18,555 Shares of Truist Financial Corporation $TFC Bought by StoneRidge PMG Advisors LLC

StoneRidge PMG Advisors LLC acquired a new position in shares of Truist Financial Corporation (NYSE:TFC) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 18,555 shares of the insurance provider’s stock, valued at approximately $859,000.

A number of other large investors also recently added to or reduced their stakes in TFC. BlackRock Inc. bought a new stake in shares of Truist Financial during the second quarter worth approximately $4,959,834,000. State Street Corp boosted its position in shares of Truist Financial by 0.9% in the 2nd quarter. State Street Corp now owns 58,692,619 shares of the insurance provider’s stock worth $2,924,066,000 after purchasing an additional 501,026 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Truist Financial by 7.5% in the 1st quarter. Bank of New York Mellon Corp now owns 11,289,721 shares of the insurance provider’s stock worth $518,988,000 after purchasing an additional 789,179 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Truist Financial by 1.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,608,268 shares of the insurance provider’s stock worth $395,642,000 after purchasing an additional 164,052 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in shares of Truist Financial by 0.6% during the second quarter. Legal & General Group Plc now owns 7,853,887 shares of the insurance provider’s stock worth $391,281,000 after purchasing an additional 44,215 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Truist Financial news, CEO Michael Lyons bought 25,000 shares of the firm’s stock in a transaction on Wednesday, October 28th. The stock was purchased at an average cost of $48.36 per share, with a total value of $1,209,000.00. Following the completion of the purchase, the chief executive officer owned 46,000 shares in the company, valued at approximately $2,224,560. The trade was a 119.05% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.15% of the company’s stock.

Truist Financial Trading Up 0.2%

TFC opened at $49.48 on Monday. The firm’s fifty day moving average is $48.34 and its two-hundred day moving average is $49.50. The firm has a market cap of $59.30 billion, a PE ratio of 12.75, a price-to-earnings-growth ratio of 1.10 and a beta of 0.90. Truist Financial Corporation has a twelve month low of $43.13 and a twelve month high of $56.19. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.88 and a current ratio of 0.88.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, October 16th. The insurance provider reported $1.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.17 by ($0.01). Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. The firm had revenue of $5.30 billion during the quarter, compared to analyst estimates of $5.35 billion. During the same period last year, the firm earned $1.04 EPS. Truist Financial’s quarterly revenue was up 1.3% on a year-over-year basis. Equities research analysts anticipate that Truist Financial Corporation will post 4.66 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 13th will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, November 13th. This represents a $2.08 annualized dividend and a yield of 4.2%. Truist Financial’s payout ratio is currently 53.61%.

Analyst Ratings Changes

A number of equities research analysts recently commented on TFC shares. Robert W. Baird upped their price objective on Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Weiss Ratings reissued a “buy (b)” rating on shares of Truist Financial in a research note on Tuesday, October 27th. HSBC began coverage on Truist Financial in a report on Monday, September 28th. They set a “buy” rating and a $61.00 target price on the stock. Wolfe Research started coverage on Truist Financial in a research report on Tuesday, October 27th. They set a “peer perform” rating for the company. Finally, Citigroup decreased their target price on Truist Financial from $54.00 to $50.00 and set a “neutral” rating for the company in a research report on Wednesday, October 21st. Nine analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $54.73.

Truist Financial Company Profile

Truist Financial Corporation (NYSE: TFC) is a financial services company headquartered in Charlotte, North Carolina. It provides banking and related services to individuals, businesses and institutions, including deposit accounts, loans, credit cards, payment services and treasury management.

The company also offers wealth management, investment and mortgage services, along with commercial banking and capital markets solutions. Its operations are concentrated in the southeastern and mid-Atlantic United States, serving customers through branches, digital channels and other delivery platforms.

Truist was formed in 2019 through the merger of BB&T Corporation and SunTrust Banks.