Bessemer Group Inc. Raises Stock Position in Truist Financial Co. (NYSE:TFC)

Bessemer Group Inc. grew its stake in shares of Truist Financial Co. (NYSE:TFCFree Report) by 0.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,279,964 shares of the insurance provider’s stock after purchasing an additional 10,578 shares during the quarter. Bessemer Group Inc.’s holdings in Truist Financial were worth $69,198,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of TFC. Fairfield Bush & CO. acquired a new stake in Truist Financial in the first quarter valued at approximately $25,000. Winch Advisory Services LLC purchased a new position in shares of Truist Financial in the first quarter valued at $26,000. JFS Wealth Advisors LLC grew its holdings in Truist Financial by 617.0% during the 2nd quarter. JFS Wealth Advisors LLC now owns 968 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 833 shares in the last quarter. GW&K Investment Management LLC purchased a new stake in Truist Financial during the 1st quarter worth $31,000. Finally, Quarry LP acquired a new position in Truist Financial in the 1st quarter worth $32,000. Hedge funds and other institutional investors own 71.11% of the company’s stock.

Truist Financial Stock Performance

TFC opened at $32.04 on Tuesday. The business’s 50 day moving average is $28.93 and its 200-day moving average is $30.26. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75. The stock has a market cap of $42.73 billion, a PE ratio of 8.07, a price-to-earnings-growth ratio of 1.87 and a beta of 1.09. Truist Financial Co. has a twelve month low of $25.56 and a twelve month high of $53.34.

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

Truist Financial Announces Dividend

The company also recently declared a special dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 10th will be given a dividend of $0.52 per share. This represents a dividend yield of 7.4%. The ex-dividend date of this dividend is Thursday, November 9th. Truist Financial’s dividend payout ratio (DPR) is presently 52.39%.

Analysts Set New Price Targets

TFC has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods upgraded Truist Financial from a “market perform” rating to an “outperform” rating and lowered their price objective for the company from $37.00 to $36.00 in a research note on Wednesday, September 20th. Jefferies Financial Group dropped their price target on shares of Truist Financial from $31.00 to $28.00 in a research note on Tuesday, October 10th. HSBC assumed coverage on shares of Truist Financial in a research note on Thursday, September 7th. They set a “hold” rating and a $29.00 price objective on the stock. Piper Sandler cut their target price on shares of Truist Financial from $32.00 to $31.00 and set a “neutral” rating on the stock in a research note on Friday, October 20th. Finally, Morgan Stanley decreased their price target on Truist Financial from $41.00 to $40.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 3rd. Eleven analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Truist Financial has an average rating of “Hold” and an average target price of $37.51.

View Our Latest Stock Analysis on TFC

Insider Transactions at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. purchased 10,000 shares of the business’s stock in a transaction on Friday, October 20th. The stock was bought at an average cost of $28.05 per share, with a total value of $280,500.00. Following the acquisition, the chief executive officer now owns 412,924 shares of the company’s stock, valued at $11,582,518.20. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.31% of the company’s stock.

Truist Financial Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Truist Financial (NYSE:TFC)

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