Ignite Planners LLC Boosts Stake in Truist Financial Co. (NYSE:TFC)

Ignite Planners LLC increased its position in shares of Truist Financial Co. (NYSE:TFC) by 1.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 17,499 shares of the insurance provider’s stock after buying an additional 246 shares during the quarter. Ignite Planners LLC’s holdings in Truist Financial were worth $772,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. State Street Corp grew its position in shares of Truist Financial by 4.6% during the third quarter. State Street Corp now owns 61,864,957 shares of the insurance provider’s stock worth $2,645,964,000 after acquiring an additional 2,720,223 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Truist Financial by 316.4% during the 3rd 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 during the last quarter. HighTower Advisors LLC increased its stake in Truist Financial by 26.1% in the third quarter. HighTower Advisors LLC now owns 3,901,891 shares of the insurance provider’s stock valued at $166,892,000 after purchasing an additional 807,648 shares during the period. LPL Financial LLC raised its holdings in shares of Truist Financial by 21.0% in the third quarter. LPL Financial LLC now owns 3,630,761 shares of the insurance provider’s stock valued at $155,288,000 after buying an additional 630,628 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec acquired a new stake in shares of Truist Financial during the third quarter worth about $26,087,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insider Activity at Truist Financial

In other news, Director K. David Jr. Boyer sold 4,966 shares of Truist Financial stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total transaction of $229,429.20. Following the sale, the director now owns 11,246 shares in the company, valued at $519,565.20. This trade represents a 30.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William H. Rogers, Jr. bought 34,180 shares of Truist Financial stock in a transaction dated Monday, November 25th. The shares were purchased at an average cost of $48.56 per share, for a total transaction of $1,659,780.80. Following the completion of the transaction, the chief executive officer now owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. This represents a 5.20 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.17% of the company’s stock.

Truist Financial Stock Up 0.8 %

Shares of NYSE:TFC opened at $43.13 on Tuesday. The company has a market capitalization of $57.26 billion, a P/E ratio of -30.16, a P/E/G ratio of 1.88 and a beta of 1.08. The stock’s fifty day simple moving average is $45.38 and its 200-day simple moving average is $43.42. Truist Financial Co. has a 52-week low of $34.23 and a 52-week high of $49.06. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.08. The business had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. As a group, equities research analysts forecast that Truist Financial Co. will post 3.7 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 8th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.82%. The ex-dividend date was Friday, November 8th. Truist Financial’s dividend payout ratio is currently -145.45%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Wells Fargo & Company boosted their price target on Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. UBS Group upped their price target on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Keefe, Bruyette & Woods lifted their price objective on shares of Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Royal Bank of Canada upped their price objective on shares of Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Finally, HSBC raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Truist Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.89.

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.