Sugarloaf Wealth Management LLC Raises Stock Holdings in Truist Financial Co. (NYSE:TFC)

Sugarloaf Wealth Management LLC raised its holdings in shares of Truist Financial Co. (NYSE:TFC) by 23.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,848 shares of the insurance provider’s stock after purchasing an additional 1,298 shares during the quarter. Sugarloaf Wealth Management LLC’s holdings in Truist Financial were worth $297,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Principal Financial Group Inc. increased its stake in shares of Truist Financial by 3.5% in the third quarter. Principal Financial Group Inc. now owns 1,511,299 shares of the insurance provider’s stock worth $64,638,000 after buying an additional 50,637 shares during the last quarter. Cadence Bank grew its holdings in Truist Financial by 101.6% during the 3rd quarter. Cadence Bank now owns 185,184 shares of the insurance provider’s stock worth $7,920,000 after acquiring an additional 93,322 shares in the last quarter. Dimensional Fund Advisors LP increased its position 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 purchasing an additional 299,196 shares during the last quarter. Boston Common Asset Management LLC raised its stake in shares of Truist Financial by 66.4% in the 3rd quarter. Boston Common Asset Management LLC now owns 154,523 shares of the insurance provider’s stock valued at $6,609,000 after purchasing an additional 61,683 shares in the last quarter. Finally, Independent Advisor Alliance lifted its position in shares of Truist Financial by 10.7% during the third quarter. Independent Advisor Alliance now owns 282,607 shares of the insurance provider’s stock worth $12,087,000 after purchasing an additional 27,408 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO William H. Rogers, Jr. acquired 34,180 shares of the business’s stock in a transaction on Monday, November 25th. The shares were purchased at an average price of $48.56 per share, for a total transaction of $1,659,780.80. Following the acquisition, the chief executive officer now owns 691,451 shares in the company, valued at approximately $33,576,860.56. This represents a 5.20 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director K. David Jr. Boyer sold 4,966 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total transaction of $229,429.20. Following the sale, the director now directly owns 11,246 shares of the company’s stock, valued at $519,565.20. This represents a 30.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.17% of the stock is owned by company insiders.

Truist Financial Price Performance

Truist Financial stock traded down $1.07 during trading hours on Friday, hitting $42.88. 4,843,130 shares of the company traded hands, compared to its average volume of 5,654,082. The firm’s 50-day simple moving average is $45.36 and its two-hundred day simple moving average is $43.26. The firm has a market cap of $56.92 billion, a P/E ratio of -29.99, a P/E/G ratio of 1.88 and a beta of 1.08. Truist Financial Co. has a 1-year low of $34.23 and a 1-year high of $49.06. 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 (NYSE:TFC) last announced its 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 firm had revenue of $5.09 billion for the quarter, compared to analysts’ expectations 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, analysts forecast that Truist Financial Co. will post 3.7 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Friday, November 8th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.85%. The ex-dividend date of this dividend was Friday, November 8th. Truist Financial’s payout ratio is currently -145.45%.

Analysts Set New Price Targets

Several analysts have issued reports on TFC shares. Keefe, Bruyette & Woods upped their price objective on Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Wells Fargo & Company boosted their price target on Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Compass Point raised their price objective on Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. HSBC upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday. Finally, The Goldman Sachs Group raised their price target on shares of Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $49.89.

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.