My Legacy Advisors LLC Purchases 1,862 Shares of Truist Financial Co. (NYSE:TFC)

My Legacy Advisors LLC lifted its position in shares of Truist Financial Co. (NYSE:TFC) by 16.2% during the fourth quarter, Holdings Channel.com reports. The firm owned 13,361 shares of the insurance provider’s stock after buying an additional 1,862 shares during the quarter. My Legacy Advisors LLC’s holdings in Truist Financial were worth $606,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. boosted its position in shares of Truist Financial by 48.7% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,963 shares of the insurance provider’s stock valued at $129,000 after acquiring an additional 971 shares during the period. Principal Financial Group Inc. grew its position in shares of Truist Financial by 3.5% during the 3rd quarter. Principal Financial Group Inc. now owns 1,511,299 shares of the insurance provider’s stock worth $64,638,000 after purchasing an additional 50,637 shares in the last quarter. Cadence Bank increased its holdings in shares of Truist Financial by 101.6% during the third quarter. Cadence Bank now owns 185,184 shares of the insurance provider’s stock worth $7,920,000 after purchasing an additional 93,322 shares during the period. Boston Common Asset Management LLC raised its position in shares of Truist Financial by 66.4% in the third quarter. Boston Common Asset Management LLC now owns 154,523 shares of the insurance provider’s stock valued at $6,609,000 after buying an additional 61,683 shares in the last quarter. Finally, Independent Advisor Alliance boosted its stake in shares of Truist Financial by 10.7% in the third quarter. Independent Advisor Alliance now owns 282,607 shares of the insurance provider’s stock valued at $12,087,000 after buying an additional 27,408 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on TFC shares. HSBC upgraded Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 7th. JPMorgan Chase & Co. boosted their price target on Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research note on Wednesday, October 16th. Citigroup increased their price objective on shares of Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research note on Monday, November 25th. Keefe, Bruyette & Woods boosted their target price on shares of Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Finally, Hsbc Global Res upgraded shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Eleven research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $49.95.

Insider Activity at Truist Financial

In other 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 shares were acquired at an average price of $48.56 per share, for a total transaction of $1,659,780.80. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director K. David Jr. Boyer sold 4,966 shares of the 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 sale, the director now owns 11,246 shares of the company’s stock, 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. 0.17% of the stock is currently owned by company insiders.

Truist Financial Stock Up 5.9 %

TFC opened at $47.63 on Friday. The company’s 50 day moving average price is $45.40 and its two-hundred day moving average price is $43.54. Truist Financial Co. has a fifty-two week low of $34.23 and a fifty-two week high of $49.06. 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 (NYSE:TFC) last issued its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. The company had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5,047,370 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. Truist Financial’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.81 earnings per share. As a group, sell-side analysts anticipate that Truist Financial Co. will post 3.61 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Friday, November 8th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.37%. The ex-dividend date was Friday, November 8th. Truist Financial’s dividend payout ratio is currently -145.45%.

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.