Exchange Traded Concepts LLC Boosts Holdings in Truist Financial Co. (NYSE:TFC)

Exchange Traded Concepts LLC raised its holdings in shares of Truist Financial Co. (NYSE:TFC) by 395.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,007 shares of the insurance provider’s stock after purchasing an additional 1,602 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Truist Financial were worth $86,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in TFC. Capital International Investors increased its holdings in shares of Truist Financial by 93.7% in the 1st quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock worth $453,854,000 after buying an additional 5,632,493 shares during the last quarter. Jennison Associates LLC lifted its stake in Truist Financial by 48.9% in 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 during the period. Nordea Investment Management AB boosted its stake in shares of Truist Financial by 44.4% during the 1st quarter. Nordea Investment Management AB now owns 2,712,848 shares of the insurance provider’s stock valued at $105,353,000 after purchasing an additional 834,048 shares in the last quarter. Retirement Systems of Alabama grew its holdings in shares of Truist Financial by 278.6% during the 1st quarter. Retirement Systems of Alabama now owns 1,112,844 shares of the insurance provider’s stock worth $43,379,000 after acquiring an additional 818,916 shares during the period. Finally, Swedbank AB bought a new position in Truist Financial in the first quarter worth $29,957,000. 71.28% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. UBS Group upped their price objective on Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, October 18th. JPMorgan Chase & Co. upped their target price on shares of Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Barclays boosted their target price on Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. Compass Point lifted their price objective on shares of Truist Financial from $46.00 to $47.00 in a report on Wednesday, October 16th. Finally, Royal Bank of Canada increased their target price on shares of Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Twelve research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $46.02.

Truist Financial Stock Up 2.3 %

NYSE TFC opened at $43.39 on Wednesday. Truist Financial Co. has a one year low of $26.95 and a one year high of $45.31. The company has a market cap of $58.06 billion, a P/E ratio of -32.87, a P/E/G ratio of 1.83 and a beta of 1.05. The business has a fifty day moving average price of $42.73 and a 200 day moving average price of $40.39. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.86 and a current ratio of 0.85.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.07. The company had revenue of $5.02 billion during the quarter, compared to the consensus estimate of $4.83 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. Truist Financial’s quarterly revenue was down 15.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.95 EPS. Research analysts anticipate that Truist Financial Co. will post 3.57 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.79%. Truist Financial’s payout ratio is -157.58%.

Insiders Place Their Bets

In other news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total transaction of $295,208.32. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.17% of the stock is currently owned by corporate insiders.

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.