Ascent Wealth Partners LLC Takes Position in Truist Financial Co. (NYSE:TFC)

Ascent Wealth Partners LLC purchased a new stake in shares of Truist Financial Co. (NYSE:TFC) during the 3rd quarter, HoldingsChannel reports. The fund purchased 7,438 shares of the insurance provider’s stock, valued at approximately $318,000.

Several other hedge funds also recently modified their holdings of the company. Capital International Investors grew its holdings in shares of Truist Financial by 93.7% in the 1st quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock worth $453,854,000 after acquiring an additional 5,632,493 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Truist Financial by 1.0% in the 2nd quarter. Legal & General Group Plc now owns 10,338,802 shares of the insurance provider’s stock worth $401,663,000 after acquiring an additional 103,565 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Truist Financial by 3.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after acquiring an additional 299,196 shares during the last quarter. Truist Financial Corp grew its holdings in shares of Truist Financial by 6.7% in the 2nd quarter. Truist Financial Corp now owns 4,931,783 shares of the insurance provider’s stock worth $191,600,000 after acquiring an additional 311,523 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Truist Financial by 1.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,489,411 shares of the insurance provider’s stock worth $136,018,000 after acquiring an additional 58,349 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Performance

Shares of Truist Financial stock traded down $1.03 during trading on Thursday, reaching $45.97. The company’s stock had a trading volume of 1,071,815 shares, compared to its average volume of 8,285,849. Truist Financial Co. has a one year low of $28.93 and a one year high of $47.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a market cap of $61.03 billion, a price-to-earnings ratio of -32.87, a price-to-earnings-growth ratio of 1.73 and a beta of 1.05. The business’s fifty day moving average price is $42.82 and its 200-day moving average price is $40.85.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.52%. The ex-dividend date is Friday, November 8th. Truist Financial’s dividend payout ratio is -145.45%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on TFC shares. The Goldman Sachs Group decreased their target price on Truist Financial from $50.00 to $48.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. Robert W. Baird downgraded Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price target on the stock. in a report on Wednesday, July 17th. JPMorgan Chase & Co. lifted their price objective on Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Keefe, Bruyette & Woods lifted their price objective on Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Finally, Wolfe Research raised Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. Twelve equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Truist Financial has an average rating of “Hold” and a consensus price target of $46.02.

Truist Financial 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.