Townsquare Capital LLC Acquires 7,618 Shares of Truist Financial Co. (NYSE:TFC)

Townsquare Capital LLC increased its stake in Truist Financial Co. (NYSE:TFC) by 9.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 91,017 shares of the insurance provider’s stock after buying an additional 7,618 shares during the period. Townsquare Capital LLC’s holdings in Truist Financial were worth $3,893,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of TFC. M&G Plc purchased a new stake in Truist Financial in the second quarter worth about $2,804,000. Dimensional Fund Advisors LP lifted its position in shares of Truist Financial by 3.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after purchasing an additional 299,196 shares during the period. Boston Common Asset Management LLC lifted its position in shares of Truist Financial by 66.4% in the 3rd quarter. Boston Common Asset Management LLC now owns 154,523 shares of the insurance provider’s stock worth $6,609,000 after purchasing an additional 61,683 shares during the period. Cadence Bank increased its holdings in Truist Financial by 101.6% during the third quarter. Cadence Bank now owns 185,184 shares of the insurance provider’s stock valued at $7,920,000 after buying an additional 93,322 shares during the period. Finally, Independent Advisor Alliance raised its stake in Truist Financial by 10.7% in the third quarter. Independent Advisor Alliance now owns 282,607 shares of the insurance provider’s stock worth $12,087,000 after buying an additional 27,408 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on TFC. Royal Bank of Canada increased their target price on Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Keefe, Bruyette & Woods raised their price objective on Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Citigroup boosted their target price on shares of Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a report on Monday, November 25th. The Goldman Sachs Group raised their price target on shares of Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Wells Fargo & Company boosted their price objective on shares of Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Twelve equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $47.17.

Insider Transactions at Truist Financial

In other news, CEO William H. Rogers, Jr. bought 34,180 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was purchased at an average cost of $48.56 per share, for a total transaction of $1,659,780.80. Following the purchase, the chief executive officer now directly owns 691,451 shares in the company, valued at approximately $33,576,860.56. This trade represents a 5.20 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.17% of the company’s stock.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $47.68 on Friday. The company has a 50 day simple moving average of $44.23 and a two-hundred day simple moving average of $41.81. The stock has a market cap of $63.30 billion, a price-to-earnings ratio of -33.34, a PEG ratio of 1.96 and a beta of 1.05. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62. Truist Financial Co. has a 12 month low of $31.96 and a 12 month high of $49.06.

Truist Financial (NYSE:TFC) last released 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. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The business had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.05 billion. As a group, analysts predict that Truist Financial Co. will post 3.7 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders 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 annualized dividend and a yield of 4.36%. Truist Financial’s dividend payout ratio is presently -145.45%.

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.