Kestra Advisory Services LLC Acquires 13,436 Shares of Truist Financial Corporation $TFC

Kestra Advisory Services LLC grew its stake in Truist Financial Corporation (NYSE:TFC) by 5.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 259,921 shares of the insurance provider’s stock after purchasing an additional 13,436 shares during the quarter. Kestra Advisory Services LLC’s holdings in Truist Financial were worth $12,034,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TFC. BlackRock Inc. bought a new position in Truist Financial during the 2nd quarter worth about $4,959,834,000. Bank of New York Mellon Corp acquired a new position in Truist Financial during the second quarter worth $338,855,000. Deutsche Bank AG acquired a new stake in Truist Financial in the 2nd quarter valued at $257,208,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Truist Financial in the 2nd quarter valued at about $151,526,000. Finally, SEB Asset Management AB acquired a new position in Truist Financial during the first quarter valued at approximately $124,144,000. 71.28% of the stock is currently owned by institutional investors.

Insider Activity at Truist Financial

In other Truist Financial news, CEO Michael Lyons purchased 25,000 shares of Truist Financial stock in a transaction on Wednesday, October 28th. The stock was bought at an average cost of $48.36 per share, with a total value of $1,209,000.00. Following the transaction, the chief executive officer owned 46,000 shares of the company’s stock, valued at $2,224,560. This represents a 119.05% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.15% of the stock is owned by insiders.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $50.40 on Tuesday. The company’s 50-day moving average is $48.34 and its 200 day moving average is $49.50. Truist Financial Corporation has a fifty-two week low of $43.13 and a fifty-two week high of $56.19. The company has a market capitalization of $60.41 billion, a P/E ratio of 12.99, a price-to-earnings-growth ratio of 1.13 and a beta of 0.90. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.88 and a current ratio of 0.88.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, October 16th. The insurance provider reported $1.16 EPS for the quarter, missing the consensus estimate of $1.17 by ($0.01). The business had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.35 billion. Truist Financial had a return on equity of 10.37% and a net margin of 18.01%. Truist Financial’s quarterly revenue was up 1.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.04 earnings per share. On average, equities research analysts forecast that Truist Financial Corporation will post 4.66 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 13th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend is Friday, November 13th. Truist Financial’s dividend payout ratio is presently 53.61%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on TFC shares. UBS Group decreased their price objective on Truist Financial from $55.00 to $50.00 and set a “neutral” rating on the stock in a report on Monday, October 5th. HSBC began coverage on shares of Truist Financial in a research report on Monday, September 28th. They set a “buy” rating and a $61.00 price target on the stock. Royal Bank Of Canada cut their target price on Truist Financial from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Monday, October 19th. Citigroup decreased their price target on Truist Financial from $54.00 to $50.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 21st. Finally, TD Cowen assumed coverage on Truist Financial in a research note on Thursday, October 8th. They issued a “hold” rating and a $52.00 price objective on the stock. Nine analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $54.73.

Truist Financial Profile

Truist Financial Corporation (NYSE: TFC) is a financial services company headquartered in Charlotte, North Carolina. It provides banking and related services to individuals, businesses and institutions, including deposit accounts, loans, credit cards, payment services and treasury management.

The company also offers wealth management, investment and mortgage services, along with commercial banking and capital markets solutions. Its operations are concentrated in the southeastern and mid-Atlantic United States, serving customers through branches, digital channels and other delivery platforms.

Truist was formed in 2019 through the merger of BB&T Corporation and SunTrust Banks.