Migdal Insurance & Financial Holdings Ltd. Increases Stake in Truist Financial Co. (NYSE:TFC)

Migdal Insurance & Financial Holdings Ltd. increased its holdings in Truist Financial Co. (NYSE:TFC) by 283.9% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,645 shares of the insurance provider’s stock after purchasing an additional 3,435 shares during the period. Migdal Insurance & Financial Holdings Ltd.’s holdings in Truist Financial were worth $202,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in TFC. AMF Tjanstepension AB purchased a new stake in shares of Truist Financial in the 3rd quarter valued at $3,208,000. CWM LLC boosted its stake in shares of Truist Financial by 25.9% in the 3rd quarter. CWM LLC now owns 47,534 shares of the insurance provider’s stock valued at $2,033,000 after purchasing an additional 9,769 shares in the last quarter. Wedmont Private Capital boosted its stake in shares of Truist Financial by 10.1% in the 3rd quarter. Wedmont Private Capital now owns 10,370 shares of the insurance provider’s stock valued at $436,000 after purchasing an additional 953 shares in the last quarter. USA Financial Formulas boosted its stake in shares of Truist Financial by 8.2% in the 3rd quarter. USA Financial Formulas now owns 5,532 shares of the insurance provider’s stock valued at $237,000 after purchasing an additional 421 shares in the last quarter. Finally, Quotient Wealth Partners LLC boosted its stake in shares of Truist Financial by 11.4% in the 3rd quarter. Quotient Wealth Partners LLC now owns 6,751 shares of the insurance provider’s stock valued at $289,000 after purchasing an additional 691 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Down 1.0 %

NYSE:TFC opened at $47.68 on Friday. The firm’s 50-day moving average price is $45.53 and its 200-day moving average price is $44.23. The company has a market capitalization of $63.30 billion, a PE ratio of 14.32, a P/E/G ratio of 1.69 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. Truist Financial Co. has a 1-year low of $34.23 and a 1-year high of $49.06.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The company’s revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.81 EPS. On average, equities analysts predict that Truist Financial Co. will post 3.95 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Friday, February 14th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.36%. The ex-dividend date is Friday, February 14th. Truist Financial’s dividend payout ratio (DPR) is 62.46%.

Analysts Set New Price Targets

A number of research firms recently commented on TFC. Compass Point upped their price target on shares of Truist Financial from $47.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Royal Bank of Canada upped their price target on shares of Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Keefe, Bruyette & Woods upped their price target on shares of Truist Financial from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, January 21st. Raymond James upped their price target on shares of Truist Financial from $47.00 to $51.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Finally, StockNews.com upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Eleven 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 company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.79.

Insider Activity at Truist Financial

In related news, Director K. David Jr. Boyer sold 4,966 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total transaction of $229,429.20. Following the sale, the director now directly owns 11,246 shares of the company’s stock, valued at approximately $519,565.20. This represents a 30.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William H. Rogers, Jr. acquired 34,180 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 691,451 shares in the company, valued at $33,576,860.56. The trade was a 5.20 % increase in their position. The disclosure for this purchase can be found here. 0.17% of the stock is currently owned by insiders.

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.