Power Corp of Canada Makes New $356,000 Investment in Truist Financial Co. (NYSE:TFC)

Power Corp of Canada purchased a new position in shares of Truist Financial Co. (NYSE:TFC – Get Rating) in the third quarter, according to its most recent filing with the SEC. The firm purchased 8,176 shares of the insurance provider’s stock, valued at approximately $356,000.

A number of other large investors have also recently bought and sold shares of TFC. Fairfield Bush & CO. acquired a new stake in Truist Financial during the 1st quarter worth about $25,000. Newbridge Financial Services Group Inc. grew its holdings in Truist Financial by 555.8% during the 3rd quarter. Newbridge Financial Services Group Inc. now owns 623 shares of the insurance provider’s stock worth $27,000 after acquiring an additional 528 shares during the period. Webster Bank N. A. grew its holdings in Truist Financial by 88.5% during the 3rd quarter. Webster Bank N. A. now owns 639 shares of the insurance provider’s stock worth $28,000 after acquiring an additional 300 shares during the period. Western Pacific Wealth Management LP acquired a new stake in Truist Financial during the 3rd quarter worth about $35,000. Finally, NuWave Investment Management LLC acquired a new stake in Truist Financial during the 3rd quarter worth about $40,000. 72.49% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Price Performance

Truist Financial stock opened at $32.10 on Thursday. Truist Financial Co. has a 52 week low of $30.51 and a 52 week high of $61.10. The company’s 50 day moving average price is $46.38 and its two-hundred day moving average price is $45.20. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.80. The stock has a market cap of $42.63 billion, a P/E ratio of 7.25, a P/E/G ratio of 1.01 and a beta of 1.10.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 1st. Shareholders of record on Friday, February 10th were given a dividend of $0.52 per share. The ex-dividend date was Thursday, February 9th. This represents a $2.08 annualized dividend and a dividend yield of 6.48%. Truist Financial’s dividend payout ratio is currently 46.95%.

Insiders Place Their Bets

In other Truist Financial news, insider Hugh S. Cummins III sold 35,229 shares of Truist Financial stock in a transaction that occurred on Friday, January 27th. The shares were sold at an average price of $49.05, for a total transaction of $1,727,982.45. Following the transaction, the insider now owns 307,069 shares of the company’s stock, valued at approximately $15,061,734.45. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Hugh S. Cummins III sold 35,229 shares of the firm’s stock in a transaction that occurred on Friday, January 27th. The shares were sold at an average price of $49.05, for a total transaction of $1,727,982.45. Following the completion of the sale, the insider now owns 307,069 shares in the company, valued at approximately $15,061,734.45. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director David M. Ratcliffe purchased 13,125 shares of the firm’s stock in a transaction dated Friday, March 10th. The shares were bought at an average price of $38.08 per share, with a total value of $499,800.00. Following the purchase, the director now owns 39,025 shares in the company, valued at $1,486,072. The disclosure for this purchase can be found here. Insiders own 0.31% of the company’s stock.

Analyst Ratings Changes

TFC has been the topic of a number of research analyst reports. Citigroup raised shares of Truist Financial from a “neutral” rating to a “buy” rating and set a $52.00 price objective on the stock in a research report on Wednesday. Robert W. Baird raised shares of Truist Financial from a “neutral” rating to an “outperform” rating and set a $53.00 price objective on the stock in a research report on Monday. Morgan Stanley cut their price objective on shares of Truist Financial from $59.00 to $56.00 and set an “equal weight” rating on the stock in a research report on Friday, January 20th. Jefferies Financial Group raised shares of Truist Financial from a “hold” rating to a “buy” rating in a research report on Monday, January 9th. Finally, Wells Fargo & Company cut their price objective on shares of Truist Financial to $57.00 in a research report on Wednesday, December 14th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $51.58.

Truist Financial Company Profile

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Truist Financial Corp. is a financial holding company, which engages in the provision of banking services to individuals, businesses, and municipalities. It operates through the following segments: Consumer Banking and Wealth, Corporate and Commercial Banking, Insurance Holdings, and Other, Treasury & Corporate.