104,859 Shares of Truist Financial Corporation $TFC Bought by Associated Banc Corp

Key Points

• Associated Banc Corp bought 104,859 Truist Financial shares in the third quarter, worth about $4.9 million. Institutional investors and hedge funds own 71.28% of the stock.
• Analysts’ consensus rating is Hold, with an average price target of $54.73; nine rate the stock Buy, ten Hold, and three Sell. Truist most recently reported quarterly EPS of $1.16, slightly below the $1.17 estimate.
• CEO Michael Lyons purchased 25,000 shares for about $1.21 million. Truist also declared a $0.52 quarterly dividend, equivalent to a 4.1% annualized yield.

Associated Banc Corp purchased a new stake in Truist Financial Corporation (NYSE:TFC - Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 104,859 shares of the insurance provider's stock, valued at approximately $4,855,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TFC. N.E.W. Advisory Services LLC acquired a new stake in shares of Truist Financial during the 2nd quarter worth about $30,000. Navigoe LLC acquired a new position in Truist Financial in the second quarter valued at $30,000. Wilkerson Advisory Group LLC increased its stake in shares of Truist Financial by 104.0% during the 1st quarter. Wilkerson Advisory Group LLC now owns 826 shares of the insurance provider's stock valued at $38,000 after acquiring an additional 421 shares during the last quarter. Elevation Wealth Partners LLC raised its stake in Truist Financial by 44.6% during the second quarter. Elevation Wealth Partners LLC now owns 892 shares of the insurance provider's stock worth $44,000 after purchasing an additional 275 shares during the period. Finally, Latitude Advisors LLC purchased a new position in shares of Truist Financial in the 3rd quarter worth $45,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently weighed in on TFC. TD Cowen initiated coverage on shares of Truist Financial in a research report on Thursday, October 8th. They set a "hold" rating and a $52.00 price target for the company. The Goldman Sachs Group decreased their price objective on shares of Truist Financial from $59.00 to $58.00 and set a "buy" rating for the company in a report on Monday, October 19th. UBS Group reduced their price objective on Truist Financial from $55.00 to $50.00 and set a "neutral" rating on the stock in a research note on Monday, October 5th. Wolfe Research started coverage on shares of Truist Financial in a report on Tuesday, October 27th. They issued a "peer perform" rating on the stock. Finally, Keefe, Bruyette & Woods dropped their target price on Truist Financial from $55.00 to $54.00 and set a "market perform" rating on the stock in a research report on Monday, October 19th. Nine investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, Truist Financial has an average rating of "Hold" and an average target price of $54.73.

Insider Buying and Selling

In other news, CEO Michael Lyons bought 25,000 shares of Truist Financial stock in a transaction dated Wednesday, October 28th. The shares were bought at an average price of $48.36 per share, for a total transaction of $1,209,000.00. Following the purchase, the chief executive officer owned 46,000 shares of the company's stock, valued at approximately $2,224,560. This trade represents a 119.05% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.15% of the stock is currently owned by corporate insiders.

Truist Financial Stock Performance

Shares of TFC stock opened at $50.94 on Thursday. The firm has a market cap of $61.05 billion, a P/E ratio of 10.74, a PEG ratio of 1.08 and a beta of 0.90. The stock's 50-day moving average is $48.37 and its two-hundred day moving average is $49.50. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.88 and a quick ratio of 0.88. Truist Financial Corporation has a fifty-two week low of $43.13 and a fifty-two week high of $56.19.

Truist Financial (NYSE:TFC - Get Free Report) last posted its earnings results on Friday, October 16th. The insurance provider reported $1.16 EPS for the quarter, missing the consensus estimate of $1.17 by ($0.01). The business had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.35 billion. Truist Financial had a return on equity of 10.37% and a net margin of 18.01%. The company's quarterly revenue was up 1.3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.04 earnings per share. Analysts predict that Truist Financial Corporation will post 4.71 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 13th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Friday, November 13th. Truist Financial's dividend payout ratio (DPR) is presently 53.61%.

About Truist Financial

Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.

Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.

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