Waddell & Associates LLC Makes New $246,000 Investment in Truist Financial Co. (NYSE:TFC)

Waddell & Associates LLC purchased a new stake in shares of Truist Financial Co. (NYSE:TFC) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 5,751 shares of the insurance provider’s stock, valued at approximately $246,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. CreativeOne Wealth LLC bought a new position in shares of Truist Financial during the 1st quarter worth $516,000. M&G Plc bought a new position in Truist Financial during the 2nd quarter worth about $2,804,000. Dimensional Fund Advisors LP increased its position in Truist Financial by 3.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock valued at $346,957,000 after purchasing an additional 299,196 shares during the period. Boston Common Asset Management LLC lifted its position in shares of Truist Financial by 66.4% in the 3rd quarter. Boston Common Asset Management LLC now owns 154,523 shares of the insurance provider’s stock worth $6,609,000 after purchasing an additional 61,683 shares during the period. Finally, PGGM Investments bought a new position in shares of Truist Financial during the first quarter valued at approximately $611,000. Institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

Shares of TFC stock opened at $47.96 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. Truist Financial Co. has a fifty-two week low of $31.23 and a fifty-two week high of $48.06. The stock’s 50-day simple moving average is $43.68 and its 200-day simple moving average is $41.51.

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

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.34%. Truist Financial’s dividend payout ratio is presently -145.45%.

Analyst Ratings Changes

TFC has been the subject of a number of analyst reports. Compass Point upped their price objective on Truist Financial from $46.00 to $47.00 in a research note on Wednesday, October 16th. Royal Bank of Canada increased their price target on shares of Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. UBS Group lifted their price objective on shares of Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. JPMorgan Chase & Co. increased their target price on shares of Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Finally, Wells Fargo & Company lifted their price target on shares of Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Twelve analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $46.37.

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.