BankPlus Trust Department Acquires New Holdings in Truist Financial Co. (NYSE:TFC)

BankPlus Trust Department purchased a new stake in Truist Financial Co. (NYSE:TFC) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 27,465 shares of the insurance provider’s stock, valued at approximately $1,191,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp lifted its holdings in shares of Truist Financial by 4.6% in the third quarter. State Street Corp now owns 61,864,957 shares of the insurance provider’s stock valued at $2,645,964,000 after purchasing an additional 2,720,223 shares in the last quarter. Geode Capital Management LLC grew its position in Truist Financial by 1.7% in the third quarter. Geode Capital Management LLC now owns 27,440,951 shares of the insurance provider’s stock valued at $1,169,350,000 after purchasing an additional 456,412 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Truist Financial by 3.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,431,037 shares of the insurance provider’s stock worth $403,365,000 after buying an additional 288,306 shares during the last quarter. FMR LLC raised its holdings in Truist Financial by 10.6% during the third quarter. FMR LLC now owns 5,003,106 shares of the insurance provider’s stock worth $213,983,000 after acquiring an additional 478,886 shares in the last quarter. Finally, HighTower Advisors LLC increased its position in shares of Truist Financial by 26.1% during the 3rd quarter. HighTower Advisors LLC now owns 3,901,891 shares of the insurance provider’s stock worth $166,892,000 after purchasing an additional 807,648 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Price Performance

TFC stock opened at $45.67 on Monday. The company has a market capitalization of $60.62 billion, a P/E ratio of 13.71, a PEG ratio of 1.63 and a beta of 1.08. Truist Financial Co. has a 52-week low of $34.26 and a 52-week high of $49.06. The company has a fifty day moving average price of $45.61 and a 200-day moving average price of $44.52. 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 (NYSE:TFC) last posted its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The business’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period last year, the company posted $0.81 earnings per share. As a group, equities analysts expect that Truist Financial Co. will post 4 EPS for the current year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Friday, February 14th will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, February 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.55%. Truist Financial’s dividend payout ratio is 62.46%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. The Goldman Sachs Group boosted their target price on shares of Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Compass Point boosted their price objective on shares of Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. HSBC upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. Piper Sandler boosted their price target on Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Finally, Stephens lifted their target price on Truist Financial from $54.00 to $57.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 21st. Eleven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Truist Financial presently has an average rating of “Moderate Buy” and a consensus target price of $50.79.

Insider Buying and Selling

In related news, Director K. David Jr. Boyer sold 4,966 shares of Truist Financial stock in a transaction that occurred 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 transaction, the director now owns 11,246 shares of the company’s stock, valued at $519,565.20. The trade was a 30.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.17% of the stock is owned by company insiders.

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.