KMG Fiduciary Partners LLC Purchases New Stake in Truist Financial Co. (NYSE:TFC)

KMG Fiduciary Partners LLC purchased a new stake in shares of Truist Financial Co. (NYSE:TFC) in the fourth quarter, Holdings Channel reports. The firm purchased 39,385 shares of the insurance provider’s stock, valued at approximately $1,708,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp lifted its position in shares of Truist Financial by 4.6% in the 3rd quarter. State Street Corp now owns 61,864,957 shares of the insurance provider’s stock worth $2,645,964,000 after purchasing an additional 2,720,223 shares during the period. Assenagon Asset Management S.A. lifted its position in shares of Truist Financial by 316.4% in 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 during the period. HighTower Advisors LLC lifted its position in shares of Truist Financial by 26.1% in the 3rd quarter. HighTower Advisors LLC now owns 3,901,891 shares of the insurance provider’s stock worth $166,892,000 after purchasing an additional 807,648 shares during the period. LPL Financial LLC lifted its position in shares of Truist Financial by 21.0% in the 3rd quarter. LPL Financial LLC now owns 3,630,761 shares of the insurance provider’s stock worth $155,288,000 after purchasing an additional 630,628 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec purchased a new stake in shares of Truist Financial in the 3rd quarter worth about $26,087,000. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Stock Performance

Shares of TFC stock opened at $47.63 on Friday. The company has a 50 day moving average price of $45.36 and a 200-day moving average price of $43.48. Truist Financial Co. has a 52 week low of $34.23 and a 52 week high of $49.06. The firm has a market capitalization of $63.23 billion, a PE ratio of -33.31, a P/E/G ratio of 1.67 and a beta of 1.08. 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 announced its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The firm had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5,047,370 billion. During the same period in the previous year, the business posted $0.81 earnings per share. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. As a group, equities research analysts expect that Truist Financial Co. will post 3.61 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 8th were paid a $0.52 dividend. The ex-dividend date was Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.37%. Truist Financial’s dividend payout ratio is presently -145.45%.

Analysts Set New Price Targets

Several research firms have recently commented on TFC. Royal Bank of Canada raised their target price on shares of Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Stephens reaffirmed an “overweight” rating and issued a $54.00 target price on shares of Truist Financial in a research report on Thursday, January 2nd. StockNews.com upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday. UBS Group increased their price target on shares of Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Finally, Hsbc Global Res upgraded shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Eleven research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $49.95.

Insider Transactions at Truist Financial

In related news, Director K. David Jr. Boyer sold 4,966 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total value of $229,429.20. Following the transaction, the director now owns 11,246 shares of the company’s stock, valued at approximately $519,565.20. This trade represents a 30.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO William H. Rogers, Jr. acquired 34,180 shares of the company’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 acquisition, the chief executive officer now owns 691,451 shares of the company’s stock, valued at $33,576,860.56. The trade was a 5.20 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.17% of the company’s stock.

About Truist Financial

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.