Commerzbank Aktiengesellschaft FI Acquires Shares of 21,598 Truist Financial Co. (NYSE:TFC)

Commerzbank Aktiengesellschaft FI acquired a new stake in shares of Truist Financial Co. (NYSE:TFC) in the third quarter, Holdings Channel.com reports. The firm acquired 21,598 shares of the insurance provider’s stock, valued at approximately $924,000.

A number of other institutional investors have also modified their holdings of TFC. Lecap Asset Management Ltd. purchased a new position in shares of Truist Financial in the 3rd quarter valued at about $1,204,000. Community Trust & Investment Co. increased its stake in shares of Truist Financial by 34.1% in the 3rd quarter. Community Trust & Investment Co. now owns 19,671 shares of the insurance provider’s stock valued at $841,000 after purchasing an additional 5,000 shares in the last quarter. Private Advisor Group LLC increased its stake in shares of Truist Financial by 6.3% in the 3rd quarter. Private Advisor Group LLC now owns 79,474 shares of the insurance provider’s stock valued at $3,399,000 after purchasing an additional 4,718 shares in the last quarter. BLB&B Advisors LLC acquired a new stake in Truist Financial in the 3rd quarter worth about $454,000. Finally, Accordant Advisory Group Inc boosted its holdings in Truist Financial by 336.7% in the 3rd quarter. Accordant Advisory Group Inc now owns 4,524 shares of the insurance provider’s stock worth $193,000 after buying an additional 3,488 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Up 0.1 %

Shares of NYSE TFC opened at $43.44 on Thursday. The firm has a market cap of $58.13 billion, a price-to-earnings ratio of -32.91, a PEG ratio of 1.83 and a beta of 1.05. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.62. Truist Financial Co. has a 52-week low of $27.01 and a 52-week high of $45.31. The business’s 50 day moving average is $42.76 and its two-hundred day moving average is $40.41.

Truist Financial (NYSE:TFC) last announced its earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.07. The company had revenue of $5.02 billion for the quarter, compared to analyst estimates of $4.83 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. During the same quarter in the previous year, the company earned $0.95 earnings per share. The firm’s quarterly revenue was down 15.9% compared to the same quarter last year. Research analysts predict that Truist Financial Co. will post 3.57 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.79%. The ex-dividend date is Friday, November 8th. Truist Financial’s dividend payout ratio is currently -157.58%.

Analyst Ratings Changes

TFC has been the topic of several research analyst reports. Baird R W cut Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. Barclays lifted their price objective on Truist Financial from $43.00 to $47.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Argus lifted their price objective on Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. The Goldman Sachs Group lowered their price objective on Truist Financial from $50.00 to $48.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. Finally, Stephens restated an “overweight” rating and set a $50.00 target price on shares of Truist Financial in a report on Tuesday, September 10th. Twelve analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $46.02.

Truist Financial 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.