Salem Investment Counselors Inc. Raises Stake in Truist Financial Co. (NYSE:TFC)

Salem Investment Counselors Inc. raised its holdings in Truist Financial Co. (NYSE:TFC) by 0.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 292,822 shares of the insurance provider’s stock after acquiring an additional 1,581 shares during the period. Salem Investment Counselors Inc.’s holdings in Truist Financial were worth $12,703,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Capital Investment Advisors LLC raised its holdings in shares of Truist Financial by 1.7% in the 4th quarter. Capital Investment Advisors LLC now owns 39,413 shares of the insurance provider’s stock valued at $1,710,000 after acquiring an additional 656 shares in the last quarter. Brookstone Capital Management raised its holdings in shares of Truist Financial by 2.1% during the 4th quarter. Brookstone Capital Management now owns 275,849 shares of the insurance provider’s stock valued at $11,966,000 after buying an additional 5,765 shares in the last quarter. City State Bank raised its holdings in shares of Truist Financial by 158.1% during the 4th quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock valued at $51,000 after buying an additional 716 shares in the last quarter. Fiduciary Alliance LLC raised its holdings in shares of Truist Financial by 8.4% during the 4th quarter. Fiduciary Alliance LLC now owns 97,618 shares of the insurance provider’s stock valued at $4,235,000 after buying an additional 7,597 shares in the last quarter. Finally, Aprio Wealth Management LLC raised its holdings in shares of Truist Financial by 4.4% during the 4th quarter. Aprio Wealth Management LLC now owns 7,086 shares of the insurance provider’s stock valued at $307,000 after buying an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Up 0.3 %

Shares of NYSE TFC traded up $0.12 during mid-day trading on Monday, hitting $42.90. 3,528,874 shares of the stock traded hands, compared to its average volume of 5,782,297. The stock has a fifty day moving average price of $45.36 and a 200-day moving average price of $43.38. The company has a market cap of $56.95 billion, a price-to-earnings ratio of -30.00, a PEG ratio of 1.88 and a beta of 1.08. Truist Financial Co. has a 52 week low of $34.23 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.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. The business had revenue of $5.09 billion during 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%. Research 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 paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.85%. The ex-dividend date was Friday, November 8th. Truist Financial’s payout ratio is -145.45%.

Insider Buying and Selling at Truist Financial

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

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on TFC. HSBC raised Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Tuesday, January 7th. Citigroup raised their price target on Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research report on Monday, November 25th. The Goldman Sachs Group raised their price target on Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Compass Point raised their price target on Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Finally, UBS Group raised their price target on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Truist Financial has an average rating of “Moderate Buy” and a consensus target price of $49.89.

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.