CI Investments Inc. raised its position in shares of Truist Financial Co. (NYSE:TFC – Get Rating) by 109.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,727 shares of the insurance provider’s stock after acquiring an additional 1,951 shares during the quarter. CI Investments Inc.’s holdings in Truist Financial were worth $160,000 at the end of the most recent quarter.
Several other large investors have also bought and sold shares of TFC. Fairfield Bush & CO. bought a new stake in Truist Financial during the 1st quarter valued at approximately $25,000. Elequin Securities LLC purchased a new position in shares of Truist Financial during the fourth quarter valued at approximately $26,000. Armstrong Advisory Group Inc. purchased a new position in shares of Truist Financial during the fourth quarter valued at approximately $33,000. Capital Advisors Ltd. LLC lifted its holdings in shares of Truist Financial by 462.9% during the fourth quarter. Capital Advisors Ltd. LLC now owns 2,263 shares of the insurance provider’s stock valued at $42,000 after purchasing an additional 1,861 shares during the last quarter. Finally, Western Pacific Wealth Management LP lifted its holdings in shares of Truist Financial by 56.4% during the fourth quarter. Western Pacific Wealth Management LP now owns 1,290 shares of the insurance provider’s stock valued at $56,000 after purchasing an additional 465 shares during the last quarter. 72.49% of the stock is owned by institutional investors.
Insider Transactions at Truist Financial
In related news, Director David M. Ratcliffe acquired 13,125 shares of Truist Financial stock in a transaction dated Friday, March 10th. The stock was purchased at an average cost of $38.08 per share, for a total transaction of $499,800.00. Following the purchase, the director now directly owns 39,025 shares of the company’s stock, valued at approximately $1,486,072. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Truist Financial news, Director Charles A. Patton purchased 3,668 shares of the business’s stock in a transaction on Tuesday, May 2nd. The stock was acquired at an average price of $19.00 per share, for a total transaction of $69,692.00. Following the purchase, the director now owns 3,668 shares of the company’s stock, valued at approximately $69,692. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David M. Ratcliffe purchased 13,125 shares of the business’s stock in a transaction on Friday, March 10th. The stock was acquired at an average price of $38.08 per share, with a total value of $499,800.00. Following the purchase, the director now directly owns 39,025 shares in the company, valued at approximately $1,486,072. The disclosure for this purchase can be found here. 0.31% of the stock is currently owned by company insiders.
Truist Financial Price Performance
Truist Financial (NYSE:TFC – Get Rating) last released its quarterly earnings results on Thursday, April 20th. The insurance provider reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.13 by ($0.04). The firm had revenue of $6.15 billion for the quarter, compared to the consensus estimate of $6.09 billion. Truist Financial had a net margin of 22.81% and a return on equity of 12.37%. Truist Financial’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the previous year, the company earned $1.23 earnings per share. On average, equities analysts predict that Truist Financial Co. will post 4.3 earnings per share for the current year.
Truist Financial Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 1st. Stockholders of record on Friday, May 12th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Thursday, May 11th. This represents a $2.08 annualized dividend and a dividend yield of 6.84%. Truist Financial’s dividend payout ratio (DPR) is 46.33%.
Wall Street Analysts Forecast Growth
TFC has been the subject of several recent research reports. Keefe, Bruyette & Woods upgraded shares of Truist Financial from an “underperform” rating to a “market perform” rating and lowered their target price for the company from $47.00 to $45.00 in a report on Sunday, March 12th. JPMorgan Chase & Co. lowered their target price on shares of Truist Financial from $50.00 to $41.00 and set a “neutral” rating for the company in a report on Monday, April 10th. The Goldman Sachs Group lowered their target price on shares of Truist Financial from $55.00 to $39.00 and set a “buy” rating for the company in a report on Thursday, March 30th. Robert W. Baird upgraded shares of Truist Financial from a “neutral” rating to an “outperform” rating and set a $53.00 price objective for the company in a report on Monday, March 13th. Finally, Citigroup upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and set a $52.00 price objective for the company in a report on Wednesday, March 15th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $46.24.
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.
Read More
- Get a free copy of the StockNews.com research report on Truist Financial (TFC)
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