Deroy & Devereaux Private Investment Counsel Inc. Invests $19.86 Million in Truist Financial Co. (NYSE:TFC)

Deroy & Devereaux Private Investment Counsel Inc. bought a new position in shares of Truist Financial Co. (NYSE:TFC) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 464,346 shares of the insurance provider’s stock, valued at approximately $19,860,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Capital International Investors raised its holdings in Truist Financial by 93.7% during the first quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock worth $453,854,000 after acquiring an additional 5,632,493 shares in the last quarter. Legal & General Group Plc raised its holdings in Truist Financial by 1.0% during the second quarter. Legal & General Group Plc now owns 10,338,802 shares of the insurance provider’s stock worth $401,663,000 after acquiring an additional 103,565 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Truist Financial by 3.5% during the second quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after acquiring an additional 299,196 shares in the last quarter. Truist Financial Corp raised its holdings in Truist Financial by 6.7% during the second quarter. Truist Financial Corp now owns 4,931,783 shares of the insurance provider’s stock worth $191,600,000 after acquiring an additional 311,523 shares in the last quarter. Finally, Jennison Associates LLC raised its holdings in Truist Financial by 48.9% during the first quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock worth $149,698,000 after acquiring an additional 1,261,598 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Down 0.6 %

TFC stock opened at $43.04 on Friday. The business has a 50-day simple moving average of $42.86 and a 200 day simple moving average of $40.61. Truist Financial Co. has a 52 week low of $27.88 and a 52 week high of $45.31. 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 Dividend Announcement

The firm 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 dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.83%. The ex-dividend date is Friday, November 8th. Truist Financial’s payout ratio is -145.45%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Barclays boosted their target price on Truist Financial from $43.00 to $47.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Compass Point lifted their price objective on shares of Truist Financial from $46.00 to $47.00 in a research report on Wednesday, October 16th. Keefe, Bruyette & Woods lifted their price objective on shares of Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Robert W. Baird cut shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price objective for the company. in a research report on Wednesday, July 17th. Finally, StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Twelve research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $46.02.

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.