Cantor Fitzgerald Investment Advisors L.P. Purchases New Shares in Truist Financial Co. (NYSE:TFC)

Cantor Fitzgerald Investment Advisors L.P. acquired a new position in Truist Financial Co. (NYSE:TFC) in the 4th quarter, HoldingsChannel.com reports. The firm acquired 427,487 shares of the insurance provider’s stock, valued at approximately $15,783,000.

Several other hedge funds have also recently bought and sold shares of TFC. Norges Bank purchased a new stake in Truist Financial in the 4th quarter worth about $307,787,000. North Reef Capital Management LP purchased a new stake in Truist Financial in the 3rd quarter worth about $66,804,000. Charles Schwab Investment Management Inc. lifted its stake in Truist Financial by 8.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 19,238,388 shares of the insurance provider’s stock worth $690,793,000 after acquiring an additional 1,458,248 shares in the last quarter. Panagora Asset Management Inc. lifted its stake in Truist Financial by 9,218.0% in the 4th quarter. Panagora Asset Management Inc. now owns 1,205,191 shares of the insurance provider’s stock worth $44,496,000 after acquiring an additional 1,192,257 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its stake in Truist Financial by 3,359.6% in the 4th quarter. International Assets Investment Management LLC now owns 1,045,560 shares of the insurance provider’s stock worth $38,602,000 after acquiring an additional 1,015,338 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Stock Performance

Shares of NYSE:TFC traded up $0.16 during trading on Friday, hitting $38.40. 3,150,083 shares of the stock were exchanged, compared to its average volume of 6,496,710. Truist Financial Co. has a 1-year low of $26.57 and a 1-year high of $40.51. The company has a market capitalization of $51.38 billion, a price-to-earnings ratio of -29.09, a price-to-earnings-growth ratio of 1.92 and a beta of 1.07. The company’s fifty day simple moving average is $38.15 and its 200-day simple moving average is $36.34. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.12. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The company had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same quarter last year, the firm earned $1.09 EPS. Truist Financial’s revenue for the quarter was down 8.8% compared to the same quarter last year. Sell-side analysts expect that Truist Financial Co. will post 3.33 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Friday, May 10th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.42%. The ex-dividend date is Thursday, May 9th. Truist Financial’s payout ratio is presently -157.58%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on TFC shares. Citigroup increased their price objective on Truist Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Stephens raised their price target on Truist Financial from $43.00 to $47.00 and gave the stock an “overweight” rating in a research note on Thursday, May 16th. Compass Point raised Truist Financial from a “neutral” rating to a “buy” rating and raised their price target for the stock from $34.00 to $42.00 in a research note on Tuesday, April 23rd. UBS Group raised their price target on Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. Finally, Keefe, Bruyette & Woods raised their price target on Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 8th. One analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $43.17.

Insider Transactions at Truist Financial

In other news, Director K. David Jr. Boyer sold 3,764 shares of Truist Financial stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the sale, the director now owns 16,132 shares of the company’s stock, valued at approximately $604,627.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.17% of the stock is owned by insiders.

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.