Exchange Traded Concepts LLC Buys New Shares in Truist Financial Co. (NYSE:TFC)

Exchange Traded Concepts LLC purchased a new stake in Truist Financial Co. (NYSE:TFC) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 42,823 shares of the insurance provider’s stock, valued at approximately $2,497,000.

Other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC lifted its position in shares of Truist Financial by 7.3% in the first quarter. FMR LLC now owns 349,974 shares of the insurance provider’s stock valued at $16,284,000 after buying an additional 23,680 shares during the last quarter. United Bank increased its holdings in shares of Truist Financial by 11.9% in the third quarter. United Bank now owns 87,026 shares of the insurance provider’s stock valued at $3,311,000 after purchasing an additional 9,263 shares during the last quarter. Wealth Alliance lifted its stake in shares of Truist Financial by 5.2% during the 3rd quarter. Wealth Alliance now owns 16,945 shares of the insurance provider’s stock worth $645,000 after buying an additional 834 shares during the last quarter. Azora Capital LP acquired a new position in Truist Financial in the 3rd quarter valued at about $22,899,000. Finally, Westover Capital Advisors LLC raised its holdings in Truist Financial by 2.8% in the 3rd quarter. Westover Capital Advisors LLC now owns 102,492 shares of the insurance provider’s stock valued at $3,900,000 after acquiring an additional 2,759 shares during the period. Institutional investors own 72.11% of the company’s stock.

A number of brokerages have recently weighed in on TFC. Stephens increased their target price on Truist Financial from $54.00 to $66.00 in a research note on Tuesday, March 30th. Bank of America raised their target price on shares of Truist Financial from $58.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, January 22nd. Raymond James boosted their price target on Truist Financial from $58.00 to $65.00 and gave the company an “outperform” rating in a research note on Tuesday, April 13th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Truist Financial from $56.00 to $65.00 in a research report on Monday, March 15th. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $53.00 target price on shares of Truist Financial in a report on Thursday, January 7th. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $53.85.

NYSE:TFC opened at $55.86 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $75.10 billion, a PE ratio of 19.00, a price-to-earnings-growth ratio of 1.75 and a beta of 1.36. Truist Financial Co. has a 12 month low of $29.87 and a 12 month high of $61.26. The firm’s 50 day moving average is $58.62 and its 200 day moving average is $50.99.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Wednesday, April 14th. The insurance provider reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.07. Truist Financial had a net margin of 16.95% and a return on equity of 7.76%. The company had revenue of $5.48 billion during the quarter, compared to analyst estimates of $5.43 billion. During the same period last year, the business earned $0.83 earnings per share. Truist Financial’s revenue was down 2.1% compared to the same quarter last year. Research analysts predict that Truist Financial Co. will post 3.54 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, March 1st. Shareholders of record on Friday, February 12th were given a dividend of $0.45 per share. The ex-dividend date was Thursday, February 11th. This represents a $1.80 annualized dividend and a yield of 3.22%. Truist Financial’s payout ratio is presently 41.19%.

In other Truist Financial news, VP Cynthia B. Powell sold 2,201 shares of Truist Financial stock in a transaction that occurred on Tuesday, March 16th. The shares were sold at an average price of $58.31, for a total transaction of $128,340.31. Following the completion of the sale, the vice president now directly owns 2,133 shares in the company, valued at $124,375.23. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Scott Case sold 9,851 shares of Truist Financial stock in a transaction that occurred on Wednesday, March 17th. The shares were sold at an average price of $58.39, for a total transaction of $575,199.89. Following the sale, the executive vice president now owns 20,583 shares of the company’s stock, valued at $1,201,841.37. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,220 shares of company stock valued at $941,626. 0.35% of the stock is currently owned by company insiders.

About Truist Financial

Truist Financial Corporation, a holding 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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Institutional Ownership by Quarter for Truist Financial (NYSE:TFC)

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