Anchor Investment Management LLC acquired a new position in Truist Financial Co. (NYSE:TFC – Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 83,024 shares of the insurance provider’s stock, valued at approximately $3,065,000.
A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Truist Financial by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 117,271,628 shares of the insurance provider’s stock worth $3,355,141,000 after purchasing an additional 365,871 shares in the last quarter. State Street Corp grew its position in shares of Truist Financial by 1.8% during the 2nd quarter. State Street Corp now owns 59,824,259 shares of the insurance provider’s stock valued at $1,815,666,000 after acquiring an additional 1,056,703 shares during the period. Geode Capital Management LLC grew its position in shares of Truist Financial by 2.2% during the 2nd quarter. Geode Capital Management LLC now owns 24,458,354 shares of the insurance provider’s stock valued at $740,544,000 after acquiring an additional 526,889 shares during the period. Moneta Group Investment Advisors LLC grew its position in shares of Truist Financial by 12,034.8% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 20,490,356 shares of the insurance provider’s stock valued at $881,700,000 after acquiring an additional 20,321,500 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Truist Financial by 3.3% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 17,771,573 shares of the insurance provider’s stock valued at $523,570,000 after acquiring an additional 575,930 shares during the period. 71.11% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of research analysts have recently weighed in on the stock. Piper Sandler increased their target price on shares of Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, January 19th. StockNews.com downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Tuesday. Keefe, Bruyette & Woods raised their price objective on shares of Truist Financial from $42.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. Odeon Capital Group raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $40.45 price objective for the company in a report on Thursday, December 14th. Finally, Royal Bank of Canada raised their price objective on shares of Truist Financial from $40.00 to $42.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $39.87.
Check Out Our Latest Analysis on Truist Financial
Insiders Place Their Bets
In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of the firm’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $37.48, for a total value of $141,074.72. Following the sale, the director now owns 16,132 shares of the company’s stock, valued at approximately $604,627.36. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.31% of the company’s stock.
Truist Financial Trading Down 1.3 %
NYSE:TFC traded down $0.48 during trading hours on Wednesday, reaching $36.45. The company’s stock had a trading volume of 7,079,547 shares, compared to its average volume of 9,980,395. The firm has a market capitalization of $48.64 billion, a price-to-earnings ratio of -33.75, a PEG ratio of 1.59 and a beta of 1.07. The firm has a 50-day simple moving average of $36.49 and a 200-day simple moving average of $32.97. Truist Financial Co. has a 1 year low of $25.56 and a 1 year high of $38.47. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.82 and a current ratio of 0.82.
Truist Financial (NYSE:TFC – Get Free Report) last issued its earnings results on Thursday, January 18th. The insurance provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.13. The company had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a negative net margin of 3.28% and a positive return on equity of 9.64%. During the same quarter last year, the company earned $1.30 EPS. Research analysts expect that Truist Financial Co. will post 3.35 EPS for the current fiscal year.
Truist Financial Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 9th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.71%. The ex-dividend date was Thursday, February 8th. Truist Financial’s payout ratio is presently -192.59%.
About Truist Financial
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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