Transamerica Financial Advisors Inc. Raises Stake in Truist Financial Co. (NYSE:TFC)

Transamerica Financial Advisors Inc. grew its stake in Truist Financial Co. (NYSE:TFC) by 68.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,916 shares of the insurance provider’s stock after acquiring an additional 2,408 shares during the quarter. Transamerica Financial Advisors Inc.’s holdings in Truist Financial were worth $254,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of TFC. Valley Wealth Managers Inc. acquired a new stake in shares of Truist Financial in the 3rd quarter worth $26,000. MFA Wealth Advisors LLC acquired a new stake in shares of Truist Financial in the 2nd quarter worth $30,000. Y.D. More Investments Ltd acquired a new stake in shares of Truist Financial in the 2nd quarter worth $31,000. MidAtlantic Capital Management Inc. acquired a new stake in shares of Truist Financial in the 3rd quarter worth $32,000. Finally, Fortitude Family Office LLC increased its stake in shares of Truist Financial by 376.7% in the 3rd quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 678 shares during the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TFC has been the subject of a number of recent analyst reports. Citigroup raised their price objective on Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research report on Monday. Wells Fargo & Company raised their price objective on Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. JPMorgan Chase & Co. raised their target price on Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a report on Wednesday, October 16th. Royal Bank of Canada raised their target price on Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Finally, Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. Twelve equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $47.17.

Truist Financial Price Performance

Shares of NYSE TFC opened at $47.71 on Wednesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. Truist Financial Co. has a fifty-two week low of $31.23 and a fifty-two week high of $49.06. The firm has a market capitalization of $63.33 billion, a PE ratio of -33.36, a price-to-earnings-growth ratio of 1.97 and a beta of 1.05. The stock’s 50-day simple moving average is $43.91 and its 200-day simple moving average is $41.66.

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

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.36%. The ex-dividend date is Friday, November 8th. Truist Financial’s dividend payout ratio (DPR) is -145.45%.

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.