Motley Fool Asset Management LLC Invests $1.36 Million in Truist Financial Co. (NYSE:TFC)

Motley Fool Asset Management LLC purchased a new stake in shares of Truist Financial Co. (NYSE:TFC) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 36,724 shares of the insurance provider’s stock, valued at approximately $1,356,000.

A number of other institutional investors have also recently added to or reduced their stakes in TFC. Vanguard Group Inc. grew its stake in shares of Truist Financial by 0.3% during the third quarter. Vanguard Group Inc. now owns 117,271,628 shares of the insurance provider’s stock valued at $3,355,141,000 after acquiring an additional 365,871 shares in the last quarter. Royal Bank of Canada increased its holdings in Truist Financial by 5.0% during the 3rd quarter. Royal Bank of Canada now owns 15,384,890 shares of the insurance provider’s stock worth $440,162,000 after purchasing an additional 732,801 shares during the last quarter. Morgan Stanley raised its position in shares of Truist Financial by 0.3% in the 3rd quarter. Morgan Stanley now owns 15,364,138 shares of the insurance provider’s stock valued at $439,568,000 after purchasing an additional 39,510 shares in the last quarter. Truist Financial Corp boosted its stake in shares of Truist Financial by 0.5% during the 3rd quarter. Truist Financial Corp now owns 5,197,904 shares of the insurance provider’s stock valued at $148,712,000 after buying an additional 26,972 shares during the last quarter. Finally, Jennison Associates LLC grew its position in shares of Truist Financial by 45.1% during the third quarter. Jennison Associates LLC now owns 3,673,609 shares of the insurance provider’s stock worth $105,102,000 after buying an additional 1,141,944 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insider Activity

In related news, Director K. David Jr. Boyer sold 3,764 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the sale, the director now owns 16,132 shares of the company’s stock, valued at $604,627.36. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.17% of the company’s stock.

Truist Financial Stock Performance

NYSE:TFC traded up $0.20 during mid-day trading on Friday, hitting $38.17. The stock had a trading volume of 4,634,133 shares, compared to its average volume of 9,603,498. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75. The company has a 50 day simple moving average of $36.90 and a 200-day simple moving average of $34.82. The stock has a market capitalization of $50.94 billion, a price-to-earnings ratio of -28.92, a P/E/G ratio of 2.04 and a beta of 1.08. Truist Financial Co. has a 52 week low of $25.56 and a 52 week high of $39.29.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The company had revenue of $4.87 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter in the previous year, the company posted $1.09 earnings per share. The business’s revenue for the quarter was down 8.8% compared to the same quarter last year. On average, research analysts expect that Truist Financial Co. will post 3.27 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Friday, May 10th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.45%. The ex-dividend date is Thursday, May 9th. Truist Financial’s dividend payout ratio is currently -157.58%.

Analysts Set New Price Targets

TFC has been the topic of a number of research analyst reports. Royal Bank of Canada increased their price objective on shares of Truist Financial from $40.00 to $42.00 and gave the company an “outperform” rating in a research note on Friday, January 19th. TheStreet cut shares of Truist Financial from a “b-” rating to a “c” rating in a research report on Tuesday, February 20th. UBS Group boosted their price objective on Truist Financial from $45.00 to $49.00 and gave the company a “buy” rating in a report on Friday, April 5th. Morgan Stanley reaffirmed an “equal weight” rating and set a $43.00 target price on shares of Truist Financial in a report on Monday. Finally, Barclays lifted their target price on Truist Financial from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $41.97.

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.