6,552 Shares in Truist Financial Co. (NYSE:TFC) Acquired by Heritage Oak Wealth Advisors LLC

by · The Markets Daily

Heritage Oak Wealth Advisors LLC bought a new stake in shares of Truist Financial Co. (NYSE:TFC – Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 6,552 shares of the insurance provider’s stock, valued at approximately $280,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Capital International Investors boosted its holdings in shares of Truist Financial by 93.7% during the first quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock worth $453,854,000 after purchasing an additional 5,632,493 shares during the period. Assenagon Asset Management S.A. lifted its holdings in Truist Financial by 316.4% in 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. Jennison Associates LLC lifted its position in shares of Truist Financial by 48.9% during the 1st quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock worth $149,698,000 after purchasing an additional 1,261,598 shares during the last quarter. Nordea Investment Management AB lifted its holdings in shares of Truist Financial by 44.4% during the 1st quarter. Nordea Investment Management AB now owns 2,712,848 shares of the insurance provider’s stock worth $105,353,000 after acquiring an additional 834,048 shares during the period. Finally, Retirement Systems of Alabama raised its position in Truist Financial by 278.6% in the first quarter. Retirement Systems of Alabama now owns 1,112,844 shares of the insurance provider’s stock worth $43,379,000 after purchasing an additional 818,916 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Price Performance

Shares of TFC stock traded down $0.56 on Friday, reaching $42.86. The company had a trading volume of 1,403,444 shares, compared to its average volume of 8,259,626. The stock has a market capitalization of $57.40 billion, a PE ratio of -30.36, a price-to-earnings-growth ratio of 1.84 and a beta of 1.05. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62. The business’s 50-day moving average is $42.76 and its 200 day moving average is $40.41. Truist Financial Co. has a one year low of $27.38 and a one year high of $45.31.

Truist Financial (NYSE:TFC – Get Free Report) last posted its earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.07. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The firm had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $4.83 billion. During the same quarter in the previous year, the firm posted $0.95 earnings per share. The company’s revenue was down 15.9% on a year-over-year basis. Equities research analysts forecast that Truist Financial Co. will post 3.58 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.85%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial’s payout ratio is -145.45%.

Analysts Set New Price Targets

A number of research firms have commented on TFC. Baird R W lowered Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Compass Point increased their target price on Truist Financial from $46.00 to $47.00 in a research note on Wednesday, October 16th. Wolfe Research upgraded shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. Citigroup lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $45.00 to $47.00 in a report on Wednesday, July 24th. Finally, Stephens reaffirmed an “overweight” rating and issued a $50.00 target price on shares of Truist Financial in a research note on Tuesday, September 10th. Twelve analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Truist Financial presently has an average rating of “Hold” and a consensus price target of $46.02.

Get Our Latest Stock Report on Truist Financial

Truist Financial Company Profile

(Free Report)

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.

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