LPL Financial LLC Buys 630,628 Shares of Truist Financial Co. (NYSE:TFC)

LPL Financial LLC grew its stake in Truist Financial Co. (NYSE:TFC) by 21.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,630,761 shares of the insurance provider’s stock after purchasing an additional 630,628 shares during the quarter. LPL Financial LLC’s holdings in Truist Financial were worth $155,288,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of TFC. Tradewinds LLC. raised its position in shares of Truist Financial by 0.5% in the 3rd quarter. Tradewinds LLC. now owns 44,513 shares of the insurance provider’s stock worth $1,904,000 after acquiring an additional 222 shares in the last quarter. Intech Investment Management LLC lifted its position in Truist Financial by 34.5% during the third quarter. Intech Investment Management LLC now owns 19,390 shares of the insurance provider’s stock valued at $829,000 after buying an additional 4,975 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in shares of Truist Financial by 7.7% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 483,801 shares of the insurance provider’s stock valued at $20,692,000 after buying an additional 34,543 shares in the last quarter. Citizens Financial Group Inc. RI grew its position in shares of Truist Financial by 10.9% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 9,548 shares of the insurance provider’s stock worth $408,000 after buying an additional 938 shares during the period. Finally, Prospera Private Wealth LLC increased its stake in shares of Truist Financial by 4.0% in the 3rd quarter. Prospera Private Wealth LLC now owns 16,739 shares of the insurance provider’s stock worth $716,000 after acquiring an additional 642 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $47.96 on Friday. The stock’s fifty day moving average is $43.68 and its 200 day moving average is $41.51. Truist Financial Co. has a one year low of $31.23 and a one year high of $48.06. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data 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. The firm had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. On average, equities research analysts forecast that Truist Financial Co. will post 3.7 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.34%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial’s dividend payout ratio (DPR) is -145.45%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on TFC. UBS Group upped their price objective on shares of Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Compass Point raised their price target on Truist Financial from $46.00 to $47.00 in a report on Wednesday, October 16th. Morgan Stanley upped their price target on shares of Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. Wolfe Research upgraded shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Finally, Stephens reiterated an “overweight” rating and issued a $50.00 target price on shares of Truist Financial in a research note on Tuesday, September 10th. Twelve investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $46.37.

Truist Financial Company 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.