30,000 Shares of Truist Financial Corporation $TFC Bought by Fortitude Financial LLC

Key Points

• Fortitude Financial LLC acquired 30,000 Truist Financial shares worth approximately $1.39 million during the third quarter. Institutional investors collectively own 71.28% of Truist’s stock.
• Analyst sentiment remains mixed, with Truist holding an overall “Hold” rating and an average price target of $54.24, compared with the stock’s reported price of $46.32.
• Truist reported quarterly EPS of $1.16, slightly below the $1.17 consensus estimate, while revenue reached $5.30 billion. The company maintains a quarterly dividend of $0.52, representing a 4.5% annualized yield.

Fortitude Financial LLC acquired a new stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 30,000 shares of the insurance provider's stock, valued at approximately $1,389,000. Truist Financial makes up about 0.7% of Fortitude Financial LLC's holdings, making the stock its 18th biggest holding.

A number of other large investors also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Truist Financial during the 2nd quarter valued at approximately $4,959,834,000. State Street Corp raised its holdings in shares of Truist Financial by 0.9% during the second quarter. State Street Corp now owns 58,692,619 shares of the insurance provider's stock worth $2,924,066,000 after purchasing an additional 501,026 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Truist Financial by 7.5% during the first quarter. Bank of New York Mellon Corp now owns 11,289,721 shares of the insurance provider's stock worth $518,988,000 after purchasing an additional 789,179 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Truist Financial by 1.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,608,268 shares of the insurance provider's stock worth $395,642,000 after buying an additional 164,052 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in shares of Truist Financial by 0.6% in the 2nd quarter. Legal & General Group Plc now owns 7,853,887 shares of the insurance provider's stock worth $391,281,000 after buying an additional 44,215 shares during the last quarter. Institutional investors own 71.28% of the company's stock.

Insider Activity at Truist Financial

In other Truist Financial news, CEO Michael Lyons bought 21,000 shares of the business's stock in a transaction on Thursday, September 17th. The shares were purchased at an average price of $48.36 per share, with a total value of $1,015,560.00. Following the purchase, the chief executive officer directly owned 21,000 shares of the company's stock, valued at approximately $1,015,560. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Donta L. Wilson sold 13,280 shares of the firm's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $51.85, for a total value of $688,568.00. Following the transaction, the insider directly owned 56,009 shares in the company, valued at $2,904,066.65. This trade represents a 19.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.15% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on TFC shares. Citigroup downgraded shares of Truist Financial from a "buy" rating to a "neutral" rating and lowered their price objective for the company from $63.00 to $54.00 in a research report on Tuesday, June 30th. Stephens cut their target price on shares of Truist Financial from $59.00 to $57.00 and set an "overweight" rating on the stock in a report on Tuesday, July 21st. HSBC began coverage on Truist Financial in a research note on Monday, September 28th. They issued a "buy" rating and a $61.00 target price for the company. Robert W. Baird upped their target price on Truist Financial from $55.00 to $56.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Finally, TD Cowen assumed coverage on Truist Financial in a research report on Thursday, October 8th. They set a "hold" rating and a $52.00 price target on the stock. Seven research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $54.24.

Truist Financial Stock Performance

Truist Financial stock traded down $0.75 during midday trading on Monday, reaching $46.32. 8,364,884 shares of the stock traded hands, compared to its average volume of 8,793,548. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.95. The firm has a fifty day moving average price of $49.17 and a two-hundred day moving average price of $49.64. The firm has a market cap of $56.59 billion, a price-to-earnings ratio of 11.94, a PEG ratio of 1.04 and a beta of 0.92. Truist Financial Corporation has a fifty-two week low of $42.70 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 firm had revenue of $5.30 billion during the quarter, compared to the consensus estimate of $5.35 billion. Truist Financial had a return on equity of 10.37% and a net margin of 18.01%. Truist Financial's revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter last year, the company posted $1.04 EPS. On average, equities research analysts forecast that Truist Financial Corporation will post 4.67 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.5%. The ex-dividend date was Friday, August 14th. Truist Financial's dividend payout ratio (DPR) is currently 53.61%.

Truist Financial Company Profile

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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