Independent Advisor Alliance Acquires 27,408 Shares of Truist Financial Co. (NYSE:TFC)

Independent Advisor Alliance boosted its holdings in Truist Financial Co. (NYSE:TFC - Free Report) by 10.7% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 282,607 shares of the insurance provider's stock after buying an additional 27,408 shares during the quarter. Independent Advisor Alliance's holdings in Truist Financial were worth $12,087,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Legal & General Group Plc grew its stake in shares of Truist Financial by 1.0% during the second quarter. Legal & General Group Plc now owns 10,338,802 shares of the insurance provider's stock worth $401,663,000 after buying an additional 103,565 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Truist Financial by 3.5% in the second quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider's stock valued at $346,957,000 after purchasing an additional 299,196 shares during the last quarter. Truist Financial Corp raised its position in Truist Financial by 6.7% in the second quarter. Truist Financial Corp now owns 4,931,783 shares of the insurance provider's stock valued at $191,600,000 after purchasing an additional 311,523 shares during the last quarter. LPL Financial LLC boosted its stake in shares of Truist Financial by 21.0% during the third quarter. LPL Financial LLC now owns 3,630,761 shares of the insurance provider's stock valued at $155,288,000 after purchasing an additional 630,628 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Truist Financial by 1.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,489,411 shares of the insurance provider's stock worth $136,018,000 after purchasing an additional 58,349 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company's stock.

Truist Financial Stock Up 1.0 %

Shares of NYSE:TFC traded up $0.46 during midday trading on Monday, hitting $48.42. 3,437,341 shares of the company's stock were exchanged, compared to its average volume of 8,292,049. The company has a market cap of $64.28 billion, a PE ratio of -33.72, a price-to-earnings-growth ratio of 1.97 and a beta of 1.05. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. Truist Financial Co. has a 12 month low of $31.23 and a 12 month high of $49.04. The stock has a 50 day moving average price of $43.68 and a 200-day moving average price of $41.54.

Truist Financial (NYSE:TFC - Get Free Report) last announced its earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.08. The company had revenue of $5.09 billion for the quarter, compared to analysts' expectations of $5.05 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. On average, sell-side analysts anticipate that Truist Financial Co. will post 3.7 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.30%. The ex-dividend date is Friday, November 8th. Truist Financial's payout ratio is currently -145.45%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. JPMorgan Chase & Co. lifted their target price on shares of Truist Financial from $43.50 to $47.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 16th. Compass Point lifted their price target on shares of Truist Financial from $46.00 to $47.00 in a report on Wednesday, October 16th. Keefe, Bruyette & Woods increased their price objective on Truist Financial from $48.00 to $49.00 and gave the company an "overweight" rating in a report on Wednesday, October 16th. Citigroup lifted their target price on Truist Financial from $47.00 to $51.00 and gave the stock a "neutral" rating in a report on Monday. Finally, UBS Group increased their price target on Truist Financial from $47.00 to $49.00 and gave the company a "buy" rating in a research note on Friday, October 18th. Twelve analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $46.57.

Truist Financial Company Profile

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.