Truist Financial Co. (NYSE:TFC) Position Boosted by Simmons Bank

Simmons Bank raised its holdings in shares of Truist Financial Co. (NYSE:TFC) by 359.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,267 shares of the insurance provider’s stock after acquiring an additional 33,859 shares during the period. Simmons Bank’s holdings in Truist Financial were worth $1,851,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Community Bank & Trust Waco Texas lifted its stake in shares of Truist Financial by 32.9% in the 3rd quarter. Community Bank & Trust Waco Texas now owns 12,735 shares of the insurance provider’s stock worth $545,000 after acquiring an additional 3,155 shares during the period. Haverford Trust Co raised its holdings in Truist Financial by 8.6% during the third quarter. Haverford Trust Co now owns 12,629 shares of the insurance provider’s stock worth $540,000 after purchasing an additional 998 shares in the last quarter. Aptus Capital Advisors LLC lifted its position in Truist Financial by 19.7% in the third quarter. Aptus Capital Advisors LLC now owns 24,582 shares of the insurance provider’s stock worth $1,051,000 after purchasing an additional 4,049 shares during the period. Commonwealth Retirement Investments LLC lifted its position in Truist Financial by 5.8% in the third quarter. Commonwealth Retirement Investments LLC now owns 78,309 shares of the insurance provider’s stock worth $3,349,000 after purchasing an additional 4,300 shares during the period. Finally, Aigen Investment Management LP boosted its stake in Truist Financial by 43.0% during the 3rd quarter. Aigen Investment Management LP now owns 19,473 shares of the insurance provider’s stock valued at $833,000 after purchasing an additional 5,851 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on TFC shares. Royal Bank of Canada boosted their price objective on Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. upped their price target on shares of Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a report on Wednesday, October 16th. Wolfe Research upgraded shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. StockNews.com upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Finally, Bank of America raised their target price on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Twelve research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $46.02.

Truist Financial Price Performance

NYSE TFC opened at $46.51 on Thursday. The company has a 50 day simple moving average of $42.97 and a 200-day simple moving average of $41.09. Truist Financial Co. has a 52-week low of $30.31 and a 52-week high of $47.57. The firm has a market capitalization of $61.74 billion, a price-to-earnings ratio of -32.52, a price-to-earnings-growth ratio of 1.92 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 (NYSE:TFC) last released its earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 predict that Truist Financial Co. will post 3.7 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be paid 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 yield of 4.47%. Truist Financial’s dividend payout ratio (DPR) is currently -145.45%.

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.