Mackenzie Financial Corp Buys 94,061 Shares of Truist Financial Co. (NYSE:TFC)

Mackenzie Financial Corp raised its stake in shares of Truist Financial Co. (NYSE:TFC) by 61.6% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 246,748 shares of the insurance provider’s stock after purchasing an additional 94,061 shares during the period. Mackenzie Financial Corp’s holdings in Truist Financial were worth $9,110,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Fairfield Bush & CO. bought a new stake in Truist Financial during the first quarter valued at about $25,000. OFI Invest Asset Management purchased a new position in shares of Truist Financial in the third quarter valued at about $26,000. Operose Advisors LLC purchased a new position in shares of Truist Financial in the third quarter valued at about $31,000. Quarry LP purchased a new position in shares of Truist Financial in the first quarter valued at about $32,000. Finally, Tyler Stone Wealth Management purchased a new position in shares of Truist Financial in the third quarter valued at about $33,000. Institutional investors own 71.28% of the company’s stock.

Insider Activity

In other news, Director K. David Jr. Boyer sold 3,764 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the transaction, the director now owns 16,132 shares of the company’s stock, valued at $604,627.36. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. StockNews.com downgraded Truist Financial from a “hold” rating to a “sell” rating in a research report on Thursday, March 28th. Piper Sandler boosted their price objective on Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, January 19th. Barclays boosted their price objective on Truist Financial from $40.00 to $42.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 2nd. Raymond James boosted their target price on Truist Financial from $34.00 to $41.00 and gave the stock an “outperform” rating in a research report on Friday, January 5th. Finally, Bank of America upgraded Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 target price on the stock in a research report on Thursday, January 4th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $41.47.

Truist Financial Stock Up 3.1 %

Shares of TFC stock opened at $36.80 on Friday. Truist Financial Co. has a 1 year low of $25.56 and a 1 year high of $39.29. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.82 and a current ratio of 0.82. The stock’s 50 day simple moving average is $36.64 and its two-hundred day simple moving average is $34.44.

Truist Financial (NYSE:TFC) last released its earnings results on Thursday, January 18th. The insurance provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.13. The firm had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a positive return on equity of 9.64% and a negative net margin of 3.28%. During the same quarter in the prior year, the firm posted $1.30 earnings per share. Equities research analysts anticipate that Truist Financial Co. will post 3.33 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 9th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.65%. Truist Financial’s dividend payout ratio is -192.59%.

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.