New York Life Investment Management LLC Has $8.56 Million Position in Truist Financial Co. (NYSE:TFC)

New York Life Investment Management LLC decreased its stake in Truist Financial Co. (NYSE:TFC) by 0.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 197,281 shares of the insurance provider’s stock after selling 884 shares during the period. New York Life Investment Management LLC’s holdings in Truist Financial were worth $8,558,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bangor Savings Bank boosted its holdings in Truist Financial by 92.5% in the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 272 shares during the last quarter. Valley Wealth Managers Inc. acquired a new position in shares of Truist Financial in the 3rd quarter worth approximately $26,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Truist Financial in the 3rd quarter valued at $32,000. Fortitude Family Office LLC increased its position in shares of Truist Financial by 376.7% during the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after buying an additional 678 shares during the period. Finally, Ashton Thomas Securities LLC bought a new position in Truist Financial during the third quarter worth $45,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. HSBC raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday, January 7th. Raymond James upped their target price on Truist Financial from $47.00 to $51.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Piper Sandler lifted their target price on Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Hsbc Global Res raised Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Stephens lifted their price objective on shares of Truist Financial from $54.00 to $57.00 and gave the company an “overweight” rating in a research note on Tuesday, January 21st. Eleven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $50.79.

Truist Financial Price Performance

Shares of NYSE TFC opened at $45.75 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. The firm’s 50-day simple moving average is $45.72 and its 200 day simple moving average is $44.58. The stock has a market cap of $60.73 billion, a price-to-earnings ratio of 13.74, a PEG ratio of 1.63 and a beta of 1.08. Truist Financial Co. has a fifty-two week low of $34.51 and a fifty-two week high of $49.06.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The company had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.05 billion. During the same quarter last year, the company earned $0.81 earnings per share. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. As a group, research analysts anticipate that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Friday, February 14th will be paid a $0.52 dividend. The ex-dividend date is Friday, February 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.55%. Truist Financial’s payout ratio is 62.46%.

Insider Activity

In related news, Director K. David Jr. Boyer sold 4,966 shares of the 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 completion of the sale, the director now directly owns 11,246 shares of the company’s stock, valued at approximately $519,565.20. This trade represents a 30.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.17% of the stock is currently owned by corporate insiders.

Truist Financial Company 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.