Royal Fund Management LLC Makes New $1.69 Million Investment in Truist Financial Corporation $TFC

Royal Fund Management LLC purchased a new stake in shares of Truist Financial Corporation (NYSE:TFC) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 36,950 shares of the insurance provider’s stock, valued at approximately $1,689,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TFC. Smith Thornton Advisors LLC raised its position in shares of Truist Financial by 4.1% during the 3rd quarter. Smith Thornton Advisors LLC now owns 5,900 shares of the insurance provider’s stock valued at $270,000 after purchasing an additional 231 shares during the period. Gries Financial LLC increased its stake in Truist Financial by 4.4% in the 3rd quarter. Gries Financial LLC now owns 5,507 shares of the insurance provider’s stock worth $252,000 after buying an additional 233 shares in the last quarter. Salomon & Ludwin LLC increased its stake in Truist Financial by 1.1% in the 3rd quarter. Salomon & Ludwin LLC now owns 21,934 shares of the insurance provider’s stock worth $998,000 after buying an additional 239 shares in the last quarter. Foster Victor Wealth Advisors LLC raised its holdings in Truist Financial by 0.4% during the second quarter. Foster Victor Wealth Advisors LLC now owns 62,087 shares of the insurance provider’s stock valued at $2,804,000 after acquiring an additional 242 shares during the period. Finally, MGO One Seven LLC lifted its position in shares of Truist Financial by 0.9% in the second quarter. MGO One Seven LLC now owns 28,849 shares of the insurance provider’s stock valued at $1,240,000 after acquiring an additional 246 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director K. David Jr. Boyer sold 5,160 shares of Truist Financial stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total value of $239,682.00. Following the completion of the transaction, the director owned 10,153 shares in the company, valued at approximately $471,606.85. This trade represents a 33.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.17% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on TFC shares. Morgan Stanley increased their target price on Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 17th. TD Cowen increased their price objective on shares of Truist Financial from $55.00 to $59.00 and gave the company a “buy” rating in a report on Wednesday, January 7th. Barclays cut shares of Truist Financial from an “equal weight” rating to an “underweight” rating and lifted their price objective for the company from $47.00 to $56.00 in a research report on Monday, January 5th. The Goldman Sachs Group restated a “buy” rating and set a $58.00 target price on shares of Truist Financial in a research report on Tuesday, January 6th. Finally, Piper Sandler set a $48.00 price target on shares of Truist Financial in a report on Monday, October 20th. Seven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Truist Financial has a consensus rating of “Hold” and a consensus target price of $52.80.

Truist Financial Stock Down 0.5%

NYSE TFC opened at $50.01 on Monday. The stock has a 50 day moving average price of $48.29 and a 200-day moving average price of $46.03. Truist Financial Corporation has a one year low of $33.56 and a one year high of $51.51. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market capitalization of $63.98 billion, a P/E ratio of 13.44, a P/E/G ratio of 0.95 and a beta of 0.89.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, October 17th. The insurance provider reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.05. Truist Financial had a net margin of 16.84% and a return on equity of 8.73%. The company had revenue of $5.24 billion for the quarter, compared to analysts’ expectations of $5.20 billion. During the same quarter in the previous year, the business posted $0.97 earnings per share. Truist Financial’s quarterly revenue was up 1.9% on a year-over-year basis. As a group, equities analysts predict that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial declared that its board has authorized a stock buyback plan on Tuesday, December 16th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the insurance provider to reacquire up to 15.7% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 14th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.2%. The ex-dividend date was Friday, November 14th. Truist Financial’s dividend payout ratio is currently 55.91%.

Truist Financial Company Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.