Hardy Reed LLC Makes New Investment in Truist Financial Co. (NYSE:TFC)

Hardy Reed LLC purchased a new position in shares of Truist Financial Co. (NYSE:TFC) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 5,762 shares of the insurance provider’s stock, valued at approximately $246,000.

Other large investors also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. boosted its position in Truist Financial by 316.4% during the third quarter. Assenagon Asset Management S.A. now owns 2,117,950 shares of the insurance provider’s stock worth $90,585,000 after purchasing an additional 1,609,351 shares during the period. Swedbank AB purchased a new stake in shares of Truist Financial during the 1st quarter valued at approximately $29,957,000. LPL Financial LLC boosted its holdings in Truist Financial by 21.0% in the 3rd quarter. LPL Financial LLC now owns 3,630,761 shares of the insurance provider’s stock worth $155,288,000 after buying an additional 630,628 shares during the period. GW Henssler & Associates Ltd. grew its stake in Truist Financial by 4,435.3% in the 3rd quarter. GW Henssler & Associates Ltd. now owns 505,145 shares of the insurance provider’s stock valued at $21,605,000 after buying an additional 494,007 shares in the last quarter. Finally, FMR LLC raised its holdings in Truist Financial by 10.6% during the 3rd quarter. FMR LLC now owns 5,003,106 shares of the insurance provider’s stock valued at $213,983,000 after acquiring an additional 478,886 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

TFC has been the subject of several recent research reports. Keefe, Bruyette & Woods lifted their price target on Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Compass Point increased their price target on shares of Truist Financial from $46.00 to $47.00 in a report on Wednesday, October 16th. Citigroup boosted their price objective on shares of Truist Financial from $47.00 to $51.00 and gave the company a “neutral” rating in a research note on Monday. Wolfe Research upgraded shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Finally, UBS Group boosted their price target on shares of Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Twelve investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Truist Financial has a consensus rating of “Hold” and an average price target of $47.17.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $47.71 on Wednesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. Truist Financial Co. has a 52-week low of $31.23 and a 52-week high of $49.06. The company has a fifty day moving average of $43.91 and a 200-day moving average of $41.66. The stock has a market capitalization of $63.33 billion, a price-to-earnings ratio of -33.36, a price-to-earnings-growth ratio of 1.97 and a beta of 1.05.

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

Truist Financial Announces Dividend

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 paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.36%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial’s dividend payout ratio (DPR) is presently -145.45%.

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.