Kornitzer Capital Management Inc. KS boosted its position in Truist Financial Co. (NYSE:TFC – Free Report) by 6.4% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 770,793 shares of the insurance provider’s stock after purchasing an additional 46,559 shares during the quarter. Kornitzer Capital Management Inc. KS owned approximately 0.06% of Truist Financial worth $22,052,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in the company. EPG Wealth Management LLC boosted its position in Truist Financial by 1.8% during the fourth quarter. EPG Wealth Management LLC now owns 12,219 shares of the insurance provider’s stock worth $526,000 after purchasing an additional 213 shares in the last quarter. Williams Jones Wealth Management LLC. boosted its position in Truist Financial by 5.8% during the first quarter. Williams Jones Wealth Management LLC. now owns 4,850 shares of the insurance provider’s stock worth $275,000 after purchasing an additional 268 shares in the last quarter. Financial Advocates Investment Management boosted its position in Truist Financial by 3.5% during the fourth quarter. Financial Advocates Investment Management now owns 9,071 shares of the insurance provider’s stock worth $390,000 after purchasing an additional 306 shares in the last quarter. SVB Wealth LLC boosted its position in Truist Financial by 7.9% during the second quarter. SVB Wealth LLC now owns 4,568 shares of the insurance provider’s stock worth $217,000 after purchasing an additional 335 shares in the last quarter. Finally, Sunbelt Securities Inc. raised its holdings in shares of Truist Financial by 16.1% in the second quarter. Sunbelt Securities Inc. now owns 2,515 shares of the insurance provider’s stock worth $76,000 after acquiring an additional 348 shares during the last quarter. 71.11% of the stock is currently owned by institutional investors.
Insider Activity at Truist Financial
In other Truist Financial news, CEO William H. Rogers, Jr. purchased 10,000 shares of Truist Financial stock in a transaction that occurred on Friday, October 20th. The stock was purchased at an average price of $28.05 per share, with a total value of $280,500.00. Following the completion of the acquisition, the chief executive officer now owns 412,924 shares of the company’s stock, valued at approximately $11,582,518.20. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.31% of the stock is currently owned by company insiders.
Analyst Upgrades and Downgrades
A number of equities analysts have recently weighed in on the company. Barclays boosted their price target on Truist Financial from $40.00 to $42.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 2nd. Keefe, Bruyette & Woods raised Truist Financial from a “market perform” rating to an “outperform” rating and cut their price target for the stock from $37.00 to $36.00 in a report on Wednesday, September 20th. Odeon Capital Group raised Truist Financial from a “hold” rating to a “buy” rating and set a $40.45 price target for the company in a report on Thursday, December 14th. Morgan Stanley dropped their target price on Truist Financial from $40.00 to $38.00 and set an “equal weight” rating for the company in a research note on Monday, December 4th. Finally, Raymond James upped their target price on Truist Financial from $34.00 to $41.00 and gave the company an “outperform” rating in a research note on Friday, January 5th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Truist Financial presently has an average rating of “Hold” and an average price target of $38.53.
Truist Financial Stock Down 1.6 %
Shares of NYSE TFC traded down $0.60 on Friday, hitting $36.74. The company had a trading volume of 8,021,597 shares, compared to its average volume of 8,053,131. Truist Financial Co. has a 12-month low of $25.56 and a 12-month high of $53.34. The business has a 50 day moving average of $34.23 and a two-hundred day moving average of $31.54. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75. The firm has a market capitalization of $49.00 billion, a P/E ratio of 9.25, a PEG ratio of 1.54 and a beta of 1.11.
Truist Financial (NYSE:TFC – Get Free Report) last issued its earnings results on Thursday, October 19th. The insurance provider reported $0.80 earnings per share for the quarter, missing the consensus estimate of $0.82 by ($0.02). The company 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%. Truist Financial’s quarterly revenue was down 2.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.24 EPS. As a group, equities research analysts forecast that Truist Financial Co. will post 3.77 earnings per share for the current fiscal year.
Truist Financial Dividend Announcement
The firm also recently declared a special dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 10th were issued a $0.52 dividend. This represents a yield of 7.4%. The ex-dividend date was Thursday, November 9th. Truist Financial’s dividend payout ratio is currently 52.39%.
Truist Financial Profile
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.
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