Great Lakes Retirement Inc. Buys 1,354 Shares of Truist Financial Co. (NYSE:TFC)

Great Lakes Retirement Inc. raised its holdings in shares of Truist Financial Co. (NYSE:TFC) by 6.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 23,838 shares of the insurance provider’s stock after purchasing an additional 1,354 shares during the period. Great Lakes Retirement Inc.’s holdings in Truist Financial were worth $880,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in TFC. Moneta Group Investment Advisors LLC increased its stake in shares of Truist Financial by 12,034.8% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 20,490,356 shares of the insurance provider’s stock valued at $881,700,000 after purchasing an additional 20,321,500 shares in the last quarter. Norges Bank purchased a new stake in shares of Truist Financial during the fourth quarter valued at approximately $553,718,000. Morgan Stanley grew its holdings in shares of Truist Financial by 32.6% during the fourth quarter. Morgan Stanley now owns 15,511,098 shares of the insurance provider’s stock valued at $667,443,000 after buying an additional 3,813,439 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Truist Financial by 65.1% during the first quarter. Arrowstreet Capital Limited Partnership now owns 7,592,182 shares of the insurance provider’s stock valued at $258,893,000 after buying an additional 2,992,820 shares during the last quarter. Finally, Imprint Wealth LLC grew its holdings in shares of Truist Financial by 3,152.2% during the second quarter. Imprint Wealth LLC now owns 2,726,575 shares of the insurance provider’s stock valued at $272,658,000 after buying an additional 2,642,737 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Insider Activity

In other news, Director K. David Jr. Boyer sold 3,764 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the transaction, the director now directly owns 16,132 shares of the company’s stock, valued at $604,627.36. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.17% of the company’s stock.

Truist Financial Price Performance

Shares of Truist Financial stock traded up $0.45 during trading hours on Thursday, reaching $39.04. The company’s stock had a trading volume of 6,490,602 shares, compared to its average volume of 9,845,609. The firm has a 50 day moving average price of $36.36 and a 200-day moving average price of $33.39. Truist Financial Co. has a one year low of $25.56 and a one year high of $39.29. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market cap of $52.10 billion, a P/E ratio of -35.97, a P/E/G ratio of 1.58 and a beta of 1.07.

Truist Financial (NYSE:TFC) last posted its earnings results on Thursday, January 18th. The insurance provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.13. Truist Financial had a negative net margin of 3.28% and a positive return on equity of 9.64%. The firm had revenue of $5.70 billion for the quarter, compared to the consensus estimate of $5.70 billion. During the same period in the previous year, the firm posted $1.30 EPS. On average, analysts predict that Truist Financial Co. will post 3.39 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 9th were issued a $0.52 dividend. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $2.08 annualized dividend and a dividend yield of 5.33%. Truist Financial’s dividend payout ratio is currently -192.59%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on TFC shares. HSBC raised their target price on shares of Truist Financial from $37.00 to $39.00 and gave the stock a “hold” rating in a report on Thursday. Wells Fargo & Company raised their target price on shares of Truist Financial from $39.00 to $45.00 and gave the stock an “overweight” rating in a report on Thursday. Bank of America upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 target price on the stock in a report on Thursday, January 4th. Raymond James lifted their price target on shares of Truist Financial from $34.00 to $41.00 and gave the stock an “outperform” rating in a research note on Friday, January 5th. Finally, Barclays lifted their price target on shares of Truist Financial from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $40.30.

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.