Simplicity Solutions LLC Increases Position in Truist Financial Co. (NYSE:TFC)

Simplicity Solutions LLC lifted its stake in Truist Financial Co. (NYSE:TFC) by 5.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,802 shares of the insurance provider’s stock after acquiring an additional 1,643 shares during the period. Simplicity Solutions LLC’s holdings in Truist Financial were worth $1,100,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in TFC. Moneta Group Investment Advisors LLC raised its stake in shares of Truist Financial by 12,034.8% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 20,490,356 shares of the insurance provider’s stock worth $881,700,000 after acquiring an additional 20,321,500 shares in the last quarter. Norges Bank acquired a new position in shares of Truist Financial during the fourth quarter worth $553,718,000. Morgan Stanley increased its position in shares of Truist Financial by 32.6% during the fourth quarter. Morgan Stanley now owns 15,511,098 shares of the insurance provider’s stock worth $667,443,000 after purchasing an additional 3,813,439 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Truist Financial by 65.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 7,592,182 shares of the insurance provider’s stock worth $258,893,000 after purchasing an additional 2,992,820 shares in the last quarter. Finally, Imprint Wealth LLC boosted its position in shares of Truist Financial by 3,152.2% in the 2nd quarter. Imprint Wealth LLC now owns 2,726,575 shares of the insurance provider’s stock worth $272,658,000 after purchasing an additional 2,642,737 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Stock Down 0.2 %

Shares of TFC opened at $36.71 on Tuesday. The company has a market capitalization of $48.99 billion, a price-to-earnings ratio of -33.99, a PEG ratio of 2.27 and a beta of 1.08. Truist Financial Co. has a 52 week low of $25.56 and a 52 week high of $39.29. The stock’s 50-day moving average price is $36.64 and its 200-day moving average price is $34.31. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.74.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Thursday, January 18th. The insurance provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.68 by $0.13. The business had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a positive return on equity of 9.64% and a negative net margin of 3.28%. During the same quarter in the prior year, the firm posted $1.30 EPS. On average, sell-side analysts predict that Truist Financial Co. will post 3.33 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 9th were issued a $0.52 dividend. The ex-dividend date was Thursday, February 8th. This represents a $2.08 dividend on an annualized basis and a yield of 5.67%. Truist Financial’s payout ratio is -192.59%.

Insiders Place Their Bets

In other news, Director K. David Jr. Boyer sold 3,764 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the sale, the director now directly owns 16,132 shares in the company, valued at approximately $604,627.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on TFC. TheStreet cut Truist Financial from a “b-” rating to a “c” rating in a research note on Tuesday, February 20th. Royal Bank of Canada increased their price objective on shares of Truist Financial from $40.00 to $42.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. Wells Fargo & Company boosted their target price on shares of Truist Financial from $39.00 to $45.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Piper Sandler raised their price target on shares of Truist Financial from $37.00 to $38.00 and gave the stock a “neutral” rating in a report on Friday, January 19th. Finally, HSBC boosted their price objective on shares of Truist Financial from $37.00 to $39.00 and gave the company a “hold” rating in a report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $41.47.

Truist Financial Company Profile

Truist Financial Corporation, a financial services 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.