iA Global Asset Management Inc. Raises Stock Holdings in Truist Financial Co. (NYSE:TFC)

iA Global Asset Management Inc. boosted its holdings in Truist Financial Co. (NYSE:TFC) by 220.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 48,197 shares of the insurance provider’s stock after purchasing an additional 33,145 shares during the period. iA Global Asset Management Inc.’s holdings in Truist Financial were worth $2,061,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of TFC. Valley Wealth Managers Inc. purchased a new stake in Truist Financial during the third quarter valued at about $26,000. MFA Wealth Advisors LLC purchased a new stake in shares of Truist Financial during the 2nd quarter valued at approximately $30,000. Y.D. More Investments Ltd bought a new position in Truist Financial in the 2nd quarter worth approximately $31,000. MidAtlantic Capital Management Inc. purchased a new position in Truist Financial in the 3rd quarter valued at approximately $32,000. Finally, Fortitude Family Office LLC lifted its position in shares of Truist Financial by 376.7% during the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 678 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Up 0.2 %

Shares of Truist Financial stock opened at $47.26 on Monday. Truist Financial Co. has a one year low of $33.36 and a one 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. The business’s 50 day simple moving average is $44.70 and its two-hundred day simple moving average is $42.09.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, beating the consensus estimate of $0.89 by $0.08. The firm had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. Analysts anticipate that Truist Financial Co. will post 3.7 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 8th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.40%. The ex-dividend date of this dividend was Friday, November 8th. Truist Financial’s payout ratio is currently -145.45%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on TFC shares. Royal Bank of Canada lifted their price target on Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Stephens reiterated an “overweight” rating and set a $50.00 price target on shares of Truist Financial in a research report on Tuesday, September 10th. Keefe, Bruyette & Woods raised their price objective on shares of Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Wells Fargo & Company upped their target price on shares of Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Finally, The Goldman Sachs Group raised their price target on shares of Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Twelve analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $47.67.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 4,966 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total transaction of $229,429.20. Following the completion of the transaction, the director now owns 11,246 shares of the company’s stock, valued at approximately $519,565.20. This trade represents a 30.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO William H. Rogers, Jr. bought 34,180 shares of Truist Financial stock in a transaction dated Monday, November 25th. The stock was acquired at an average cost of $48.56 per share, for a total transaction of $1,659,780.80. Following the completion of the transaction, the chief executive officer now directly owns 691,451 shares in the company, valued at approximately $33,576,860.56. This trade represents a 5.20 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.17% of the company’s stock.

Truist Financial Company Profile

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.