Ballentine Partners LLC Boosts Stake in Truist Financial Co. (NYSE:TFC)

Ballentine Partners LLC boosted its holdings in Truist Financial Co. (NYSE:TFC) by 7.0% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 26,386 shares of the insurance provider’s stock after acquiring an additional 1,737 shares during the quarter. Ballentine Partners LLC’s holdings in Truist Financial were worth $1,129,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Norden Group LLC acquired a new stake in shares of Truist Financial in the first quarter valued at about $2,351,000. Nordea Investment Management AB increased its holdings in Truist Financial by 44.4% in the first quarter. Nordea Investment Management AB now owns 2,712,848 shares of the insurance provider’s stock valued at $105,353,000 after buying an additional 834,048 shares in the last quarter. CreativeOne Wealth LLC acquired a new stake in shares of Truist Financial during the 1st quarter valued at approximately $516,000. M&G Plc purchased a new stake in shares of Truist Financial during the 2nd quarter worth approximately $2,804,000. Finally, Dimensional Fund Advisors LP increased its stake in Truist Financial by 3.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock valued at $346,957,000 after purchasing an additional 299,196 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Price Performance

Truist Financial stock opened at $42.63 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. The company has a market cap of $57.04 billion, a price-to-earnings ratio of -32.30, a PEG ratio of 1.84 and a beta of 1.05. Truist Financial Co. has a 1 year low of $27.38 and a 1 year high of $45.31. The firm has a 50 day moving average price of $42.79 and a 200 day moving average price of $40.46.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.88%. Truist Financial’s payout ratio is -157.58%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on TFC shares. UBS Group upped their target price on Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a report on Friday, October 18th. Baird R W cut shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods lifted their target price on shares of Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. increased their price target on shares of Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Finally, Citigroup downgraded Truist Financial from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $45.00 to $47.00 in a research report on Wednesday, July 24th. Twelve equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Truist Financial has an average rating of “Hold” and a consensus target price of $46.02.

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.