Fortitude Financial LLC Purchases 30,000 Shares of Truist Financial Corporation $TFC

Fortitude Financial LLC purchased a new stake in shares of Truist Financial Corporation (NYSE:TFC) during the 3rd quarter, HoldingsChannel reports. The fund purchased 30,000 shares of the insurance provider’s stock, valued at approximately $1,389,000. Truist Financial accounts for 0.7% of Fortitude Financial LLC’s investment portfolio, making the stock its 18th largest position.

A number of other hedge funds and other institutional investors also recently modified their holdings of TFC. BlackRock Inc. acquired a new stake in shares of Truist Financial in the second quarter valued at $4,959,834,000. State Street Corp grew its holdings in Truist Financial by 0.9% during the second quarter. State Street Corp now owns 58,692,619 shares of the insurance provider’s stock worth $2,924,066,000 after acquiring an additional 501,026 shares during the period. Bank of New York Mellon Corp grew its holdings in Truist Financial by 7.5% during the first quarter. Bank of New York Mellon Corp now owns 11,289,721 shares of the insurance provider’s stock worth $518,988,000 after acquiring an additional 789,179 shares during the period. Dimensional Fund Advisors LP grew its holdings in Truist Financial by 1.9% during the first quarter. Dimensional Fund Advisors LP now owns 8,608,268 shares of the insurance provider’s stock worth $395,642,000 after acquiring an additional 164,052 shares during the period. Finally, Legal & General Group Plc raised its position in Truist Financial by 0.6% in the second quarter. Legal & General Group Plc now owns 7,853,887 shares of the insurance provider’s stock worth $391,281,000 after acquiring an additional 44,215 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on TFC. Bank of America reissued a “neutral” rating and issued a $56.00 price target (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Robert W. Baird boosted their target price on shares of Truist Financial from $55.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, July 20th. Morgan Stanley reissued an “equal weight” rating and set a $54.00 target price (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. Raymond James Financial restated a “market perform” rating on shares of Truist Financial in a report on Wednesday, July 1st. Finally, JPMorgan Chase & Co. decreased their price target on shares of Truist Financial from $54.00 to $50.50 and set an “underweight” rating on the stock in a research report on Friday, October 2nd. Seven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Truist Financial presently has an average rating of “Hold” and an average price target of $54.24.

Insider Buying and Selling

In other news, CEO Michael P. Lyons bought 21,000 shares of the business’s stock in a transaction on Thursday, September 17th. The shares were bought at an average cost of $48.36 per share, with a total value of $1,015,560.00. Following the purchase, the chief executive officer directly owned 21,000 shares in the company, valued at $1,015,560. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director K. Boyer, Jr. sold 3,986 shares of the stock in a transaction on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total value of $202,090.20. Following the completion of the sale, the director owned 10,270 shares of the company’s stock, valued at $520,689. The trade was a 27.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.15% of the company’s stock.

Truist Financial Trading Down 1.6%

NYSE TFC traded down $0.75 on Monday, hitting $46.32. 8,364,884 shares of the company were exchanged, compared to its average volume of 8,793,548. The company’s 50 day moving average price is $49.17 and its 200-day moving average price is $49.64. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market capitalization of $56.59 billion, a P/E ratio of 11.94, a price-to-earnings-growth ratio of 1.04 and a beta of 0.92. Truist Financial Corporation has a twelve month low of $42.70 and a twelve month high of $56.19.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, October 16th. The insurance provider reported $1.16 EPS for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.01). The firm had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.35 billion. Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. Truist Financial’s quarterly revenue was up 1.3% compared to the same quarter last year. During the same period in the prior year, the company posted $1.04 earnings per share. Analysts predict that Truist Financial Corporation will post 4.67 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a yield of 4.5%. Truist Financial’s dividend payout ratio (DPR) is currently 53.61%.

About Truist Financial

Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.

Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.