Principal Financial Group Inc. Buys 50,637 Shares of Truist Financial Co. (NYSE:TFC)

Principal Financial Group Inc. boosted its stake in Truist Financial Co. (NYSE:TFC) by 3.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,511,299 shares of the insurance provider’s stock after acquiring an additional 50,637 shares during the period. Principal Financial Group Inc. owned 0.11% of Truist Financial worth $64,638,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TFC. Valley Wealth Managers Inc. bought a new stake in shares of Truist Financial in the 3rd quarter worth approximately $26,000. Y.D. More Investments Ltd bought a new stake in shares of Truist Financial in the second quarter valued at $31,000. MidAtlantic Capital Management Inc. bought a new position in shares of Truist Financial during the 3rd quarter worth $32,000. Fortitude Family Office LLC increased its holdings in Truist Financial by 376.7% in the 3rd quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 678 shares during the last quarter. Finally, Ashton Thomas Securities LLC bought a new stake in Truist Financial in the 3rd quarter valued at about $45,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director K. David Jr. Boyer sold 4,966 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total transaction of $229,429.20. Following the transaction, the director now directly owns 11,246 shares in the company, valued at $519,565.20. This trade represents a 30.63 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William H. Rogers, Jr. acquired 34,180 shares of the stock in a transaction on Monday, November 25th. The stock was bought at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the transaction, the chief executive officer now directly owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. The trade was a 5.20 % increase in their position. The disclosure for this purchase can be found here. 0.17% of the stock is owned by corporate insiders.

Analyst Ratings Changes

TFC has been the subject of a number of research reports. Citigroup increased their target price on shares of Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research report on Monday, November 25th. Wells Fargo & Company lifted their price objective on shares of Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Keefe, Bruyette & Woods increased their target price on Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Stephens reiterated an “overweight” rating and issued a $50.00 price target on shares of Truist Financial in a research report on Tuesday, September 10th. Finally, Compass Point increased their price objective on Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Twelve analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $48.53.

Truist Financial Stock Up 1.8 %

Shares of NYSE:TFC opened at $43.32 on Friday. The firm has a fifty day moving average of $45.24 and a 200 day moving average of $42.58. Truist Financial Co. has a 52-week low of $34.23 and a 52-week high of $49.06. 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 has a market capitalization of $57.51 billion, a PE ratio of -30.29, a price-to-earnings-growth ratio of 1.88 and a beta of 1.06.

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

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 8th were issued a $0.52 dividend. The ex-dividend date was Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.80%. Truist Financial’s payout ratio is -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.