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

Brooklyn Investment Group bought a new position in shares of Truist Financial Co. (NYSE:TFC) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 2,433 shares of the insurance provider’s stock, valued at approximately $104,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TFC. Assenagon Asset Management S.A. lifted its stake in Truist Financial by 316.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,117,950 shares of the insurance provider’s stock valued at $90,585,000 after purchasing an additional 1,609,351 shares during the last quarter. Swedbank AB bought a new stake in Truist Financial in the first quarter valued at approximately $29,957,000. LPL Financial LLC lifted its position in shares of Truist Financial by 21.0% in the third quarter. LPL Financial LLC now owns 3,630,761 shares of the insurance provider’s stock valued at $155,288,000 after buying an additional 630,628 shares during the last quarter. GW Henssler & Associates Ltd. boosted its stake in shares of Truist Financial by 4,435.3% during the 3rd quarter. GW Henssler & Associates Ltd. now owns 505,145 shares of the insurance provider’s stock worth $21,605,000 after acquiring an additional 494,007 shares during the period. Finally, FMR LLC increased its holdings in shares of Truist Financial by 10.6% during the 3rd quarter. FMR LLC now owns 5,003,106 shares of the insurance provider’s stock worth $213,983,000 after acquiring an additional 478,886 shares during the last quarter. 71.28% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on TFC shares. Royal Bank of Canada raised their price target on Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Friday, October 18th. The Goldman Sachs Group lifted their target price on shares of Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday. Compass Point increased their price target on shares of Truist Financial from $46.00 to $47.00 in a report on Wednesday, October 16th. StockNews.com upgraded Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Finally, Keefe, Bruyette & Woods increased their target price on Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Twelve research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Truist Financial currently has an average rating of “Hold” and a consensus target price of $47.17.

Insiders Place Their Bets

In other news, CEO William H. Rogers, Jr. acquired 34,180 shares of the stock in a transaction dated Monday, November 25th. The stock was bought at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the completion of the purchase, the chief executive officer now directly owns 691,451 shares of the company’s stock, valued at $33,576,860.56. This represents a 5.20 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.17% of the company’s stock.

Truist Financial Trading Up 0.1 %

Shares of TFC opened at $47.75 on Thursday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. Truist Financial Co. has a 52-week low of $31.23 and a 52-week high of $49.06. The firm has a market cap of $63.39 billion, a price-to-earnings ratio of -33.39, a PEG ratio of 1.97 and a beta of 1.05. The business’s fifty day moving average is $44.03 and its 200-day moving average is $41.71.

Truist Financial (NYSE:TFC) last issued its earnings results on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, topping the consensus estimate of $0.89 by $0.08. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The firm had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.05 billion. Equities analysts anticipate that Truist Financial Co. will post 3.7 EPS for the current fiscal year.

Truist Financial Announces Dividend

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

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.