EdgeRock Capital LLC Takes Position in Truist Financial Co. (NYSE:TFC)

EdgeRock Capital LLC purchased a new position in shares of Truist Financial Co. (NYSE:TFC) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 3,023 shares of the insurance provider’s stock, valued at approximately $111,000.

Other large investors have also recently bought and sold shares of the company. North Reef Capital Management LP acquired a new stake in shares of Truist Financial in the third quarter valued at about $66,804,000. Assenagon Asset Management S.A. grew its holdings in shares of Truist Financial by 342.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,526,939 shares of the insurance provider’s stock worth $72,296,000 after acquiring an additional 1,955,448 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Truist Financial by 8.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 19,238,388 shares of the insurance provider’s stock worth $690,793,000 after acquiring an additional 1,458,248 shares during the period. Jennison Associates LLC grew its holdings in shares of Truist Financial by 45.1% in the 3rd quarter. Jennison Associates LLC now owns 3,673,609 shares of the insurance provider’s stock worth $105,102,000 after acquiring an additional 1,141,944 shares during the period. Finally, International Assets Investment Management LLC grew its holdings in shares of Truist Financial by 3,359.6% in the 4th quarter. International Assets Investment Management LLC now owns 1,045,560 shares of the insurance provider’s stock worth $38,602,000 after acquiring an additional 1,015,338 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Trading Down 0.8 %

Shares of TFC traded down $0.31 during trading hours on Tuesday, hitting $39.11. The stock had a trading volume of 10,142,143 shares, compared to its average volume of 9,458,070. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market cap of $52.20 billion, a P/E ratio of -29.63, a P/E/G ratio of 2.03 and a beta of 1.07. The company’s fifty day simple moving average is $37.34 and its 200 day simple moving average is $35.39. Truist Financial Co. has a 12-month low of $26.49 and a 12-month high of $40.35.

Truist Financial (NYSE:TFC) last issued its earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same period last year, the company posted $1.09 EPS. The business’s quarterly revenue was down 8.8% on a year-over-year basis. Equities research analysts forecast that Truist Financial Co. will post 3.3 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Friday, May 10th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.32%. The ex-dividend date is Thursday, May 9th. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Analyst Upgrades and Downgrades

TFC has been the topic of a number of analyst reports. JPMorgan Chase & Co. increased their target price on Truist Financial from $39.50 to $40.50 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Keefe, Bruyette & Woods increased their target price on Truist Financial from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, April 5th. HSBC increased their target price on Truist Financial from $37.00 to $39.00 and gave the company a “hold” rating in a report on Thursday, March 28th. Morgan Stanley reiterated an “equal weight” rating and set a $43.00 target price on shares of Truist Financial in a report on Monday, April 22nd. Finally, Wells Fargo & Company increased their target price on Truist Financial from $39.00 to $45.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Truist Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.88.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $37.48, for a total value of $141,074.72. Following the transaction, the director now directly owns 16,132 shares of the company’s stock, valued at $604,627.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.17% of the stock is currently owned by corporate insiders.

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.