Bridges Investment Management Inc. Buys Shares of 24,650 Truist Financial Co. (NYSE:TFC)

Bridges Investment Management Inc. acquired a new position in shares of Truist Financial Co. (NYSE:TFCFree Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 24,650 shares of the insurance provider’s stock, valued at approximately $910,000.

A number of other large investors have also modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Truist Financial by 0.3% during the third quarter. Vanguard Group Inc. now owns 117,271,628 shares of the insurance provider’s stock worth $3,355,141,000 after purchasing an additional 365,871 shares in the last quarter. State Street Corp grew its stake in shares of Truist Financial by 1.8% during the second quarter. State Street Corp now owns 59,824,259 shares of the insurance provider’s stock worth $1,815,666,000 after purchasing an additional 1,056,703 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Truist Financial by 1.4% during the first quarter. Geode Capital Management LLC now owns 23,931,465 shares of the insurance provider’s stock worth $814,557,000 after purchasing an additional 332,642 shares in the last quarter. Moneta Group Investment Advisors LLC grew its stake in shares of Truist Financial by 12,034.8% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 20,490,356 shares of the insurance provider’s stock worth $881,700,000 after purchasing an additional 20,321,500 shares in the last quarter. Finally, Morgan Stanley grew its stake in shares of Truist Financial by 32.6% during the fourth quarter. Morgan Stanley now owns 15,511,098 shares of the insurance provider’s stock worth $667,443,000 after purchasing an additional 3,813,439 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Buying and Selling

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $37.48, for a total value of $141,074.72. Following the completion of the transaction, the director now directly owns 16,132 shares of the company’s stock, valued at $604,627.36. The sale was disclosed in a filing with the SEC, which is available at this link. 0.17% of the stock is currently owned by corporate insiders.

Truist Financial Stock Performance

NYSE TFC traded up $0.25 during trading hours on Wednesday, hitting $38.14. 1,114,605 shares of the stock were exchanged, compared to its average volume of 9,681,989. The company has a market cap of $50.90 billion, a price-to-earnings ratio of -35.07, a price-to-earnings-growth ratio of 1.62 and a beta of 1.08. Truist Financial Co. has a 12-month low of $25.56 and a 12-month high of $39.29. The stock has a 50-day moving average of $36.53 and a 200 day moving average of $33.65. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.74.

Truist Financial (NYSE:TFCGet Free Report) last posted its quarterly earnings results on Thursday, January 18th. The insurance provider reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.13. The firm had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a negative net margin of 3.28% and a positive return on equity of 9.64%. During the same period in the prior year, the company posted $1.30 earnings per share. As a group, equities research analysts forecast that Truist Financial Co. will post 3.39 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 9th were issued a dividend of $0.52 per share. The ex-dividend date was Thursday, February 8th. This represents a $2.08 annualized dividend and a yield of 5.45%. Truist Financial’s dividend payout ratio is currently -192.59%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on TFC. Raymond James boosted their target price on shares of Truist Financial from $34.00 to $41.00 and gave the stock an “outperform” rating in a research note on Friday, January 5th. Odeon Capital Group upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $40.45 price objective for the company in a research note on Thursday, December 14th. Barclays upped their price objective on shares of Truist Financial from $40.00 to $42.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 2nd. UBS Group upped their price objective on shares of Truist Financial from $37.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, January 17th. Finally, Morgan Stanley upped their price objective on shares of Truist Financial from $38.00 to $43.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Truist Financial currently has a consensus rating of “Hold” and a consensus target price of $40.38.

Get Our Latest Analysis on Truist Financial

Truist Financial Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Truist Financial (NYSE:TFC)

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