Cadence Bank Purchases 93,322 Shares of Truist Financial Co. (NYSE:TFC)

Cadence Bank raised its position in shares of Truist Financial Co. (NYSE:TFC) by 101.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 185,184 shares of the insurance provider’s stock after buying an additional 93,322 shares during the period. Cadence Bank’s holdings in Truist Financial were worth $7,920,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of TFC. B. Riley Wealth Advisors Inc. grew its holdings in shares of Truist Financial by 0.7% during the first quarter. B. Riley Wealth Advisors Inc. now owns 91,666 shares of the insurance provider’s stock worth $3,573,000 after purchasing an additional 656 shares during the last quarter. Beacon Capital Management LLC grew its holdings in Truist Financial by 57.4% during the 1st quarter. Beacon Capital Management LLC now owns 1,015 shares of the insurance provider’s stock worth $40,000 after acquiring an additional 370 shares during the last quarter. Plato Investment Management Ltd increased its position in Truist Financial by 54.5% in the 1st quarter. Plato Investment Management Ltd now owns 4,412 shares of the insurance provider’s stock valued at $172,000 after acquiring an additional 1,556 shares in the last quarter. Montchanin Asset Management LLC bought a new position in shares of Truist Financial in the first quarter worth about $467,000. Finally, Citizens Financial Group Inc. RI lifted its position in shares of Truist Financial by 8.6% during the first quarter. Citizens Financial Group Inc. RI now owns 6,474 shares of the insurance provider’s stock worth $252,000 after purchasing an additional 512 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

Shares of TFC stock opened at $47.71 on Wednesday. The company has a market capitalization of $63.33 billion, a P/E ratio of -33.36, a price-to-earnings-growth ratio of 1.97 and a beta of 1.05. Truist Financial Co. has a 52 week low of $31.23 and a 52 week high of $49.06. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. The company’s 50 day moving average price is $43.91 and its two-hundred day moving average price is $41.66.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.08. The business had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. On average, analysts expect that Truist Financial Co. will post 3.7 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.36%. Truist Financial’s dividend payout ratio (DPR) is -145.45%.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. UBS Group boosted their target price on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. The Goldman Sachs Group raised their price target on Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday. Compass Point boosted their price objective on Truist Financial from $46.00 to $47.00 in a report on Wednesday, October 16th. Finally, Stephens reaffirmed an “overweight” rating and issued a $50.00 target price on shares of Truist Financial in a research note on Tuesday, September 10th. Twelve research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Truist Financial has an average rating of “Hold” and a consensus target price of $47.17.

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.