FormulaFolio Investments LLC grew its holdings in shares of Truist Financial Co. (NYSE:TFC) by 129.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,320 shares of the insurance provider’s stock after acquiring an additional 7,506 shares during the period. FormulaFolio Investments LLC’s holdings in Truist Financial were worth $638,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. Hoover Financial Advisors Inc. acquired a new position in Truist Financial in the fourth quarter worth about $25,000. Peoples Financial Services CORP. lifted its holdings in Truist Financial by 173.4% in the fourth quarter. Peoples Financial Services CORP. now owns 544 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 345 shares during the last quarter. Kinloch Capital LLC bought a new position in Truist Financial in the fourth quarter worth about $26,000. RWM Asset Management LLC bought a new position in Truist Financial in the fourth quarter worth about $30,000. Finally, Sterling Financial Planning Inc. bought a new position in Truist Financial in the fourth quarter worth about $36,000. Institutional investors and hedge funds own 72.11% of the company’s stock.
In related news, COO William H. Rogers, Jr. sold 176,379 shares of Truist Financial stock in a transaction on Friday, January 22nd. The shares were sold at an average price of $50.22, for a total value of $8,857,753.38. Following the completion of the sale, the chief operating officer now owns 849,506 shares of the company’s stock, valued at approximately $42,662,191.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Clarke R. Starnes III sold 48,175 shares of the business’s stock in a transaction on Friday, January 22nd. The stock was sold at an average price of $51.06, for a total transaction of $2,459,815.50. Following the transaction, the insider now directly owns 182,205 shares of the company’s stock, valued at approximately $9,303,387.30. The disclosure for this sale can be found here. In the last ninety days, insiders sold 237,094 shares of company stock valued at $12,045,695. 0.35% of the stock is owned by company insiders.
Truist Financial (NYSE:TFC) last issued its earnings results on Wednesday, January 20th. The insurance provider reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.19. Truist Financial had a net margin of 16.95% and a return on equity of 7.76%. The company had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.42 billion. During the same quarter last year, the business posted $1.04 EPS. Equities research analysts expect that Truist Financial Co. will post 3.54 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 1st. Investors of record on Friday, February 12th were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 3.03%. The ex-dividend date was Thursday, February 11th. Truist Financial’s payout ratio is presently 41.19%.
A number of equities research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft lifted their price target on Truist Financial from $56.00 to $65.00 in a report on Monday, March 15th. Barclays lifted their price target on Truist Financial from $59.00 to $64.00 in a report on Wednesday. Truist cut Truist Financial from a “buy” rating to a “hold” rating in a report on Thursday, January 7th. Stephens lifted their price target on Truist Financial from $54.00 to $66.00 in a report on Tuesday, March 30th. Finally, Morgan Stanley raised their price objective on shares of Truist Financial from $65.00 to $68.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 30th. Nine analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $51.02.
About Truist Financial
Truist Financial Corporation, a holding 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.
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