Diamant Asset Management Inc. Purchases 3,390 Shares of Truist Financial Co. (NYSE:TFC)

Diamant Asset Management Inc. boosted its position in Truist Financial Co. (NYSE:TFC) by 9.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 39,821 shares of the insurance provider’s stock after buying an additional 3,390 shares during the quarter. Truist Financial makes up 1.1% of Diamant Asset Management Inc.’s portfolio, making the stock its 22nd biggest position. Diamant Asset Management Inc.’s holdings in Truist Financial were worth $1,727,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of TFC. Bangor Savings Bank boosted its position in Truist Financial by 92.5% in the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock valued at $25,000 after buying an additional 272 shares in the last quarter. Valley Wealth Managers Inc. acquired a new stake in shares of Truist Financial during the 3rd quarter valued at $26,000. MidAtlantic Capital Management Inc. acquired a new position in Truist Financial in the 3rd quarter worth about $32,000. Fortitude Family Office LLC raised its position in Truist Financial by 376.7% in the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 678 shares during the last quarter. Finally, Ashton Thomas Securities LLC acquired a new stake in shares of Truist Financial during the third quarter valued at about $45,000. 71.28% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director K. David Jr. Boyer sold 4,966 shares of the business’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total transaction of $229,429.20. Following the sale, the director now directly owns 11,246 shares in the company, valued at approximately $519,565.20. The trade was a 30.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William H. Rogers, Jr. bought 34,180 shares of Truist Financial stock in a transaction on Monday, November 25th. The shares were bought at an average cost 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 represents a 5.20 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.17% of the stock is owned by insiders.

Truist Financial Price Performance

Shares of NYSE TFC opened at $47.59 on Tuesday. The stock has a market cap of $63.18 billion, a price-to-earnings ratio of 14.29, a PEG ratio of 1.67 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. Truist Financial Co. has a fifty-two week low of $34.23 and a fifty-two week high of $49.06. The firm’s 50-day simple moving average is $45.48 and its 200 day simple moving average is $43.90.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5,047,370 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The firm’s revenue was up 3.4% on a year-over-year basis. During the same period last year, the firm earned $0.81 earnings per share. As a group, research analysts anticipate that Truist Financial Co. will post 3.95 earnings per share for the current fiscal year.

Analyst Ratings Changes

TFC has been the subject of several recent research reports. Wells Fargo & Company upped their price objective on Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Morgan Stanley boosted their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 21st. Barclays increased their price objective on Truist Financial from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Piper Sandler upped their price target on Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Finally, HSBC upgraded Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Tuesday, January 7th. Eleven analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Truist Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.79.

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.