Cornerstone Management Inc. Acquires 740 Shares of Truist Financial Co. (NYSE:TFC)

Cornerstone Management Inc. raised its stake in shares of Truist Financial Co. (NYSE:TFC) by 12.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,678 shares of the insurance provider’s stock after acquiring an additional 740 shares during the quarter. Cornerstone Management Inc.’s holdings in Truist Financial were worth $290,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bangor Savings Bank increased its position in Truist Financial by 92.5% during the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock valued at $25,000 after buying an additional 272 shares in the last quarter. Valley Wealth Managers Inc. purchased a new stake in shares of Truist Financial during the third quarter worth about $26,000. MidAtlantic Capital Management Inc. acquired a new position in shares of Truist Financial during the third quarter valued at about $32,000. Fortitude Family Office LLC raised its position in shares of Truist Financial by 376.7% in the 3rd quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 678 shares during the last quarter. Finally, Ashton Thomas Securities LLC acquired a new stake in Truist Financial in the 3rd quarter worth approximately $45,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on TFC. Compass Point raised their price target on shares of Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Raymond James raised their target price on Truist Financial from $47.00 to $51.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. StockNews.com upgraded Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. Wells Fargo & Company raised their price objective on Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, UBS Group upped their target price on Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Eleven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Truist Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.79.

Insiders Place Their Bets

In other news, CEO William H. Rogers, Jr. purchased 34,180 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was acquired at an average price of $48.56 per share, for a total transaction of $1,659,780.80. Following the acquisition, the chief executive officer now directly 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director K. David Jr. Boyer sold 4,966 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The shares were 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 in the company, valued at $519,565.20. This represents a 30.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.17% of the company’s stock.

Truist Financial Trading Down 1.5 %

Shares of Truist Financial stock opened at $46.92 on Tuesday. Truist Financial Co. has a twelve month low of $34.23 and a twelve month high of $49.06. The firm’s 50-day moving average price is $45.55 and its 200 day moving average price is $44.11. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $62.29 billion, a PE ratio of 14.09, a P/E/G ratio of 1.69 and a beta of 1.08.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The firm had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.05 billion. During the same period in the previous year, the business earned $0.81 earnings per share. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, sell-side analysts predict that Truist Financial Co. will post 3.95 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Friday, February 14th will be issued a $0.52 dividend. The ex-dividend date is Friday, February 14th. This represents a $2.08 dividend on an annualized basis and a yield of 4.43%. Truist Financial’s payout ratio is 62.46%.

Truist Financial 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.