Fulton Bank N.A. Acquires 1,771 Shares of Truist Financial Co. (NYSE:TFC)

Fulton Bank N.A. increased its holdings in shares of Truist Financial Co. (NYSE:TFC) by 3.0% during the 4th quarter, HoldingsChannel reports. The firm owned 61,183 shares of the insurance provider’s stock after purchasing an additional 1,771 shares during the period. Fulton Bank N.A.’s holdings in Truist Financial were worth $2,654,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. State Street Corp boosted its stake in 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 holdings in shares of Truist Financial by 316.4% in the third quarter. Assenagon Asset Management S.A. now owns 2,117,950 shares of the insurance provider’s stock valued at $90,585,000 after purchasing an additional 1,609,351 shares in the last quarter. HighTower Advisors LLC boosted its position in shares of Truist Financial by 26.1% during the third quarter. HighTower Advisors LLC now owns 3,901,891 shares of the insurance provider’s stock worth $166,892,000 after buying an additional 807,648 shares during the period. LPL Financial LLC grew 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 buying an additional 630,628 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec acquired a new stake in Truist Financial in the 3rd quarter valued at approximately $26,087,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on TFC. StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. JPMorgan Chase & Co. increased their target price on shares of Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. Piper Sandler lifted their price target on shares of Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Citigroup increased their price objective on shares of Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research note on Monday, November 25th. Finally, Stephens restated an “overweight” rating and issued a $54.00 price objective on shares of Truist Financial in a report on Thursday, January 2nd. Eleven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Truist Financial has an average rating of “Hold” and a consensus target price of $49.89.

Truist Financial Stock Performance

TFC stock traded up $0.02 during trading hours on Wednesday, hitting $43.99. 2,496,789 shares of the stock were exchanged, compared to its average volume of 5,178,132. Truist Financial Co. has a 12 month low of $34.23 and a 12 month high of $49.06. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $58.40 billion, a P/E ratio of -30.76, a P/E/G ratio of 1.88 and a beta of 1.08. The company has a 50-day simple moving average of $45.33 and a two-hundred day simple moving average of $43.25.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.08. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The business had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.05 billion. On average, analysts forecast that Truist Financial Co. will post 3.7 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Friday, November 8th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.73%. Truist Financial’s dividend payout ratio is currently -145.45%.

Insider Activity at Truist Financial

In other news, CEO William H. Rogers, Jr. bought 34,180 shares of the stock in a transaction on Monday, November 25th. The stock was acquired at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the acquisition, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director K. David Jr. Boyer sold 4,966 shares of Truist Financial stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total value of $229,429.20. Following the sale, the director now directly owns 11,246 shares in the company, valued at $519,565.20. The trade was a 30.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.17% of the stock is owned by insiders.

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.