GUNN & Co INVESTMENT MANAGEMENT INC. Takes Position in Truist Financial Co. (NYSE:TFC)

GUNN & Co INVESTMENT MANAGEMENT INC. purchased a new position in Truist Financial Co. (NYSE:TFC) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 22,263 shares of the insurance provider’s stock, valued at approximately $822,000.

Other large investors also recently added to or reduced their stakes in the company. Morton Brown Family Wealth LLC raised its position in shares of Truist Financial by 236.0% during the 4th quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 649 shares during the last quarter. OFI Invest Asset Management acquired a new position in shares of Truist Financial during the third quarter valued at approximately $26,000. Criterion Capital Advisors LLC purchased a new position in shares of Truist Financial in the fourth quarter valued at approximately $38,000. Operose Advisors LLC acquired a new stake in shares of Truist Financial in the third quarter worth approximately $31,000. Finally, Tyler Stone Wealth Management purchased a new stake in shares of Truist Financial during the third quarter worth approximately $33,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have issued reports on TFC. Compass Point raised shares of Truist Financial from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $34.00 to $42.00 in a research note on Tuesday, April 23rd. HSBC upped their price objective on shares of Truist Financial from $37.00 to $39.00 and gave the company a “hold” rating in a research note on Thursday, March 28th. Jefferies Financial Group raised their target price on shares of Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. Morgan Stanley restated an “equal weight” rating and issued a $43.00 price target on shares of Truist Financial in a research report on Monday, April 22nd. Finally, JPMorgan Chase & Co. lifted their price objective on Truist Financial from $39.50 to $40.50 and gave the stock a “neutral” rating in a research report on Wednesday. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Truist Financial presently has an average rating of “Moderate Buy” and an average target price of $41.88.

Insider Buying and Selling at Truist Financial

In other news, Director K. David Jr. Boyer sold 3,764 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $37.48, for a total value of $141,074.72. Following the completion of the transaction, the director now owns 16,132 shares of the company’s stock, valued at $604,627.36. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.17% of the stock is currently owned by corporate insiders.

Truist Financial Price Performance

Truist Financial stock opened at $38.85 on Friday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82. The company has a market capitalization of $51.85 billion, a price-to-earnings ratio of -29.43, a price-to-earnings-growth ratio of 2.01 and a beta of 1.07. The company’s 50 day simple moving average is $37.16 and its 200-day simple moving average is $35.14. Truist Financial Co. has a 1 year low of $25.56 and a 1 year high of $39.29.

Truist Financial (NYSE:TFC) last announced its earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The company had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same quarter in the previous year, the company earned $1.09 earnings per share. The firm’s quarterly revenue was down 8.8% compared to the same quarter last year. As a group, equities research analysts expect that Truist Financial Co. will post 3.3 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Friday, May 10th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 5.35%. The ex-dividend date is Thursday, May 9th. Truist Financial’s dividend payout ratio (DPR) is -157.58%.

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.