Accordant Advisory Group Inc Acquires 3,488 Shares of Truist Financial Co. (NYSE:TFC)

Accordant Advisory Group Inc grew its stake in Truist Financial Co. (NYSE:TFC) by 336.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,524 shares of the insurance provider’s stock after purchasing an additional 3,488 shares during the period. Accordant Advisory Group Inc’s holdings in Truist Financial were worth $193,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of TFC. Norden Group LLC acquired a new position in Truist Financial during the first quarter worth $2,351,000. Nordea Investment Management AB lifted its holdings in Truist Financial by 44.4% during the 1st quarter. Nordea Investment Management AB now owns 2,712,848 shares of the insurance provider’s stock valued at $105,353,000 after purchasing an additional 834,048 shares during the last quarter. CreativeOne Wealth LLC acquired a new position in Truist Financial in the first quarter valued at about $516,000. M&G Plc bought a new stake in Truist Financial during the second quarter worth about $2,804,000. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Truist Financial by 3.5% during the second quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after buying an additional 299,196 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $44.14, for a total value of $295,208.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.17% of the stock is currently owned by company insiders.

Truist Financial Price Performance

Shares of TFC opened at $43.39 on Wednesday. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.62. The stock has a market cap of $58.06 billion, a P/E ratio of -32.87, a price-to-earnings-growth ratio of 1.83 and a beta of 1.05. The stock’s 50-day moving average price is $42.73 and its two-hundred day moving average price is $40.39. Truist Financial Co. has a 1 year low of $26.95 and a 1 year high of $45.31.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.07. The firm had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $4.83 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The business’s revenue for the quarter was down 15.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.95 earnings per share. On average, equities analysts predict that Truist Financial Co. will post 3.57 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.79%. Truist Financial’s dividend payout ratio is currently -157.58%.

Analyst Upgrades and Downgrades

TFC has been the topic of a number of research analyst reports. Morgan Stanley increased their price target on Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. UBS Group upped their price target on shares of Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and raised their price objective for the company from $45.00 to $47.00 in a research report on Wednesday, July 24th. Finally, Bank of America upped their target price on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Twelve equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $46.02.

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.