Huntington National Bank Purchases 897 Shares of Truist Financial Co. (NYSE:TFC)

Huntington National Bank lifted its position in Truist Financial Co. (NYSE:TFC) by 1.3% in the 3rd quarter, Holdings Channel reports. The fund owned 69,766 shares of the insurance provider’s stock after acquiring an additional 897 shares during the quarter. Huntington National Bank’s holdings in Truist Financial were worth $2,984,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in TFC. CreativeOne Wealth LLC bought a new stake in Truist Financial during the first quarter worth about $516,000. M&G Plc bought a new stake in shares of Truist Financial in the 2nd quarter worth approximately $2,804,000. Dimensional Fund Advisors LP boosted its position in shares of Truist Financial by 3.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after purchasing an additional 299,196 shares in the last quarter. Boston Common Asset Management LLC grew its stake in shares of Truist Financial by 66.4% in the 3rd quarter. Boston Common Asset Management LLC now owns 154,523 shares of the insurance provider’s stock worth $6,609,000 after buying an additional 61,683 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its position in Truist Financial by 10.6% during the 1st quarter. Russell Investments Group Ltd. now owns 230,604 shares of the insurance provider’s stock valued at $8,965,000 after buying an additional 22,182 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

TFC opened at $46.54 on Friday. The stock has a market capitalization of $61.78 billion, a price-to-earnings ratio of -32.54, a PEG ratio of 1.91 and a beta of 1.05. The company has a fifty day moving average of $43.09 and a 200 day moving average of $41.16. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. Truist Financial Co. has a fifty-two week low of $31.13 and a fifty-two week high of $47.57.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data 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 business had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. As a group, sell-side analysts forecast that Truist Financial Co. will post 3.7 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

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 paid a $0.52 dividend. The ex-dividend date is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.47%. Truist Financial’s dividend payout ratio (DPR) is currently -145.45%.

Analyst Upgrades and Downgrades

Several research firms have commented on TFC. Morgan Stanley boosted their target price on Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Citigroup lowered 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 note on Wednesday, July 24th. 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 note on Tuesday, July 23rd. Keefe, Bruyette & Woods increased their price target on shares of Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. upped their price objective on Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Twelve analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Truist Financial presently has an average rating of “Hold” and an average price target of $46.37.

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.