Empower Advisory Group LLC Acquires 1,093 Shares of Truist Financial Co. (NYSE:TFC)

Empower Advisory Group LLC boosted its holdings in shares of Truist Financial Co. (NYSE:TFC) by 18.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,942 shares of the insurance provider’s stock after purchasing an additional 1,093 shares during the quarter. Empower Advisory Group LLC’s holdings in Truist Financial were worth $301,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Bangor Savings Bank lifted its position in shares of Truist Financial by 92.5% in the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after acquiring an additional 272 shares during the period. Valley Wealth Managers Inc. bought a new stake in shares of Truist Financial in the 3rd quarter worth approximately $26,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Truist Financial in the 3rd quarter worth approximately $32,000. Fortitude Family Office LLC lifted its position in shares of Truist Financial by 376.7% in the 3rd quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 678 shares during the period. Finally, Ashton Thomas Securities LLC bought a new stake in shares of Truist Financial in the 3rd quarter worth approximately $45,000. Institutional investors own 71.28% of the company’s stock.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 4,966 shares of Truist Financial stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total value of $229,429.20. Following the sale, the director now owns 11,246 shares of the company’s stock, valued at $519,565.20. This trade represents a 30.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO William H. Rogers, Jr. purchased 34,180 shares of the company’s stock in a transaction on Monday, November 25th. The stock was purchased at an average cost of $48.56 per share, for a total transaction of $1,659,780.80. Following the purchase, the chief executive officer now directly owns 691,451 shares in the company, valued at approximately $33,576,860.56. This trade represents a 5.20 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

TFC has been the subject of a number of research reports. Citigroup raised their price objective on Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research report on Monday, November 25th. The Goldman Sachs Group raised their price objective on Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Wells Fargo & Company increased their target price on Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Finally, Piper Sandler increased their target price on Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Eleven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $50.79.

Truist Financial Stock Down 0.1 %

NYSE:TFC opened at $47.59 on Thursday. Truist Financial Co. has a 12-month low of $34.26 and a 12-month high of $49.06. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $63.17 billion, a P/E ratio of 14.29, a P/E/G ratio of 1.64 and a beta of 1.08. The stock’s fifty day simple moving average is $45.59 and its 200-day simple moving average is $44.43.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. The firm had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.81 earnings per share. Equities research analysts expect that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Friday, February 14th will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, February 14th. This represents a $2.08 annualized dividend and a yield of 4.37%. Truist Financial’s dividend payout ratio is presently 62.46%.

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.