Dynamic Technology Lab Private Ltd Acquires New Position in Truist Financial Corporation $TFC

Dynamic Technology Lab Private Ltd acquired a new stake in shares of Truist Financial Corporation (NYSE:TFC) during the 1st quarter, Holdings Channel reports. The fund acquired 55,008 shares of the insurance provider’s stock, valued at approximately $2,264,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Code Waechter LLC acquired a new stake in shares of Truist Financial in the first quarter worth approximately $365,000. Cantor Fitzgerald Investment Advisors L.P. raised its stake in Truist Financial by 4.6% during the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider’s stock worth $17,927,000 after purchasing an additional 19,286 shares during the period. Pinnacle Financial Partners Inc raised its stake in Truist Financial by 55.1% during the first quarter. Pinnacle Financial Partners Inc now owns 134,363 shares of the insurance provider’s stock worth $5,530,000 after purchasing an additional 47,717 shares during the period. Credit Agricole S A raised its stake in Truist Financial by 76.4% during the first quarter. Credit Agricole S A now owns 500,384 shares of the insurance provider’s stock worth $20,591,000 after purchasing an additional 216,672 shares during the period. Finally, Adapt Wealth Advisors LLC raised its stake in Truist Financial by 78.9% during the first quarter. Adapt Wealth Advisors LLC now owns 20,456 shares of the insurance provider’s stock worth $842,000 after purchasing an additional 9,021 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Citigroup raised shares of Truist Financial from a “neutral” rating to a “buy” rating and increased their price target for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $47.00 price target on shares of Truist Financial in a research note on Thursday, August 21st. Raymond James Financial upgraded shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a research note on Tuesday, July 8th. Morgan Stanley reiterated a “mixed” rating on shares of Truist Financial in a research note on Monday, July 21st. Finally, Keefe, Bruyette & Woods downgraded shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price objective for the company. in a research note on Wednesday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Truist Financial has an average rating of “Moderate Buy” and a consensus target price of $48.47.

Insider Activity

In other news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the sale, the insider owned 500 shares in the company, valued at $22,595. This trade represents a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.17% of the stock is owned by corporate insiders.

Truist Financial Trading Down 1.1%

TFC opened at $46.55 on Friday. The firm has a market capitalization of $60.02 billion, a P/E ratio of 12.68, a P/E/G ratio of 1.73 and a beta of 0.88. The firm’s 50 day moving average is $44.94 and its 200-day moving average is $41.73. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $49.06. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.02). The firm had revenue of $5.04 billion for the quarter, compared to analysts’ expectations of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The company’s revenue for the quarter was down 406.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.91 EPS. Analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were paid a dividend of $0.52 per share. The ex-dividend date was Friday, August 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.5%. Truist Financial’s dividend payout ratio (DPR) is currently 56.68%.

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.