Quantinno Capital Management LP Grows Stake in Truist Financial Co. (NYSE:TFC)

Quantinno Capital Management LP increased its holdings in shares of Truist Financial Co. (NYSE:TFC) by 25.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 72,647 shares of the insurance provider’s stock after purchasing an additional 14,645 shares during the quarter. Quantinno Capital Management LP’s holdings in Truist Financial were worth $3,107,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Quarry LP acquired a new position in shares of Truist Financial in the 3rd quarter valued at $109,000. Royal London Asset Management Ltd. boosted its stake in Truist Financial by 1.5% in the third quarter. Royal London Asset Management Ltd. now owns 1,098,989 shares of the insurance provider’s stock valued at $47,004,000 after acquiring an additional 16,059 shares in the last quarter. Menard Financial Group LLC grew its holdings in shares of Truist Financial by 2.7% during the third quarter. Menard Financial Group LLC now owns 18,312 shares of the insurance provider’s stock worth $783,000 after purchasing an additional 489 shares during the last quarter. Motley Fool Asset Management LLC increased its position in shares of Truist Financial by 3.7% during the third quarter. Motley Fool Asset Management LLC now owns 53,899 shares of the insurance provider’s stock worth $2,249,000 after purchasing an additional 1,907 shares in the last quarter. Finally, IHT Wealth Management LLC lifted its holdings in shares of Truist Financial by 64.9% in the 3rd quarter. IHT Wealth Management LLC now owns 15,448 shares of the insurance provider’s stock valued at $656,000 after purchasing an additional 6,080 shares during the last quarter. 71.28% of the stock is 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 company’s stock in a transaction that occurred on Monday, November 25th. The stock was purchased at an average cost 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 owns 691,451 shares of the company’s stock, valued at $33,576,860.56. This trade represents a 5.20 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director K. David Jr. Boyer sold 4,966 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total value of $229,429.20. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.17% of the company’s stock.

Truist Financial Trading Down 1.0 %

Shares of TFC opened at $46.81 on Tuesday. The firm has a 50 day simple moving average of $44.78 and a 200-day simple moving average of $42.15. The stock has a market cap of $62.13 billion, a price-to-earnings ratio of -32.73, a price-to-earnings-growth ratio of 1.94 and a beta of 1.06. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. Truist Financial Co. has a 1-year low of $33.87 and a 1-year high of $49.06.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The business had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.05 billion. Equities analysts forecast that Truist Financial Co. will post 3.7 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 8th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.44%. The ex-dividend date of this dividend was Friday, November 8th. Truist Financial’s dividend payout ratio is presently -145.45%.

Analysts Set New Price Targets

Several research firms have commented on TFC. Stephens reaffirmed an “overweight” rating and set a $50.00 price target on shares of Truist Financial in a research report on Tuesday, September 10th. Piper Sandler upped their price target on shares of Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. JPMorgan Chase & Co. raised their price objective on shares of Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. StockNews.com upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Finally, The Goldman Sachs Group raised their price target on Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Twelve analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Truist Financial currently 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.