Edgestream Partners L.P. Takes $962,000 Position in Truist Financial Co. (NYSE:TFC)

Edgestream Partners L.P. purchased a new position in shares of Truist Financial Co. (NYSE:TFC) during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 22,481 shares of the insurance provider’s stock, valued at approximately $962,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. lifted its position in shares of Truist Financial by 316.4% during the third quarter. Assenagon Asset Management S.A. now owns 2,117,950 shares of the insurance provider’s stock worth $90,585,000 after purchasing an additional 1,609,351 shares in the last quarter. LPL Financial LLC raised its position in Truist Financial by 21.0% in the 3rd quarter. LPL Financial LLC now owns 3,630,761 shares of the insurance provider’s stock worth $155,288,000 after purchasing an additional 630,628 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec acquired a new position in Truist Financial during the 3rd quarter worth $26,087,000. GW Henssler & Associates Ltd. boosted its position in Truist Financial by 4,435.3% in the 3rd quarter. GW Henssler & Associates Ltd. now owns 505,145 shares of the insurance provider’s stock valued at $21,605,000 after buying an additional 494,007 shares during the last quarter. Finally, FMR LLC lifted its stake in shares of Truist Financial by 10.6% during the third quarter. FMR LLC now owns 5,003,106 shares of the insurance provider’s stock valued at $213,983,000 after acquiring an additional 478,886 shares during the period. Institutional investors own 71.28% of the company’s stock.

Insider Activity at Truist Financial

In other news, CEO William H. Rogers, Jr. bought 34,180 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was acquired at an average cost of $48.56 per share, for a total transaction of $1,659,780.80. Following the purchase, the chief executive officer now owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. This trade represents a 5.20 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.17% of the stock is owned by company insiders.

Analysts Set New Price Targets

TFC has been the subject of a number of research reports. Piper Sandler lifted their price objective on Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Tuesday. UBS Group increased their price objective on shares of Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a report on Friday, October 18th. Royal Bank of Canada lifted their target price on shares of Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Compass Point raised their price target on Truist Financial from $46.00 to $47.00 in a research report on Wednesday, October 16th. Finally, Stephens reaffirmed an “overweight” rating and set a $50.00 price objective on shares of Truist Financial in a research note on Tuesday, September 10th. Twelve research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Truist Financial presently has an average rating of “Hold” and a consensus target price of $47.67.

Truist Financial Stock Down 0.5 %

Shares of Truist Financial stock opened at $46.22 on Thursday. The firm has a market cap of $61.36 billion, a PE ratio of -32.32, a P/E/G ratio of 1.93 and a beta of 1.06. The business’s 50 day simple moving average is $44.51 and its 200 day simple moving average is $41.96. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. Truist Financial Co. has a 52-week low of $32.78 and a 52-week high of $49.06.

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

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 8th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.50%. The ex-dividend date of this dividend was Friday, November 8th. Truist Financial’s payout ratio is presently -145.45%.

Truist Financial 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.