Truist Financial Co. (NYSE:TFC) Stock Position Lessened by NFJ Investment Group LLC

NFJ Investment Group LLC lessened its stake in shares of Truist Financial Co. (NYSE:TFC) by 9.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,310,345 shares of the insurance provider’s stock after selling 144,404 shares during the quarter. Truist Financial comprises about 1.6% of NFJ Investment Group LLC’s investment portfolio, making the stock its 9th biggest holding. NFJ Investment Group LLC’s holdings in Truist Financial were worth $56,043,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the stock. Transcend Capital Advisors LLC purchased a new position in shares of Truist Financial in the second quarter worth approximately $258,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Truist Financial in the second quarter worth approximately $42,000. Mather Group LLC. boosted its holdings in shares of Truist Financial by 135.7% in the second quarter. Mather Group LLC. now owns 8,408 shares of the insurance provider’s stock worth $328,000 after buying an additional 4,840 shares during the last quarter. Kingswood Wealth Advisors LLC boosted its holdings in shares of Truist Financial by 72.2% in the second quarter. Kingswood Wealth Advisors LLC now owns 20,576 shares of the insurance provider’s stock worth $799,000 after buying an additional 8,626 shares during the last quarter. Finally, Park Avenue Securities LLC boosted its holdings in shares of Truist Financial by 3.4% in the second quarter. Park Avenue Securities LLC now owns 36,136 shares of the insurance provider’s stock worth $1,404,000 after buying an additional 1,181 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insiders Place Their Bets

In related news, CEO William H. Rogers, Jr. bought 34,180 shares of the stock in a transaction dated Monday, November 25th. The stock was purchased at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the completion of the purchase, the chief executive officer now owns 691,451 shares of the company’s stock, valued at $33,576,860.56. This trade represents a 5.20 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.17% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Wolfe Research raised shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. UBS Group raised their target price on shares of Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. raised their target price on shares of Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 16th. The Goldman Sachs Group raised their target price on shares of Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, Citigroup raised their target price on shares of Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research note on Monday, November 25th. Twelve investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $47.67.

Truist Financial Price Performance

TFC traded down $0.29 during trading hours on Tuesday, hitting $46.69. The company’s stock had a trading volume of 425,477 shares, compared to its average volume of 8,257,811. The business’s 50-day moving average price is $44.23 and its 200-day moving average price is $41.84. Truist Financial Co. has a 12 month low of $32.78 and a 12 month high of $49.06. The stock has a market cap of $61.98 billion, a price-to-earnings ratio of -32.85, a P/E/G ratio of 1.96 and a beta of 1.06. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.08. The company had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. Sell-side analysts expect that Truist Financial Co. will post 3.7 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 8th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.45%. The ex-dividend date was Friday, November 8th. Truist Financial’s payout ratio is -145.45%.

Truist Financial Company Profile

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.