Brooklyn Investment Group Makes New Investment in Truist Financial Co. (NYSE:TFC)

Brooklyn Investment Group bought a new stake in Truist Financial Co. (NYSE:TFC) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,433 shares of the insurance provider’s stock, valued at approximately $104,000.

Other institutional investors and hedge funds have also modified their holdings of the company. M&G Plc acquired a new position in Truist Financial in the second quarter worth $2,804,000. Dimensional Fund Advisors LP lifted its position in Truist Financial by 3.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after buying an additional 299,196 shares in the last quarter. Boston Common Asset Management LLC grew its holdings in 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 acquiring an additional 61,683 shares during the last quarter. Independent Advisor Alliance increased its position in Truist Financial by 10.7% in the 3rd quarter. Independent Advisor Alliance now owns 282,607 shares of the insurance provider’s stock valued at $12,087,000 after acquiring an additional 27,408 shares in the last quarter. Finally, PGGM Investments bought a new position in shares of Truist Financial in the first quarter worth about $611,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Stock Up 0.1 %

Truist Financial stock opened at $47.75 on Thursday. The company has a 50 day moving average of $44.03 and a 200-day moving average of $41.71. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62. Truist Financial Co. has a twelve month low of $31.23 and a twelve month high of $49.06. The stock has a market capitalization of $63.39 billion, a PE ratio of -33.39, a price-to-earnings-growth ratio of 1.97 and a beta of 1.05.

Truist Financial (NYSE:TFC) last announced its earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share 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 firm had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.05 billion. On average, equities research analysts anticipate that Truist Financial Co. will post 3.7 EPS for the current fiscal year.

Truist Financial Dividend Announcement

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

Analysts Set New Price Targets

TFC has been the topic of several research analyst reports. Wells Fargo & Company increased their price target on shares of Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Wolfe Research raised Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Compass Point upped their price target on Truist Financial from $46.00 to $47.00 in a research note on Wednesday, October 16th. Stephens reiterated an “overweight” rating and issued a $50.00 price objective on shares of Truist Financial in a research report on Tuesday, September 10th. Finally, Citigroup boosted their price objective on Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a report on Monday. Twelve equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Truist Financial presently has a consensus rating of “Hold” and an average target price of $47.17.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. purchased 34,180 shares of the stock in a transaction on Monday, November 25th. The shares were purchased at an average cost of $48.56 per share, for a total transaction of $1,659,780.80. Following the purchase, the chief executive officer now owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. This represents a 5.20 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.17% of the company’s stock.

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.