Continental Investors Services Inc. Makes New $256,000 Investment in Truist Financial Co. (NYSE:TFC)

Continental Investors Services Inc. purchased a new position in shares of Truist Financial Co. (NYSE:TFC – Get Rating) during the third quarter, HoldingsChannel reports. The firm purchased 5,312 shares of the insurance provider’s stock, valued at approximately $256,000.

A number of other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. increased its position in Truist Financial by 0.9% during the third quarter. Vanguard Group Inc. now owns 120,881,812 shares of the insurance provider’s stock worth $5,263,194,000 after buying an additional 1,044,192 shares during the last quarter. BlackRock Inc. grew its position in shares of Truist Financial by 3.6% in the third quarter. BlackRock Inc. now owns 100,049,345 shares of the insurance provider’s stock valued at $4,356,148,000 after purchasing an additional 3,443,946 shares during the last quarter. State Street Corp grew its position in shares of Truist Financial by 1.0% in the third quarter. State Street Corp now owns 59,714,752 shares of the insurance provider’s stock valued at $2,599,980,000 after purchasing an additional 581,532 shares during the last quarter. Dodge & Cox grew its position in shares of Truist Financial by 12.4% in the second quarter. Dodge & Cox now owns 19,105,325 shares of the insurance provider’s stock valued at $906,166,000 after purchasing an additional 2,110,333 shares during the last quarter. Finally, Northern Trust Corp grew its position in shares of Truist Financial by 2.1% in the second quarter. Northern Trust Corp now owns 16,142,238 shares of the insurance provider’s stock valued at $765,627,000 after purchasing an additional 326,545 shares during the last quarter. Institutional investors and hedge funds own 72.49% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on TFC shares. Stephens downgraded Truist Financial from an “overweight” rating to an “equal weight” rating and set a $53.00 target price on the stock. in a research report on Tuesday, January 31st. Deutsche Bank Aktiengesellschaft downgraded Truist Financial from a “buy” rating to a “hold” rating and reduced their price target for the stock from $61.00 to $48.00 in a research report on Friday, January 6th. TheStreet raised Truist Financial from a “c+” rating to a “b-” rating in a research report on Monday, January 23rd. Morgan Stanley reduced their price target on Truist Financial from $59.00 to $56.00 and set an “equal weight” rating on the stock in a research report on Friday, January 20th. Finally, Robert W. Baird raised Truist Financial from a “neutral” rating to an “outperform” rating and set a $53.00 price target on the stock in a research report on Monday, March 13th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $51.58.

Insider Activity

In other news, insider Hugh S. Cummins III sold 35,229 shares of the stock in a transaction 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 transaction, the insider now directly owns 307,069 shares in the company, valued at approximately $15,061,734.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director David M. Ratcliffe acquired 13,125 shares of the firm’s stock in a transaction that occurred on Friday, March 10th. The stock was acquired at an average cost of $38.08 per share, for a total transaction of $499,800.00. Following the completion of the acquisition, the director now directly owns 39,025 shares of the company’s stock, valued at approximately $1,486,072. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Hugh S. Cummins III sold 35,229 shares of the stock in a transaction on Friday, January 27th. The shares were 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 owns 307,069 shares of the company’s stock, valued at $15,061,734.45. The disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.

Truist Financial Stock Down 7.2 %

Shares of TFC opened at $30.56 on Friday. Truist Financial Co. has a 52 week low of $28.70 and a 52 week high of $61.10. The stock has a market capitalization of $40.59 billion, a price-to-earnings ratio of 6.90, a PEG ratio of 1.34 and a beta of 1.10. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 0.81. The stock has a fifty day moving average of $45.85 and a 200-day moving average of $44.97.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 1st. Stockholders of record on Friday, February 10th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 6.81%. The ex-dividend date was Thursday, February 9th. Truist Financial’s payout ratio is 46.95%.

About Truist Financial

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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.