Legacy Capital Wealth Partners LLC lessened its position in shares of Truist Financial Co. (NYSE:TFC - Free Report) by 52.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,003 shares of the insurance provider's stock after selling 21,981 shares during the period. Legacy Capital Wealth Partners LLC's holdings in Truist Financial were worth $868,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of the company. State Street Corp raised its stake in Truist Financial by 4.6% during the third quarter. State Street Corp now owns 61,864,957 shares of the insurance provider's stock worth $2,645,964,000 after buying an additional 2,720,223 shares during the last quarter. Geode Capital Management LLC increased its stake in Truist Financial by 1.7% in the third quarter. Geode Capital Management LLC now owns 27,440,951 shares of the insurance provider's stock valued at $1,169,350,000 after purchasing an additional 456,412 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Truist Financial by 3.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,431,037 shares of the insurance provider's stock valued at $403,365,000 after purchasing an additional 288,306 shares in the last quarter. FMR LLC increased its stake in Truist Financial by 10.6% in the third quarter. FMR LLC now owns 5,003,106 shares of the insurance provider's stock valued at $213,983,000 after purchasing an additional 478,886 shares in the last quarter. Finally, HighTower Advisors LLC increased its stake in Truist Financial by 26.1% in the third quarter. HighTower Advisors LLC now owns 3,901,891 shares of the insurance provider's stock valued at $166,892,000 after purchasing an additional 807,648 shares in the last quarter. Institutional investors own 71.28% of the company's stock.
Wall Street Analyst Weigh In
Several research firms have weighed in on TFC. HSBC raised shares of Truist Financial from a "hold" rating to a "buy" rating and set a $50.00 price target for the company in a research note on Tuesday, January 7th. Hsbc Global Res raised shares of Truist Financial from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods lifted their price target on shares of Truist Financial from $55.00 to $57.00 and gave the company an "outperform" rating in a research note on Tuesday, January 21st. Citigroup lifted their price target on shares of Truist Financial from $47.00 to $51.00 and gave the company a "neutral" rating in a research note on Monday, November 25th. Finally, The Goldman Sachs Group boosted their target price on shares of Truist Financial from $50.00 to $60.00 and gave the stock a "buy" rating in a research report on Tuesday, November 26th. Eleven analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $50.79.
Get Our Latest Research Report on Truist Financial
Truist Financial Stock Performance
TFC traded down $0.42 during midday trading on Wednesday, reaching $47.20. The company had a trading volume of 2,215,012 shares, compared to its average volume of 7,335,649. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a market cap of $62.65 billion, a PE ratio of 14.18, a P/E/G ratio of 1.64 and a beta of 1.08. Truist Financial Co. has a 12-month low of $34.26 and a 12-month high of $49.06. The business has a 50-day moving average price of $45.55 and a two-hundred day moving average price of $44.41.
Truist Financial (NYSE:TFC - Get Free Report) last released its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, beating analysts' consensus estimates of $0.88 by $0.03. The firm had revenue of $5.11 billion for the quarter, compared to analysts' expectations of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The company's quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.81 earnings per share. On average, sell-side analysts expect that Truist Financial Co. will post 4 earnings per share for the current fiscal year.
Truist Financial Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Friday, February 14th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.41%. The ex-dividend date is Friday, February 14th. Truist Financial's payout ratio is currently 62.46%.
Insider Activity at Truist Financial
In related news, Director K. David Jr. Boyer sold 4,966 shares of the company's stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total transaction of $229,429.20. Following the sale, the director now directly owns 11,246 shares in the company, valued at approximately $519,565.20. This represents a 30.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO William H. Rogers, Jr. purchased 34,180 shares of the company's stock in a transaction that occurred on Monday, November 25th. The shares were acquired at an average price of $48.56 per share, for a total transaction of $1,659,780.80. Following the completion of the purchase, the chief executive officer now directly owns 691,451 shares in the company, valued at $33,576,860.56. This represents a 5.20 % increase in their position. The disclosure for this purchase can be found here. 0.17% of the stock is currently owned by corporate insiders.
Truist Financial Company Profile
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Free Report)
Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.
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