Simplicity Solutions LLC Buys 1,643 Shares of Truist Financial Co. (NYSE:TFC)

Simplicity Solutions LLC grew its position in shares of Truist Financial Co. (NYSE:TFC) by 5.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,802 shares of the insurance provider’s stock after acquiring an additional 1,643 shares during the quarter. Simplicity Solutions LLC’s holdings in Truist Financial were worth $1,100,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Fairfield Bush & CO. bought a new stake in Truist Financial in the 1st quarter worth about $25,000. Morton Brown Family Wealth LLC grew its holdings in shares of Truist Financial by 236.0% in the fourth quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 649 shares in the last quarter. Quarry LP purchased a new stake in shares of Truist Financial during the first quarter valued at approximately $32,000. OFI Invest Asset Management bought a new stake in Truist Financial during the third quarter worth $26,000. Finally, Operose Advisors LLC purchased a new position in Truist Financial in the third quarter worth $31,000. Institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on TFC. HSBC lifted their target price on Truist Financial from $37.00 to $39.00 and gave the stock a “hold” rating in a research note on Thursday, March 28th. Royal Bank of Canada boosted their target price on shares of Truist Financial from $40.00 to $42.00 and gave the company an “outperform” rating in a research note on Friday, January 19th. Barclays raised their price target on shares of Truist Financial from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. Bank of America upgraded Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 price objective on the stock in a research note on Thursday, January 4th. Finally, Piper Sandler raised their target price on Truist Financial from $37.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, January 19th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Truist Financial has an average rating of “Hold” and an average price target of $41.47.

Truist Financial Stock Performance

Shares of TFC stock opened at $36.71 on Tuesday. The firm has a market capitalization of $48.99 billion, a price-to-earnings ratio of -33.99, a PEG ratio of 2.27 and a beta of 1.08. The stock has a fifty day moving average of $36.64 and a 200 day moving average of $34.31. Truist Financial Co. has a 52 week low of $25.56 and a 52 week high of $39.29. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.74.

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

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 9th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 5.67%. The ex-dividend date was Thursday, February 8th. Truist Financial’s dividend payout ratio is currently -192.59%.

Insider Activity

In related news, Director K. David Jr. Boyer sold 3,764 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total value of $141,074.72. Following the sale, the director now directly owns 16,132 shares of the company’s stock, valued at $604,627.36. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.17% of the stock is currently owned by company insiders.

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.