Resurgent Financial Advisors LLC acquired a new position in shares of Truist Financial Co. (NYSE:TFC – Get Rating) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 4,126 shares of the insurance provider’s stock, valued at approximately $234,000.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in Truist Financial during the fourth quarter worth $710,595,000. American Century Companies Inc. increased its position in Truist Financial by 70.9% during the first quarter. American Century Companies Inc. now owns 11,788,064 shares of the insurance provider’s stock worth $668,383,000 after buying an additional 4,889,702 shares during the last quarter. State Street Corp increased its position in Truist Financial by 2.7% during the fourth quarter. State Street Corp now owns 63,687,255 shares of the insurance provider’s stock worth $3,728,889,000 after buying an additional 1,687,751 shares during the last quarter. Vanguard Group Inc. increased its position in Truist Financial by 1.2% during the first quarter. Vanguard Group Inc. now owns 117,904,719 shares of the insurance provider’s stock worth $6,685,197,000 after buying an additional 1,410,643 shares during the last quarter. Finally, Dodge & Cox increased its position in Truist Financial by 8.6% during the fourth quarter. Dodge & Cox now owns 16,347,518 shares of the insurance provider’s stock worth $957,147,000 after buying an additional 1,293,701 shares during the last quarter. 73.31% of the stock is currently owned by hedge funds and other institutional investors.
Truist Financial Trading Up 0.9 %
Shares of TFC opened at $48.48 on Monday. Truist Financial Co. has a 12-month low of $44.68 and a 12-month high of $68.95. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $64.30 billion, a price-to-earnings ratio of 10.99, a P/E/G ratio of 2.10 and a beta of 1.12. The stock’s 50-day moving average price is $48.75 and its 200 day moving average price is $50.87.
Truist Financial Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Friday, August 12th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.29%. This is an increase from Truist Financial’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend was Thursday, August 11th. Truist Financial’s payout ratio is presently 47.17%.
Wall Street Analyst Weigh In
Several research firms have commented on TFC. Wells Fargo & Company lowered their target price on shares of Truist Financial from $69.00 to $59.00 and set an “overweight” rating on the stock in a research report on Friday, July 1st. Credit Suisse Group lowered their price target on Truist Financial to $52.00 in a research report on Friday, July 22nd. Compass Point downgraded Truist Financial from a “buy” rating to a “neutral” rating and set a $55.00 price target on the stock. in a research report on Monday, August 15th. Barclays lowered their price target on Truist Financial to $61.00 in a research report on Friday, July 22nd. Finally, Citigroup lowered their price target on Truist Financial from $58.00 to $52.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 12th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $57.39.
Insider Buying and Selling at Truist Financial
In other Truist Financial news, CEO William H. Rogers, Jr. sold 142,606 shares of Truist Financial stock in a transaction that occurred on Wednesday, July 20th. The stock was sold at an average price of $47.78, for a total transaction of $6,813,714.68. Following the sale, the chief executive officer now directly owns 862,590 shares of the company’s stock, valued at $41,214,550.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.31% of the company’s stock.
Truist Financial Company Profile
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.
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