First Citizens Bank & Trust Co. Purchases 1,668 Shares of Truist Financial Co. (NYSE:TFC)

First Citizens Bank & Trust Co. raised its position in shares of Truist Financial Co. (NYSE:TFC) by 1.7% in the 3rd quarter, Holdings Channel.com reports. The firm owned 101,115 shares of the insurance provider’s stock after acquiring an additional 1,668 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Truist Financial were worth $5,931,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Carolina Wealth Advisors LLC purchased a new stake in shares of Truist Financial during the second quarter worth $29,000. Ancora Advisors LLC lifted its position in shares of Truist Financial by 140.5% during the second quarter. Ancora Advisors LLC now owns 546 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 319 shares in the last quarter. Mascoma Wealth Management LLC purchased a new stake in shares of Truist Financial during the third quarter worth $30,000. Parisi Gray Wealth Management purchased a new stake in shares of Truist Financial during the second quarter worth $34,000. Finally, Eukles Asset Management purchased a new stake in shares of Truist Financial during the second quarter worth $46,000. 70.67% of the stock is owned by institutional investors and hedge funds.

Truist Financial stock opened at $60.08 on Friday. The stock’s 50 day simple moving average is $61.57 and its two-hundred day simple moving average is $58.49. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.75 and a current ratio of 0.77. The stock has a market cap of $80.20 billion, a price-to-earnings ratio of 14.17, a PEG ratio of 1.32 and a beta of 1.30. Truist Financial Co. has a fifty-two week low of $45.44 and a fifty-two week high of $65.42.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Thursday, October 14th. The insurance provider reported $1.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.22. The business had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.53 billion. Truist Financial had a return on equity of 12.11% and a net margin of 25.94%. The business’s revenue was down .9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.97 EPS. On average, analysts predict that Truist Financial Co. will post 5.42 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 1st. Stockholders of record on Friday, November 12th will be issued a dividend of $0.48 per share. The ex-dividend date is Wednesday, November 10th. This represents a $1.92 annualized dividend and a dividend yield of 3.20%. Truist Financial’s payout ratio is 45.28%.

A number of equities research analysts recently issued reports on the company. Jefferies Financial Group increased their price objective on Truist Financial from $61.00 to $66.00 and gave the stock a “hold” rating in a research report on Monday, October 11th. Wolfe Research downgraded Truist Financial from an “outperform” rating to an “underperform” rating and lowered their price target for the company from $71.00 to $64.00 in a research report on Tuesday, October 5th. Finally, Citigroup raised Truist Financial from a “neutral” rating to a “buy” rating and raised their price objective for the company from $63.00 to $72.00 in a research note on Friday, October 1st. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Truist Financial presently has an average rating of “Hold” and a consensus price target of $63.07.

In related news, EVP Michael Baron Maguire sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 9th. The shares were sold at an average price of $64.70, for a total value of $258,800.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Clarke R. Starnes III sold 37,565 shares of the business’s stock in a transaction that occurred on Tuesday, October 19th. The stock was sold at an average price of $62.45, for a total transaction of $2,345,934.25. The disclosure for this sale can be found here. Insiders have sold 224,718 shares of company stock valued at $13,933,876 over the last quarter. Company insiders own 0.37% of the company’s stock.

Truist Financial Profile

Truist Financial Corp. operates as a financial holding company, which engages in the provision of banking services to individuals, businesses and municipalities. The firm offers a variety of loans and lease financing to individuals and entities, including insurance premium financing, permanent commercial real estate financing arrangements, loan servicing for third-party investors, direct consumer finance loans to individuals, credit card lending, automobile financing and equipment financing.

Further Reading: Death Cross

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

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