Deroy & Devereaux Private Investment Counsel Inc. Takes Position in Truist Financial Co. (NYSE:TFC)

Deroy & Devereaux Private Investment Counsel Inc. acquired a new stake in Truist Financial Co. (NYSE:TFC) in the 3rd quarter, Holdings Channel.com reports. The fund acquired 464,346 shares of the insurance provider’s stock, valued at approximately $19,860,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Crewe Advisors LLC acquired a new position in shares of Truist Financial in the first quarter valued at approximately $27,000. MFA Wealth Advisors LLC acquired a new position in shares of Truist Financial in the second quarter valued at approximately $30,000. Y.D. More Investments Ltd acquired a new position in shares of Truist Financial in the second quarter valued at approximately $31,000. Fortitude Family Office LLC increased its stake in shares of Truist Financial by 376.7% in the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock valued at $37,000 after buying an additional 678 shares during the period. Finally, Hobbs Group Advisors LLC acquired a new position in shares of Truist Financial in the second quarter valued at approximately $38,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TFC. Barclays upped their price objective on Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. JPMorgan Chase & Co. upped 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. UBS Group upped their target price on Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a report on Friday, October 18th. Bank of America upped their target price on Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Finally, Robert W. Baird cut Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 target price on the stock. in a report on Wednesday, July 17th. Twelve investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $46.02.

Truist Financial Stock Down 0.6 %

Shares of Truist Financial stock opened at $43.04 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62. Truist Financial Co. has a 1 year low of $27.88 and a 1 year high of $45.31. The stock has a fifty day moving average price of $42.86 and a 200-day moving average price of $40.61.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.83%. Truist Financial’s dividend payout ratio is currently -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.