Cyndeo Wealth Partners LLC Purchases 149,338 Shares of Truist Financial Co. (NYSE:TFC)

Cyndeo Wealth Partners LLC increased its position in Truist Financial Co. (NYSE:TFC) by 901.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 165,913 shares of the insurance provider’s stock after buying an additional 149,338 shares during the quarter. Cyndeo Wealth Partners LLC’s holdings in Truist Financial were worth $7,096,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Capital International Investors boosted its stake 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 valued at $453,854,000 after purchasing an additional 5,632,493 shares in the last quarter. Jennison Associates LLC boosted its position in Truist Financial by 48.9% during the first quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock valued at $149,698,000 after buying an additional 1,261,598 shares during the period. Nordea Investment Management AB grew its stake in shares of Truist Financial by 44.4% during the first quarter. Nordea Investment Management AB now owns 2,712,848 shares of the insurance provider’s stock valued at $105,353,000 after buying an additional 834,048 shares during the last quarter. Retirement Systems of Alabama grew its stake in shares of Truist Financial by 278.6% during the first quarter. Retirement Systems of Alabama now owns 1,112,844 shares of the insurance provider’s stock valued at $43,379,000 after buying an additional 818,916 shares during the last quarter. Finally, Swedbank AB bought a new stake in shares of Truist Financial in the 1st quarter valued at about $29,957,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

TFC has been the topic of several recent research reports. Royal Bank of Canada raised their price target on Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday. Robert W. Baird cut Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 target price on the stock. in a research note on Wednesday, July 17th. The Goldman Sachs Group lowered their price target on Truist Financial from $50.00 to $48.00 and set a “buy” rating for the company in a research report on Wednesday. Argus boosted their target price on Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a research note on Wednesday. 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, the company currently has an average rating of “Hold” and an average price target of $46.02.

Insider Activity at Truist Financial

In other news, CEO William H. Rogers, Jr. bought 57,300 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were acquired at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the completion of the transaction, the chief executive officer now owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction dated 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO William H. Rogers, Jr. bought 57,300 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The shares were purchased at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the purchase, the chief executive officer now owns 569,271 shares in the company, valued at $25,025,153.16. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 0.17% of the stock is owned by company insiders.

Truist Financial Price Performance

TFC opened at $43.67 on Friday. The company’s 50-day simple moving average is $42.67 and its two-hundred day simple moving average is $40.30. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market capitalization of $58.43 billion, a P/E ratio of -33.08, a P/E/G ratio of 1.82 and a beta of 1.05. Truist Financial Co. has a 52-week low of $26.95 and a 52-week high of $45.31.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.07. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The company had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $4.83 billion. During the same quarter in the prior year, the firm earned $0.95 earnings per share. The firm’s revenue for the quarter was down 15.9% compared to the same quarter last year. As a group, analysts predict that Truist Financial Co. will post 3.55 EPS for the current year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 9th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.76%. The ex-dividend date was Friday, August 9th. Truist Financial’s payout ratio is currently -157.58%.

Truist Financial Company 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.