RiverFront Investment Group LLC Acquires New Position in Truist Financial Co. (NYSE:TFC)

RiverFront Investment Group LLC bought a new position in Truist Financial Co. (NYSE:TFC) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm bought 6,113 shares of the insurance provider’s stock, valued at approximately $226,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Bleakley Financial Group LLC lifted its position in Truist Financial by 6.1% during the fourth quarter. Bleakley Financial Group LLC now owns 29,890 shares of the insurance provider’s stock worth $1,104,000 after buying an additional 1,731 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Truist Financial by 53.1% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 338,972 shares of the insurance provider’s stock valued at $12,515,000 after acquiring an additional 117,524 shares during the last quarter. International Assets Investment Management LLC grew its holdings in shares of Truist Financial by 3,359.6% in the fourth quarter. International Assets Investment Management LLC now owns 1,045,560 shares of the insurance provider’s stock valued at $38,602,000 after purchasing an additional 1,015,338 shares during the period. Loudon Investment Management LLC increased its position in Truist Financial by 18.5% during the third quarter. Loudon Investment Management LLC now owns 131,398 shares of the insurance provider’s stock worth $3,759,000 after purchasing an additional 20,490 shares during the last quarter. Finally, Pathstone Family Office LLC raised its stake in Truist Financial by 84.8% during the third quarter. Pathstone Family Office LLC now owns 97,317 shares of the insurance provider’s stock worth $2,786,000 after purchasing an additional 44,659 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Truist Financial

In related news, Director K. David Jr. Boyer sold 3,764 shares of the firm’s stock in a transaction that occurred 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 $604,627.36. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.17% of the company’s stock.

Truist Financial Trading Up 0.5 %

Shares of TFC stock opened at $38.17 on Monday. The stock has a market capitalization of $50.94 billion, a P/E ratio of -28.92, a price-to-earnings-growth ratio of 2.01 and a beta of 1.08. Truist Financial Co. has a fifty-two week low of $25.56 and a fifty-two week high of $39.29. 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 company has a 50 day moving average price of $36.90 and a 200 day moving average price of $34.90.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.12. The business had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The company’s revenue was down 8.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.09 earnings per share. Equities research analysts predict that Truist Financial Co. will post 3.27 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Friday, May 10th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.45%. The ex-dividend date of this dividend is Thursday, May 9th. Truist Financial’s dividend payout ratio is currently -157.58%.

Analyst Ratings Changes

Several research firms have recently weighed in on TFC. Piper Sandler increased their price target on shares of Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, January 19th. Compass Point raised Truist Financial from a “neutral” rating to a “buy” rating and raised their target price for the stock from $34.00 to $42.00 in a research note on Tuesday, April 23rd. UBS Group lifted their target price on Truist Financial from $45.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, April 5th. Bank of America upgraded Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 price target for the company in a report on Thursday, January 4th. Finally, Stephens restated an “overweight” rating and issued a $43.00 price objective on shares of Truist Financial in a report on Tuesday, April 23rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Truist Financial currently has a consensus rating of “Moderate Buy” and an average target price of $41.97.

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.