Glass Wealth Management Co LLC Raises Stock Position in Truist Financial Co. (NYSE:TFC)

Glass Wealth Management Co LLC raised its position in shares of Truist Financial Co. (NYSE:TFC) by 55.7% in the third quarter, Holdings Channel.com reports. The fund owned 62,078 shares of the insurance provider’s stock after acquiring an additional 22,208 shares during the quarter. Truist Financial makes up approximately 1.5% of Glass Wealth Management Co LLC’s portfolio, making the stock its 29th biggest holding. Glass Wealth Management Co LLC’s holdings in Truist Financial were worth $2,655,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TFC. CreativeOne Wealth LLC purchased a new stake in shares of Truist Financial during the 1st quarter valued at approximately $516,000. M&G Plc purchased a new stake in Truist Financial in the second quarter valued at $2,804,000. Dimensional Fund Advisors LP lifted its stake 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 valued at $346,957,000 after purchasing an additional 299,196 shares during the last quarter. Boston Common Asset Management LLC grew its holdings in shares of Truist Financial by 66.4% during the 3rd quarter. Boston Common Asset Management LLC now owns 154,523 shares of the insurance provider’s stock worth $6,609,000 after purchasing an additional 61,683 shares during the period. Finally, Russell Investments Group Ltd. increased its position in shares of Truist Financial by 10.6% during the 1st quarter. Russell Investments Group Ltd. now owns 230,604 shares of the insurance provider’s stock worth $8,965,000 after purchasing an additional 22,182 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

Shares of TFC opened at $46.55 on Monday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62. The firm’s fifty day simple moving average is $43.18 and its 200-day simple moving average is $41.27. The firm has a market capitalization of $61.80 billion, a price-to-earnings ratio of -32.55, a PEG ratio of 1.91 and a beta of 1.05. Truist Financial Co. has a twelve month low of $31.13 and a twelve month high of $47.57.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. The company 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%. Equities analysts forecast that Truist Financial Co. will post 3.7 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.47%. The ex-dividend date is Friday, November 8th. Truist Financial’s dividend payout ratio (DPR) is -145.45%.

Analyst Ratings Changes

TFC has been the subject of several research analyst reports. UBS Group increased their target price 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. The Goldman Sachs Group decreased their price target on Truist Financial from $50.00 to $48.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. 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 note on Wednesday, October 16th. Wells Fargo & Company increased their target price on Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Compass Point lifted their target price on Truist Financial from $46.00 to $47.00 in a research report on Wednesday, October 16th. Twelve equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Truist Financial currently has a consensus rating of “Hold” and a consensus target price 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.