Meitav Investment House Ltd. Makes New Investment in Truist Financial Co. (NYSE:TFC)

Meitav Investment House Ltd. bought a new position in Truist Financial Co. (NYSE:TFC) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 13,362 shares of the insurance provider’s stock, valued at approximately $409,000.

A number of other hedge funds have also bought and sold shares of TFC. Fairfield Bush & CO. bought a new stake in Truist Financial in the 1st quarter worth approximately $25,000. Winch Advisory Services LLC bought a new stake in Truist Financial in the 1st quarter worth approximately $26,000. GW&K Investment Management LLC purchased a new position in Truist Financial in the first quarter worth about $31,000. Quarry LP purchased a new position in Truist Financial in the first quarter worth about $32,000. Finally, JFS Wealth Advisors LLC boosted its position in Truist Financial by 617.0% in the second quarter. JFS Wealth Advisors LLC now owns 968 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 833 shares during the last quarter. Hedge funds and other institutional investors own 71.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on TFC shares. Jefferies Financial Group dropped their target price on Truist Financial from $31.00 to $28.00 in a research report on Tuesday, October 10th. Citigroup decreased their price target on shares of Truist Financial from $41.00 to $39.00 and set a “buy” rating on the stock in a research report on Monday, July 24th. HSBC assumed coverage on Truist Financial in a research report on Thursday, September 7th. They issued a “hold” rating and a $29.00 price target for the company. Raymond James reduced their price target on Truist Financial from $36.00 to $34.00 and set an “outperform” rating for the company in a research report on Thursday, October 5th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $40.00 price target on shares of Truist Financial in a research report on Tuesday, September 12th. Ten analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $37.76.

Insider Activity at Truist Financial

In related news, CEO William H. Rogers, Jr. acquired 10,000 shares of the firm’s stock in a transaction that occurred on Friday, October 20th. The stock was bought at an average price of $28.05 per share, for a total transaction of $280,500.00. Following the acquisition, the chief executive officer now directly owns 412,924 shares of the company’s stock, valued at approximately $11,582,518.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.31% of the stock is owned by company insiders.

Truist Financial Stock Performance

Shares of NYSE:TFC opened at $31.97 on Friday. The company has a market capitalization of $42.64 billion, a price-to-earnings ratio of 8.05, a PEG ratio of 1.87 and a beta of 1.09. Truist Financial Co. has a 12 month low of $25.56 and a 12 month high of $53.34. The firm’s 50-day moving average is $28.89 and its 200 day moving average is $30.20. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Thursday, October 19th. The insurance provider reported $0.80 EPS for the quarter, missing the consensus estimate of $0.82 by ($0.02). Truist Financial had a net margin of 17.59% and a return on equity of 10.74%. The firm had revenue of $5.73 billion for the quarter, compared to the consensus estimate of $5.70 billion. During the same quarter in the previous year, the company posted $1.24 earnings per share. The business’s revenue for the quarter was down 2.7% on a year-over-year basis. Research analysts predict that Truist Financial Co. will post 3.76 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently disclosed a special dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 10th will be issued a dividend of $0.52 per share. This represents a yield of 7.4%. The ex-dividend date is Thursday, November 9th. Truist Financial’s payout ratio is currently 52.39%.

Truist Financial Company Profile

Truist Financial Corporation, a holding 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.