Atom Investors LP acquired a new stake in Truist Financial Co. (NYSE:TFC - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 86,485 shares of the insurance provider's stock, valued at approximately $3,699,000.
Other hedge funds have also added to or reduced their stakes in the company. Valley Wealth Managers Inc. bought a new position in Truist Financial in the third quarter worth approximately $26,000. MFA Wealth Advisors LLC purchased a new position in shares of Truist Financial during the second quarter valued at $30,000. Y.D. More Investments Ltd purchased a new position in shares of Truist Financial during the second quarter valued at $31,000. MidAtlantic Capital Management Inc. purchased a new stake in Truist Financial in the third quarter worth about $32,000. Finally, Fortitude Family Office LLC grew its holdings in Truist Financial by 376.7% during the 3rd quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider's stock worth $37,000 after acquiring an additional 678 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.
TFC opened at $47.68 on Monday. The stock's fifty day moving average is $44.23 and its 200-day moving average is $41.84. The company has a market capitalization of $63.30 billion, a PE ratio of -33.34, a P/E/G ratio of 1.96 and a beta of 1.05. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. Truist Financial Co. has a one year low of $31.96 and a one year high of $49.06.
Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $5.05 billion. On average, equities analysts predict that Truist Financial Co. will post 3.7 EPS for the current fiscal year.
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 given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.36%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial's dividend payout ratio is -145.45%.
Several equities research analysts have recently weighed in on TFC shares. Stephens reaffirmed an "overweight" rating and issued a $50.00 price target on shares of Truist Financial in a research report on Tuesday, September 10th. JPMorgan Chase & Co. boosted their target price on Truist Financial from $43.50 to $47.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 16th. The Goldman Sachs Group upped their target price on Truist Financial from $50.00 to $60.00 and gave the company a "buy" rating in a research report on Tuesday, November 26th. Keefe, Bruyette & Woods raised their price target 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. Finally, Wolfe Research raised shares of Truist Financial from an "underperform" rating to a "peer perform" rating in a report on Friday, August 9th. Twelve research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $47.17.
Check Out Our Latest Stock Analysis on TFC
In other news, CEO William H. Rogers, Jr. acquired 34,180 shares of the firm's stock in a transaction dated Monday, November 25th. The shares were bought at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the acquisition, the chief executive officer now owns 691,451 shares of the company's stock, valued at $33,576,860.56. This trade represents a 5.20 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.17% of the company's stock.
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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