Lecap Asset Management Ltd. Purchases New Position in Truist Financial Co. (NYSE:TFC)

Lecap Asset Management Ltd. purchased a new stake in Truist Financial Co. (NYSE:TFC) in the third quarter, HoldingsChannel reports. The institutional investor purchased 28,144 shares of the insurance provider’s stock, valued at approximately $1,204,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Capital Investment Counsel Inc lifted its stake in shares of Truist Financial by 0.4% during the second quarter. Capital Investment Counsel Inc now owns 62,111 shares of the insurance provider’s stock valued at $2,413,000 after buying an additional 244 shares during the period. Burkett Financial Services LLC lifted its stake in shares of Truist Financial by 26.8% during the third quarter. Burkett Financial Services LLC now owns 1,198 shares of the insurance provider’s stock valued at $51,000 after buying an additional 253 shares during the period. Verum Partners LLC lifted its stake in shares of Truist Financial by 2.5% during the second quarter. Verum Partners LLC now owns 10,573 shares of the insurance provider’s stock valued at $411,000 after buying an additional 261 shares during the period. CX Institutional lifted its stake in shares of Truist Financial by 3.4% during the second quarter. CX Institutional now owns 8,050 shares of the insurance provider’s stock valued at $313,000 after buying an additional 263 shares during the period. Finally, Coldstream Capital Management Inc. lifted its stake in shares of Truist Financial by 1.5% during the second quarter. Coldstream Capital Management Inc. now owns 18,593 shares of the insurance provider’s stock valued at $722,000 after buying an additional 274 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Morgan Stanley increased their price target on shares of Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. Wolfe Research raised shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. UBS Group increased their price target on shares of Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Baird R W downgraded shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Finally, Robert W. Baird downgraded shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price target on the stock. in a research note on Wednesday, July 17th. Twelve equities research 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, the stock currently has an average rating of “Hold” and an average target price of $46.02.

Truist Financial Trading Up 0.1 %

NYSE TFC opened at $43.44 on Thursday. Truist Financial Co. has a one year low of $27.01 and a one year high of $45.31. The company has a 50-day simple moving average of $42.76 and a 200-day simple moving average of $40.41. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.86 and a current ratio of 0.85. The firm has a market capitalization of $58.13 billion, a PE ratio of -32.91, a price-to-earnings-growth ratio of 1.83 and a beta of 1.05.

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

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be given a $0.52 dividend. The ex-dividend date is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.79%. Truist Financial’s dividend payout ratio is presently -157.58%.

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.