36,950 Shares in Truist Financial Corporation $TFC Purchased by Royal Fund Management LLC

Royal Fund Management LLC acquired a new stake in shares of Truist Financial Corporation (NYSE:TFC) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 36,950 shares of the insurance provider’s stock, valued at approximately $1,689,000.

Several other large investors have also bought and sold shares of TFC. Aspect Partners LLC grew its holdings in shares of Truist Financial by 71.5% during the second quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock valued at $28,000 after buying an additional 268 shares during the last quarter. Princeton Global Asset Management LLC bought a new position in Truist Financial in the 2nd quarter valued at approximately $30,000. Capital A Wealth Management LLC boosted its stake in Truist Financial by 1,189.5% during the 2nd quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 678 shares during the last quarter. Darwin Wealth Management LLC increased its holdings in shares of Truist Financial by 631.6% in the 3rd quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 600 shares in the last quarter. Finally, Ramirez Asset Management Inc. raised its stake in shares of Truist Financial by 60.0% in the second quarter. Ramirez Asset Management Inc. now owns 800 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 300 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Baird R W cut Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. UBS Group set a $55.00 price target on shares of Truist Financial in a report on Tuesday, October 21st. Citigroup lifted their price target on shares of Truist Financial from $60.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, December 31st. Piper Sandler set a $48.00 price objective on shares of Truist Financial in a research report on Monday, October 20th. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $58.00 target price on shares of Truist Financial in a report on Tuesday, January 6th. Seven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Truist Financial has a consensus rating of “Hold” and an average target price of $52.80.

Truist Financial Price Performance

NYSE TFC opened at $50.01 on Monday. The company has a 50-day moving average price of $48.29 and a 200-day moving average price of $46.03. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $51.51. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $63.98 billion, a P/E ratio of 13.44, a PEG ratio of 0.95 and a beta of 0.89.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, October 17th. The insurance provider reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.05. Truist Financial had a net margin of 16.84% and a return on equity of 8.73%. The company had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.20 billion. During the same period in the previous year, the business posted $0.97 earnings per share. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. Equities research analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 14th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.2%. The ex-dividend date was Friday, November 14th. Truist Financial’s dividend payout ratio is 55.91%.

Truist Financial declared that its board has authorized a share buyback plan on Tuesday, December 16th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the insurance provider to purchase up to 15.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Truist Financial

In related news, Director K. David Jr. Boyer sold 5,160 shares of the firm’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total value of $239,682.00. Following the transaction, the director directly owned 10,153 shares of the company’s stock, valued at approximately $471,606.85. This trade represents a 33.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.17% of the stock is owned by company insiders.

Truist Financial Company Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.