Oppenheimer Asset Management Inc. Has $17.31 Million Holdings in Truist Financial Co. (NYSE:TFC)

Oppenheimer Asset Management Inc. raised its position in Truist Financial Co. (NYSE:TFC) by 0.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 404,761 shares of the insurance provider’s stock after buying an additional 648 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Truist Financial were worth $17,312,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Pinnacle Financial Partners Inc lifted its position in shares of Truist Financial by 6.9% during the third quarter. Pinnacle Financial Partners Inc now owns 68,649 shares of the insurance provider’s stock worth $2,936,000 after purchasing an additional 4,446 shares in the last quarter. MQS Management LLC acquired a new position in shares of Truist Financial during the third quarter worth approximately $203,000. Simmons Bank lifted its position in shares of Truist Financial by 359.9% during the third quarter. Simmons Bank now owns 43,267 shares of the insurance provider’s stock worth $1,851,000 after purchasing an additional 33,859 shares in the last quarter. Community Bank & Trust Waco Texas lifted its position in shares of Truist Financial by 32.9% during the third quarter. Community Bank & Trust Waco Texas now owns 12,735 shares of the insurance provider’s stock worth $545,000 after purchasing an additional 3,155 shares in the last quarter. Finally, Haverford Trust Co lifted its position in shares of Truist Financial by 8.6% during the third quarter. Haverford Trust Co now owns 12,629 shares of the insurance provider’s stock worth $540,000 after purchasing an additional 998 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently weighed in on TFC shares. Morgan Stanley increased their price objective on shares of Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Robert W. Baird cut shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price objective on the stock. in a research note on Wednesday, July 17th. Bank of America raised their price objective on shares of Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Royal Bank of Canada raised their price objective on shares of Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Finally, Compass Point raised their price objective on shares of Truist Financial from $46.00 to $47.00 in a research note on Wednesday, October 16th. Twelve research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $46.02.

Truist Financial Stock Performance

Shares of TFC stock traded up $0.55 during midday trading on Wednesday, hitting $47.21. 670,788 shares of the company were exchanged, compared to its average volume of 8,307,338. The firm has a market capitalization of $62.67 billion, a P/E ratio of -32.63, a PEG ratio of 1.91 and a beta of 1.05. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. The firm’s 50 day moving average price is $42.97 and its two-hundred day moving average price is $41.09. Truist Financial Co. has a 52 week low of $30.31 and a 52 week high of $47.39.

Truist Financial (NYSE:TFC) last issued its earnings results on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, beating the consensus estimate of $0.89 by $0.08. The company had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. As a group, equities research analysts anticipate that Truist Financial Co. will post 3.7 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.41%. The ex-dividend date is Friday, November 8th. Truist Financial’s dividend payout ratio (DPR) is currently -145.45%.

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.