My Legacy Advisors LLC Increases Position in Truist Financial Co. (NYSE:TFC)

My Legacy Advisors LLC lifted its stake in Truist Financial Co. (NYSE:TFC) by 15.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,499 shares of the insurance provider’s stock after acquiring an additional 1,566 shares during the period. My Legacy Advisors LLC’s holdings in Truist Financial were worth $492,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Crewe Advisors LLC purchased a new stake in shares of Truist Financial during the first quarter valued at about $27,000. MFA Wealth Advisors LLC bought a new position in shares of Truist Financial during the 2nd quarter worth approximately $30,000. Y.D. More Investments Ltd purchased a new stake in Truist Financial during the second quarter valued at approximately $31,000. Hobbs Group Advisors LLC acquired a new stake in Truist Financial in the second quarter valued at approximately $38,000. Finally, Beacon Capital Management LLC grew its holdings in Truist Financial by 57.4% in the first quarter. Beacon Capital Management LLC now owns 1,015 shares of the insurance provider’s stock worth $40,000 after purchasing an additional 370 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Stock Performance

Shares of NYSE:TFC opened at $43.39 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.86. Truist Financial Co. has a 1 year low of $26.95 and a 1 year high of $45.31. The firm has a market capitalization of $58.06 billion, a PE ratio of -32.87, a P/E/G ratio of 1.83 and a beta of 1.05. The business’s 50 day moving average price is $42.73 and its 200-day moving average price is $40.39.

Truist Financial (NYSE:TFC) last issued its earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.84 by $0.07. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The business had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $4.83 billion. During the same period in the previous year, the firm posted $0.95 EPS. The business’s revenue for the quarter was down 15.9% compared to the same quarter last year. As a group, equities research analysts expect that Truist Financial Co. will post 3.57 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.79%. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on TFC shares. Bank of America raised their price target on Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. JPMorgan Chase & Co. increased their price target on Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. The Goldman Sachs Group decreased their price objective on Truist Financial from $50.00 to $48.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Finally, Citigroup downgraded Truist Financial from a “buy” rating to a “neutral” rating and boosted their price target for the company from $45.00 to $47.00 in a report on Wednesday, July 24th. Twelve research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, Truist Financial has an average rating of “Hold” and a consensus target price of $46.02.

Insider Transactions at Truist Financial

In related news, VP Cynthia B. Powell sold 6,688 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $44.14, for a total transaction of $295,208.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.17% of the company’s stock.

Truist Financial 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.