Private Asset Management Inc. Makes New $205,000 Investment in Truist Financial Co. (NYSE:TFC)


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Private Asset Management Inc. bought a new position in shares of Truist Financial Co. (NYSE:TFC) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,511 shares of the insurance provider’s stock, valued at approximately $205,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Cozad Asset Management Inc. boosted its position in shares of Truist Financial by 2.6% during the 4th quarter. Cozad Asset Management Inc. now owns 7,225 shares of the insurance provider’s stock worth $346,000 after acquiring an additional 185 shares in the last quarter. Heron Financial Group LLC raised its stake in shares of Truist Financial by 1.7% during the fourth quarter. Heron Financial Group LLC now owns 11,568 shares of the insurance provider’s stock valued at $596,000 after acquiring an additional 190 shares during the last quarter. Radnor Capital Management LLC raised its stake in shares of Truist Financial by 1.9% during the fourth quarter. Radnor Capital Management LLC now owns 10,219 shares of the insurance provider’s stock valued at $490,000 after acquiring an additional 194 shares during the last quarter. Sunbelt Securities Inc. raised its stake in shares of Truist Financial by 1.7% during the fourth quarter. Sunbelt Securities Inc. now owns 12,106 shares of the insurance provider’s stock valued at $580,000 after acquiring an additional 203 shares during the last quarter. Finally, BKD Wealth Advisors LLC raised its stake in shares of Truist Financial by 3.1% during the fourth quarter. BKD Wealth Advisors LLC now owns 6,731 shares of the insurance provider’s stock valued at $323,000 after acquiring an additional 204 shares during the last quarter. Institutional investors and hedge funds own 72.11% of the company’s stock.

TFC stock opened at $58.36 on Thursday. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.93 and a quick ratio of 0.91. Truist Financial Co. has a one year low of $29.24 and a one year high of $61.26. The stock has a market cap of $78.46 billion, a PE ratio of 20.21, a P/E/G ratio of 1.75 and a beta of 1.36. The firm has a 50 day simple moving average of $58.34 and a two-hundred day simple moving average of $49.42.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Wednesday, January 20th. The insurance provider reported $1.18 EPS for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.19. Truist Financial had a net margin of 16.95% and a return on equity of 7.76%. The business had revenue of $5.65 billion during the quarter, compared to analysts’ expectations of $5.42 billion. During the same quarter in the previous year, the company earned $1.04 EPS. On average, research analysts expect that Truist Financial Co. will post 3.54 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 1st. Shareholders of record on Friday, February 12th were issued a $0.45 dividend. The ex-dividend date of this dividend was Thursday, February 11th. This represents a $1.80 annualized dividend and a yield of 3.08%. Truist Financial’s dividend payout ratio (DPR) is presently 41.19%.

A number of brokerages recently weighed in on TFC. Morgan Stanley lifted their target price on shares of Truist Financial from $65.00 to $68.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 30th. Stephens raised their price target on shares of Truist Financial from $54.00 to $66.00 in a report on Tuesday, March 30th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Truist Financial from $56.00 to $65.00 in a report on Monday, March 15th. Bank of America raised their price target on shares of Truist Financial from $58.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, January 22nd. Finally, Raymond James lifted their price objective on shares of Truist Financial from $58.00 to $65.00 and gave the company an “outperform” rating in a report on Wednesday. Nine equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $51.02.

In related news, COO William H. Rogers, Jr. sold 176,379 shares of the stock in a transaction dated Friday, January 22nd. The shares were sold at an average price of $50.22, for a total value of $8,857,753.38. Following the completion of the transaction, the chief operating officer now directly owns 849,506 shares in the company, valued at approximately $42,662,191.32. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Clarke R. Starnes III sold 48,175 shares of the stock in a transaction dated Friday, January 22nd. The stock was sold at an average price of $51.06, for a total transaction of $2,459,815.50. Following the completion of the transaction, the insider now owns 182,205 shares of the company’s stock, valued at $9,303,387.30. The disclosure for this sale can be found here. Insiders sold a total of 237,094 shares of company stock valued at $12,045,695 over the last 90 days. Company insiders own 0.35% 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: Short Selling

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Institutional Ownership by Quarter for Truist Financial (NYSE:TFC)

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