Kentucky Retirement Systems bought a new stake in Truist Financial Co. (NYSE:TFC – Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 108,801 shares of the insurance provider’s stock, valued at approximately $3,113,000.
Other large investors have also modified their holdings of the company. Fairfield Bush & CO. purchased a new position in Truist Financial during the 1st quarter worth $25,000. JFS Wealth Advisors LLC raised its holdings in Truist Financial by 617.0% during the second quarter. JFS Wealth Advisors LLC now owns 968 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 833 shares in the last quarter. Quarry LP acquired a new stake in Truist Financial in the first quarter valued at about $32,000. MRP Capital Investments LLC purchased a new stake in Truist Financial in the 1st quarter valued at approximately $34,000. Finally, Union Savings Bank acquired a new position in Truist Financial during the 2nd quarter worth approximately $36,000. Hedge funds and other institutional investors own 71.11% of the company’s stock.
Analysts Set New Price Targets
A number of research firms recently weighed in on TFC. Raymond James decreased their price target on Truist Financial from $36.00 to $34.00 and set an “outperform” rating on the stock in a research note on Thursday, October 5th. Keefe, Bruyette & Woods upgraded shares of Truist Financial from a “market perform” rating to an “outperform” rating and cut their price target for the company from $37.00 to $36.00 in a report on Wednesday, September 20th. Bank of America decreased their price target on Truist Financial from $35.00 to $32.00 in a research note on Tuesday, October 10th. HSBC started coverage on Truist Financial in a research report on Thursday, September 7th. They set a “hold” rating and a $29.00 target price on the stock. Finally, Jefferies Financial Group lowered their price target on shares of Truist Financial from $31.00 to $28.00 in a research report on Tuesday, October 10th. Ten equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $37.97.
View Our Latest Stock Report on Truist Financial
Truist Financial Price Performance
Truist Financial stock opened at $35.79 on Thursday. Truist Financial Co. has a 1 year low of $25.56 and a 1 year high of $53.34. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a 50 day moving average price of $31.29 and a 200 day moving average price of $30.90. The company has a market cap of $47.73 billion, a price-to-earnings ratio of 9.02, a PEG ratio of 2.19 and a beta of 1.12.
Truist Financial (NYSE:TFC – Get Free Report) last released its quarterly earnings data on Thursday, October 19th. The insurance provider reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.02). The firm had revenue of $5.73 billion during the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a return on equity of 10.74% and a net margin of 17.59%. The business’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter last year, the business earned $1.24 earnings per share. Sell-side analysts predict that Truist Financial Co. will post 3.76 earnings per share for the current year.
Truist Financial Announces Dividend
The firm also recently disclosed a special dividend, which was paid on Friday, December 1st. Shareholders of record on Friday, November 10th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, November 9th. This represents a yield of 7.4%. Truist Financial’s dividend payout ratio is currently 52.39%.
Insider Transactions at Truist Financial
In other Truist Financial news, CEO William H. Rogers, Jr. bought 10,000 shares of Truist Financial stock in a transaction that occurred on Friday, October 20th. The shares were acquired at an average price of $28.05 per share, for a total transaction of $280,500.00. Following the acquisition, the chief executive officer now owns 412,924 shares of the company’s stock, valued at approximately $11,582,518.20. The acquisition was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.31% of the company’s stock.
About Truist Financial
Truist Financial Corporation, a holding 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.
Further Reading
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