Commonwealth Equity Services LLC Grows Position in Truist Financial Co. (NYSE:TFC)

Commonwealth Equity Services LLC grew its position in shares of Truist Financial Co. (NYSE:TFC) by 3.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 748,240 shares of the insurance provider’s stock after purchasing an additional 22,645 shares during the quarter. Commonwealth Equity Services LLC owned approximately 0.06% of Truist Financial worth $27,625,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. WealthShield Partners LLC grew its position in shares of Truist Financial by 318.1% during the 3rd quarter. WealthShield Partners LLC now owns 30,811 shares of the insurance provider’s stock valued at $882,000 after acquiring an additional 23,442 shares during the period. Verdence Capital Advisors LLC increased its position in shares of Truist Financial by 18.3% in the third quarter. Verdence Capital Advisors LLC now owns 73,106 shares of the insurance provider’s stock valued at $2,092,000 after buying an additional 11,310 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Truist Financial by 0.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 513,851 shares of the insurance provider’s stock worth $14,701,000 after buying an additional 2,634 shares during the period. Mackenzie Financial Corp lifted its position in shares of Truist Financial by 10.3% during the 3rd quarter. Mackenzie Financial Corp now owns 152,687 shares of the insurance provider’s stock valued at $4,152,000 after buying an additional 14,230 shares in the last quarter. Finally, Castleview Partners LLC grew its stake in Truist Financial by 2,428.0% in the 3rd quarter. Castleview Partners LLC now owns 3,337 shares of the insurance provider’s stock valued at $95,000 after acquiring an additional 3,205 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $38.85 on Monday. Truist Financial Co. has a 1 year low of $25.56 and a 1 year high of $39.29. The company has a 50 day simple moving average of $37.16 and a 200-day simple moving average of $35.22. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82.

Truist Financial (NYSE:TFC) last posted its earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.12. The company had revenue of $4.87 billion during the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The firm’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.09 earnings per share. On average, analysts anticipate that Truist Financial Co. will post 3.3 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Friday, May 10th will be given a $0.52 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 5.35%. Truist Financial’s payout ratio is currently -157.58%.

Insiders Place Their Bets

In other news, Director K. David Jr. Boyer sold 3,764 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $37.48, for a total value of $141,074.72. Following the transaction, the director now directly owns 16,132 shares in the company, valued at approximately $604,627.36. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.17% of the stock is currently owned by insiders.

Analyst Ratings Changes

TFC has been the topic of several recent analyst reports. Stephens reaffirmed an “overweight” rating and set a $43.00 price objective on shares of Truist Financial in a report on Tuesday, April 23rd. Citigroup boosted their price objective on Truist Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. TheStreet cut Truist Financial from a “b-” rating to a “c” rating in a report on Tuesday, February 20th. Piper Sandler lifted their price target on Truist Financial from $37.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, January 19th. Finally, Royal Bank of Canada increased their price objective on Truist Financial from $40.00 to $42.00 and gave the company an “outperform” rating in a research note on Friday, January 19th. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Truist Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.88.

About Truist Financial

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.