,125 shares of the business’s stock in a transaction dated Friday, March 10th. The shares were acquired at an average cost of $38.08 per share, with a total value of $499,800.00. Following the transaction, the director now owns 39,025 shares in the company, valued at $1,486,072. The disclosure for this purchase can be found here. Company insiders own 0.31% of the company’s stock.

Truist Financial Price Performance

Shares of NYSE TFC opened at $30.56 on Monday. The firm has a market cap of $40.59 billion, a P/E ratio of 6.90, a PEG ratio of 1.27 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. The company has a 50 day moving average of $45.85 and a 200 day moving average of $44.96. Truist Financial Co. has a twelve month low of $28.70 and a twelve month high of $61.10.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 1st. Shareholders of record on Friday, February 10th were paid a dividend of $0.52 per share. The ex-dividend date was Thursday, February 9th. This represents a $2.08 dividend on an annualized basis and a yield of 6.81%. Truist Financial’s dividend payout ratio is presently 46.95%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft lowered shares of Truist Financial from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $61.00 to $48.00 in a report on Friday, January 6th. Keefe, Bruyette & Woods upgraded shares of Truist Financial from an “underperform” rating to a “market perform” rating and decreased their price objective for the stock from $47.00 to $45.00 in a report on Sunday, March 12th. Morgan Stanley decreased 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 report on Friday, January 20th. Stephens cut Truist Financial from an “overweight” rating to an “equal weight” rating and set a $53.00 price target on the stock. in a research note on Tuesday, January 31st. Finally, TheStreet raised Truist Financial from a “c+” rating to a “b-” rating in a research note on Monday, January 23rd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and seven 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 price target of $51.58.

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.