Power Corp of Canada Invests $356,000 in Truist Financial Co. (NYSE:TFC)

Power Corp of Canada acquired a new position in shares of Truist Financial Co. (NYSE:TFC – Get Rating) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 8,176 shares of the insurance provider’s stock, valued at approximately $356,000.

A number of other hedge funds also recently made changes to their positions in TFC. Fairfield Bush & CO. bought a new stake in shares of Truist Financial during the 1st quarter worth $25,000. Newbridge Financial Services Group Inc. lifted its holdings in shares of Truist Financial by 555.8% during the 3rd quarter. Newbridge Financial Services Group Inc. now owns 623 shares of the insurance provider’s stock worth $27,000 after acquiring an additional 528 shares during the last quarter. Webster Bank N. A. lifted its stake in Truist Financial by 88.5% in the third quarter. Webster Bank N. A. now owns 639 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 300 shares during the last quarter. Western Pacific Wealth Management LP bought a new stake in Truist Financial in the third quarter worth $35,000. Finally, NuWave Investment Management LLC bought a new stake in Truist Financial in the third quarter worth $40,000. 72.49% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Keefe, Bruyette & Woods raised shares of Truist Financial from an “underperform” rating to a “market perform” rating and lowered their price target for the stock from $47.00 to $45.00 in a research note on Sunday. TheStreet raised shares of Truist Financial from a “c+” rating to a “b-” rating in a research note on Monday, January 23rd. Stephens cut shares of Truist Financial from an “overweight” rating to an “equal weight” rating and set a $53.00 price objective on the stock. in a research report on Tuesday, January 31st. Jefferies Financial Group upgraded shares of Truist Financial from a “hold” rating to a “buy” rating in a research report on Monday, January 9th. Finally, Robert W. Baird upgraded shares of Truist Financial from a “neutral” rating to an “outperform” rating and set a $53.00 price objective on the stock in a research report on Monday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $51.58.

Insider Transactions at Truist Financial

In related news, Director David M. Ratcliffe purchased 13,125 shares of the company’s stock in a transaction dated Friday, March 10th. The shares were purchased at an average cost of $38.08 per share, with a total value of $499,800.00. Following the transaction, the director now directly owns 39,025 shares in the company, valued at approximately $1,486,072. The purchase was disclosed in a document filed with the SEC, which is available through this link. In related news, Director David M. Ratcliffe purchased 13,125 shares of the company’s stock in a transaction dated Friday, March 10th. The shares were purchased at an average cost of $38.08 per share, with a total value of $499,800.00. Following the transaction, the director now directly owns 39,025 shares in the company, valued at approximately $1,486,072. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, insider Hugh S. Cummins III sold 35,229 shares of the business’s stock in a transaction that occurred on Friday, January 27th. The stock was sold at an average price of $49.05, for a total value of $1,727,982.45. Following the completion of the sale, the insider now directly owns 307,069 shares in the company, valued at $15,061,734.45. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Truist Financial Price Performance

Shares of NYSE TFC opened at $32.10 on Thursday. The stock has a market capitalization of $42.63 billion, a P/E ratio of 7.25, a P/E/G ratio of 1.01 and a beta of 1.10. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.81 and a quick ratio of 0.80. Truist Financial Co. has a 1 year low of $30.51 and a 1 year high of $61.10. The company’s 50-day moving average is $46.38 and its 200 day moving average is $45.20.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 1st. Stockholders of record on Friday, February 10th were given a $0.52 dividend. The ex-dividend date of this dividend was Thursday, February 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 6.48%. Truist Financial’s dividend payout ratio is currently 46.95%.

Truist Financial Profile

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Truist Financial Corp. is a financial holding company, which engages in the provision of banking services to individuals, businesses, and municipalities. It operates through the following segments: Consumer Banking and Wealth, Corporate and Commercial Banking, Insurance Holdings, and Other, Treasury & Corporate.