Public Sector Pension Investment Board Purchases 6,848 Shares of Truist Financial Co. (NYSE:TFC)

Public Sector Pension Investment Board lifted its position in shares of Truist Financial Co. (NYSE:TFC) by 3.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 233,751 shares of the insurance provider’s stock after purchasing an additional 6,848 shares during the quarter. Public Sector Pension Investment Board’s holdings in Truist Financial were worth $9,998,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in TFC. Assenagon Asset Management S.A. increased its stake in Truist Financial by 316.4% during the 3rd quarter. Assenagon Asset Management S.A. now owns 2,117,950 shares of the insurance provider’s stock worth $90,585,000 after purchasing an additional 1,609,351 shares in the last quarter. Swedbank AB bought a new stake in shares of Truist Financial during the first quarter worth $29,957,000. LPL Financial LLC raised its holdings in shares of Truist Financial by 21.0% during the third quarter. LPL Financial LLC now owns 3,630,761 shares of the insurance provider’s stock worth $155,288,000 after acquiring an additional 630,628 shares during the period. GW Henssler & Associates Ltd. lifted its position in Truist Financial by 4,435.3% in the 3rd quarter. GW Henssler & Associates Ltd. now owns 505,145 shares of the insurance provider’s stock valued at $21,605,000 after acquiring an additional 494,007 shares in the last quarter. Finally, FMR LLC boosted its stake in Truist Financial by 10.6% in the 3rd quarter. FMR LLC now owns 5,003,106 shares of the insurance provider’s stock worth $213,983,000 after purchasing an additional 478,886 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on TFC. Royal Bank of Canada lifted their price target on Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Keefe, Bruyette & Woods lifted their target price on Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. The Goldman Sachs Group upped their price target on Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday. Citigroup lifted their price objective on shares of Truist Financial from $47.00 to $51.00 and gave the company a “neutral” rating in a report on Monday. Finally, Wolfe Research upgraded shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. Twelve equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $47.17.

Truist Financial Price Performance

Shares of TFC stock opened at $47.75 on Friday. Truist Financial Co. has a 12-month low of $31.23 and a 12-month high of $49.06. The firm has a 50 day moving average price of $44.13 and a two-hundred day moving average price of $41.75. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85.

Truist Financial (NYSE:TFC) last announced its earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.89 by $0.08. The company had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. Research analysts predict that Truist Financial Co. will post 3.7 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.36%. Truist Financial’s payout ratio is presently -145.45%.

Insider Activity at Truist Financial

In related news, CEO William H. Rogers, Jr. purchased 34,180 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was acquired at an average cost of $48.56 per share, for a total transaction of $1,659,780.80. Following the completion of the purchase, the chief executive officer now owns 691,451 shares in the company, valued at approximately $33,576,860.56. This represents a 5.20 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through 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.