Ascent Group LLC Invests $210,000 in Truist Financial Co. (NYSE:TFC)

Ascent Group LLC purchased a new stake in shares of Truist Financial Co. (NYSE:TFC) during the 3rd quarter, Holdings Channel reports. The institutional investor purchased 4,918 shares of the insurance provider’s stock, valued at approximately $210,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Valley Wealth Managers Inc. bought a new stake in shares of Truist Financial during the 3rd quarter valued at $26,000. MFA Wealth Advisors LLC bought a new position in shares of Truist Financial in the 2nd quarter worth about $30,000. Y.D. More Investments Ltd purchased a new position in Truist Financial during the 2nd quarter valued at about $31,000. MidAtlantic Capital Management Inc. bought a new stake in Truist Financial during the third quarter worth about $32,000. Finally, Fortitude Family Office LLC grew its holdings in Truist Financial by 376.7% in the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 678 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO William H. Rogers, Jr. acquired 34,180 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were purchased at an average cost of $48.56 per share, for a total transaction of $1,659,780.80. Following the transaction, the chief executive officer now directly owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. This trade represents a 5.20 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.17% of the company’s stock.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $47.17 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $62.62 billion, a PE ratio of -32.99, a price-to-earnings-growth ratio of 1.91 and a beta of 1.06. The firm’s 50 day moving average price is $44.60 and its 200-day moving average price is $42.00. Truist Financial Co. has a twelve month low of $33.01 and a twelve month high of $49.06.

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

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 8th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.41%. The ex-dividend date of this dividend was Friday, November 8th. Truist Financial’s dividend payout ratio (DPR) is currently -145.45%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on TFC shares. Wells Fargo & Company lifted their target price on shares of Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a report on Friday, November 15th. JPMorgan Chase & Co. increased their target price on Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 16th. Royal Bank of Canada lifted 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, October 18th. StockNews.com upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Twelve equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $47.67.

About Truist Financial

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.