Ingalls & Snyder LLC Trims Position in Truist Financial Co. (NYSE:TFC)

Ingalls & Snyder LLC lowered its holdings in Truist Financial Co. (NYSE:TFC) by 3.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 87,524 shares of the insurance provider’s stock after selling 3,172 shares during the period. Ingalls & Snyder LLC’s holdings in Truist Financial were worth $3,743,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Valley Wealth Managers Inc. purchased a new stake in Truist Financial in the 3rd quarter valued at about $26,000. MidAtlantic Capital Management Inc. acquired a new stake in shares of Truist Financial in the third quarter worth approximately $32,000. MFA Wealth Advisors LLC purchased a new stake in Truist Financial in the second quarter valued at approximately $30,000. Y.D. More Investments Ltd acquired a new position in Truist Financial during the second quarter worth approximately $31,000. Finally, Fortitude Family Office LLC raised its stake 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 purchasing an additional 678 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. bought 34,180 shares of the stock in a transaction on Monday, November 25th. The stock was purchased at an average price of $48.56 per share, for a total transaction of $1,659,780.80. Following the completion of 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 ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.17% of the stock is owned by corporate insiders.

Truist Financial Stock Down 0.6 %

Shares of NYSE:TFC traded down $0.29 during trading on Tuesday, hitting $46.69. The company’s stock had a trading volume of 425,477 shares, compared to its average volume of 8,257,811. The company has a market capitalization of $61.98 billion, a PE ratio of -32.85, a PEG ratio of 1.96 and a beta of 1.06. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. The stock’s 50-day moving average price is $44.23 and its two-hundred day moving average price is $41.84. Truist Financial Co. has a fifty-two week low of $32.78 and a fifty-two week high of $49.06.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.08. The firm had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. As a group, sell-side analysts expect that Truist Financial Co. will post 3.7 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Investors 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 yield of 4.45%. Truist Financial’s dividend payout ratio (DPR) is -145.45%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. The Goldman Sachs Group boosted their price objective on shares of Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Compass Point boosted their price target on Truist Financial from $46.00 to $47.00 in a research report on Wednesday, October 16th. Piper Sandler raised their price objective on Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Tuesday. Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. Finally, Royal Bank of Canada increased 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. Twelve research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $47.67.

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.