State Street Corp Buys 2,720,223 Shares of Truist Financial Co. (NYSE:TFC)

State Street Corp grew its stake in shares of Truist Financial Co. (NYSE:TFC) by 4.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 61,864,957 shares of the insurance provider’s stock after buying an additional 2,720,223 shares during the period. State Street Corp owned approximately 4.66% of Truist Financial worth $2,645,964,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Legal & General Group Plc boosted its holdings in Truist Financial by 1.0% during the second quarter. Legal & General Group Plc now owns 10,338,802 shares of the insurance provider’s stock worth $401,663,000 after buying an additional 103,565 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Truist Financial by 3.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,431,037 shares of the insurance provider’s stock worth $403,365,000 after buying an additional 288,306 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Truist Financial by 3.5% during the second quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after buying an additional 299,196 shares during the last quarter. FMR LLC boosted its holdings in Truist Financial by 10.6% during the third quarter. FMR LLC now owns 5,003,106 shares of the insurance provider’s stock worth $213,983,000 after buying an additional 478,886 shares during the last quarter. Finally, Truist Financial Corp raised its position in shares of Truist Financial by 6.7% during the second quarter. Truist Financial Corp now owns 4,931,783 shares of the insurance provider’s stock worth $191,600,000 after purchasing an additional 311,523 shares during the period. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Up 2.1 %

TFC stock opened at $47.17 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62. The business has a 50 day moving average price of $44.60 and a two-hundred day moving average price of $42.00. The company has a market cap of $62.62 billion, a price-to-earnings ratio of -32.99, a P/E/G ratio of 1.91 and a beta of 1.06. Truist Financial Co. has a twelve month low of $33.01 and a twelve month high of $49.06.

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

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 8th were paid a $0.52 dividend. The ex-dividend date was Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.41%. Truist Financial’s dividend payout ratio is -145.45%.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. bought 34,180 shares of Truist Financial stock in a transaction dated Monday, November 25th. The stock was bought at an average cost of $48.56 per share, for a total transaction of $1,659,780.80. Following the purchase, the chief executive officer now owns 691,451 shares of the company’s stock, valued at $33,576,860.56. The trade was a 5.20 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.17% of the company’s stock.

Wall Street Analyst Weigh In

TFC has been the topic of a number of research analyst reports. Wells Fargo & Company raised their price target on Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Royal Bank of Canada raised their price target on Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Piper Sandler raised their price target on Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Tuesday. UBS Group raised their price target on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Finally, Keefe, Bruyette & Woods raised their price target on Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Twelve equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Truist Financial currently has an average rating of “Hold” and an average target price of $47.67.

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.