Independent Advisor Alliance Has $12.09 Million Stock Position in Truist Financial Co. (NYSE:TFC)

Independent Advisor Alliance boosted its position in Truist Financial Co. (NYSE:TFC) by 10.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 282,607 shares of the insurance provider’s stock after buying an additional 27,408 shares during the quarter. Independent Advisor Alliance’s holdings in Truist Financial were worth $12,087,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Valley Wealth Managers Inc. acquired a new stake in shares of Truist Financial in the third quarter worth $26,000. MFA Wealth Advisors LLC bought a new position in shares of Truist Financial during the 2nd quarter worth about $30,000. Y.D. More Investments Ltd acquired a new position in shares of Truist Financial during the second quarter valued at about $31,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Truist Financial in the third quarter valued at about $32,000. Finally, Fortitude Family Office LLC grew its position in Truist Financial by 376.7% during the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after buying an additional 678 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Up 2.5 %

NYSE:TFC opened at $47.96 on Monday. 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 Co. has a 12-month low of $31.23 and a 12-month high of $48.06. The stock’s fifty day simple moving average is $43.68 and its 200-day simple moving average is $41.54. The firm has a market capitalization of $63.67 billion, a P/E ratio of -33.54, a P/E/G ratio of 1.97 and a beta of 1.05.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Equities research analysts expect that Truist Financial Co. will post 3.7 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.34%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial’s payout ratio is currently -145.45%.

Wall Street Analyst Weigh In

Several research firms have commented on TFC. Royal Bank of Canada upped their price target on Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Keefe, Bruyette & Woods raised their target price on Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Stephens reiterated an “overweight” rating and issued a $50.00 price target on shares of Truist Financial in a research report on Tuesday, September 10th. Finally, Compass Point boosted their target price on shares of Truist Financial from $46.00 to $47.00 in a research note on Wednesday, October 16th. 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, the company presently has an average rating of “Hold” and an average price target of $46.37.

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.