Graypoint LLC Buys 550 Shares of Truist Financial Co. (NYSE:TFC)

Graypoint LLC grew its stake in shares of Truist Financial Co. (NYSE:TFC) by 8.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 6,745 shares of the insurance provider’s stock after acquiring an additional 550 shares during the period. Graypoint LLC’s holdings in Truist Financial were worth $293,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of TFC. Acadian Asset Management LLC bought a new position in Truist Financial in the 2nd quarter worth approximately $1,111,000. Ashton Thomas Private Wealth LLC bought a new position in Truist Financial in the 2nd quarter worth approximately $89,000. Wedbush Securities Inc. boosted its holdings in Truist Financial by 4.4% in the 2nd quarter. Wedbush Securities Inc. now owns 8,414 shares of the insurance provider’s stock worth $327,000 after buying an additional 353 shares during the period. Main Street Financial Solutions LLC boosted its holdings in Truist Financial by 13.1% in the 2nd quarter. Main Street Financial Solutions LLC now owns 6,212 shares of the insurance provider’s stock worth $241,000 after buying an additional 720 shares during the period. Finally, Oppenheimer & Co. Inc. boosted its holdings in Truist Financial by 6.0% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 143,166 shares of the insurance provider’s stock worth $5,562,000 after buying an additional 8,126 shares during the period. 71.28% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

TFC has been the subject of several analyst reports. StockNews.com downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Thursday. Citigroup increased their target price on shares of Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research note on Monday, November 25th. Keefe, Bruyette & Woods increased their target price on shares of Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Royal Bank of Canada increased their target price on shares of Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Finally, Compass Point increased their target price on shares of Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Truist Financial has a consensus rating of “Moderate Buy” and a consensus target price of $49.89.

Truist Financial Price Performance

TFC opened at $42.83 on Monday. The stock’s 50 day simple moving average is $45.36 and its 200 day simple moving average is $43.38. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. Truist Financial Co. has a 1 year low of $34.23 and a 1 year high of $49.06. The firm has a market cap of $56.86 billion, a price-to-earnings ratio of -29.95, a PEG ratio of 1.88 and a beta of 1.08.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.08. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The business had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.05 billion. As a group, analysts predict that Truist Financial Co. will post 3.7 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 8th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.86%. The ex-dividend date of this dividend was Friday, November 8th. Truist Financial’s dividend payout ratio (DPR) is currently -145.45%.

Insiders Place Their Bets

In other news, Director K. David Jr. Boyer sold 4,966 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total value of $229,429.20. Following the completion of the transaction, the director now owns 11,246 shares in the company, valued at $519,565.20. This trade represents a 30.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William H. Rogers, Jr. bought 34,180 shares of the stock in a transaction dated Monday, November 25th. The stock was purchased at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the purchase, the chief executive officer now owns 691,451 shares in the company, valued at $33,576,860.56. This trade represents a 5.20 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.17% of the company’s stock.

Truist Financial Company 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.