Park Avenue Securities LLC grew its stake in Truist Financial Co. (NYSE:TFC – Get Rating) by 5.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,839 shares of the insurance provider’s stock after buying an additional 1,697 shares during the period. Park Avenue Securities LLC’s holdings in Truist Financial were worth $1,413,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds also recently made changes to their positions in TFC. Marino Stram & Associates LLC boosted its holdings in shares of Truist Financial by 1.2% in the 4th quarter. Marino Stram & Associates LLC now owns 20,819 shares of the insurance provider’s stock worth $896,000 after purchasing an additional 238 shares in the last quarter. Tompkins Financial Corp boosted its holdings in Truist Financial by 8.0% during the 3rd quarter. Tompkins Financial Corp now owns 3,246 shares of the insurance provider’s stock valued at $141,000 after acquiring an additional 241 shares during the period. Folger Nolan Fleming Douglas Capital Management Inc. boosted its holdings in Truist Financial by 3.2% during the 3rd quarter. Folger Nolan Fleming Douglas Capital Management Inc. now owns 8,071 shares of the insurance provider’s stock valued at $351,000 after acquiring an additional 250 shares during the period. Fortis Advisors LLC boosted its holdings in Truist Financial by 2.6% during the 3rd quarter. Fortis Advisors LLC now owns 10,228 shares of the insurance provider’s stock valued at $445,000 after acquiring an additional 258 shares during the period. Finally, Rossmore Private Capital boosted its holdings in Truist Financial by 0.7% during the 3rd quarter. Rossmore Private Capital now owns 40,103 shares of the insurance provider’s stock valued at $1,746,000 after acquiring an additional 260 shares during the period. Institutional investors and hedge funds own 72.49% of the company’s stock.
Truist Financial Stock Down 3.6 %
Shares of NYSE:TFC opened at $31.95 on Wednesday. Truist Financial Co. has a 52-week low of $28.70 and a 52-week high of $55.99. The firm has a market capitalization of $42.43 billion, a P/E ratio of 7.21, a P/E/G ratio of 1.59 and a beta of 1.06. The stock has a 50 day moving average price of $42.45 and a 200-day moving average price of $43.75. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 0.81.
Truist Financial Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 1st. Investors of record on Friday, February 10th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 6.51%. The ex-dividend date of this dividend was Thursday, February 9th. Truist Financial’s dividend payout ratio (DPR) is presently 46.95%.
Insider Activity at Truist Financial
In related news, insider Hugh S. Cummins III sold 35,229 shares of the firm’s stock in a transaction that occurred on Friday, January 27th. The stock was sold at an average price of $49.05, for a total transaction of $1,727,982.45. Following the completion of the transaction, the insider now owns 307,069 shares of the company’s stock, valued at approximately $15,061,734.45. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Truist Financial news, Director David M. Ratcliffe bought 13,125 shares of the business’s stock in a transaction on Friday, March 10th. The shares were acquired at an average cost of $38.08 per share, for a total transaction of $499,800.00. Following the purchase, the director now owns 39,025 shares in the company, valued at approximately $1,486,072. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Hugh S. Cummins III sold 35,229 shares of the stock in a transaction on 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 $15,061,734.45. The disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
TFC has been the subject of several analyst reports. The Goldman Sachs Group dropped their target price on Truist Financial from $55.00 to $39.00 and set a “buy” rating for the company in a report on Thursday, March 30th. Jefferies Financial Group upgraded Truist Financial from a “hold” rating to a “buy” rating in a report on Monday, January 9th. Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and set a $53.00 target price for the company in a report on Monday, March 13th. Wells Fargo & Company dropped their target price on Truist Financial from $57.00 to $54.00 and set an “overweight” rating for the company in a report on Monday. Finally, Royal Bank of Canada dropped their price objective on Truist Financial from $60.00 to $54.00 and set an “outperform” rating for the company in a report on Friday, March 24th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $50.42.
About Truist Financial
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.
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