Truist Financial Co. (NYSE:TFC) Holdings Boosted by Independent Advisor Alliance

Independent Advisor Alliance grew its stake in shares of Truist Financial Co. (NYSE:TFC) by 10.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 282,607 shares of the insurance provider’s stock after purchasing an additional 27,408 shares during the quarter. Independent Advisor Alliance’s holdings in Truist Financial were worth $12,087,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in TFC. Douglass Winthrop Advisors LLC lifted its position in Truist Financial by 5.9% in the 3rd quarter. Douglass Winthrop Advisors LLC now owns 18,980 shares of the insurance provider’s stock valued at $812,000 after purchasing an additional 1,064 shares during the last quarter. Fisher Asset Management LLC raised its stake in Truist Financial by 4.5% during the 3rd quarter. Fisher Asset Management LLC now owns 7,995 shares of the insurance provider’s stock valued at $342,000 after acquiring an additional 345 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Truist Financial by 12.4% in the third quarter. Daiwa Securities Group Inc. now owns 163,373 shares of the insurance provider’s stock worth $6,987,000 after purchasing an additional 17,967 shares in the last quarter. Summit Trail Advisors LLC increased its holdings in shares of Truist Financial by 7.6% during the third quarter. Summit Trail Advisors LLC now owns 15,229 shares of the insurance provider’s stock valued at $651,000 after purchasing an additional 1,081 shares during the period. Finally, SevenBridge Financial Group LLC bought a new position in Truist Financial in the 3rd quarter valued at about $211,000. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Up 2.5 %

TFC opened at $47.96 on Monday. The company has a market capitalization of $63.67 billion, a PE ratio of -33.54, a price-to-earnings-growth ratio of 1.97 and a beta of 1.05. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. Truist Financial Co. has a fifty-two week low of $31.23 and a fifty-two week high of $48.06. The business has a 50-day moving average of $43.68 and a 200-day moving average of $41.54.

Truist Financial (NYSE:TFC) last posted 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. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The company had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.05 billion. Equities research analysts forecast that Truist Financial Co. will post 3.7 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business 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 $0.52 dividend. The ex-dividend date is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.34%. Truist Financial’s dividend payout ratio is currently -145.45%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on TFC shares. UBS Group upped their price target on shares of Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Wolfe Research raised Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. Compass Point upped their price target on shares of Truist Financial from $46.00 to $47.00 in a report on Wednesday, October 16th. Morgan Stanley raised their price objective on shares of Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 30th. Finally, The Goldman Sachs Group cut their target price on shares of Truist Financial from $50.00 to $48.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. Twelve analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Truist Financial has a consensus rating of “Hold” and a consensus price target of $46.37.

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.