Truist Financial Corporation $TFC Shares Purchased by Alps Advisors Inc.

Key Points

• Alps Advisors increased its Truist stake by 7.7% in the third quarter, adding 40,680 shares to hold 571,700 shares valued at $26.47 million.
• CEO Michael Lyons bought 25,000 shares for about $1.21 million, increasing his direct stake by 119% to 46,000 shares.
• Truist reported quarterly EPS of $1.16, just below the $1.17 consensus, while revenue rose 1.3% year over year. It declared a $0.52 quarterly dividend, equivalent to a 4.2% yield.

Alps Advisors Inc. increased its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 7.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 571,700 shares of the insurance provider's stock after acquiring an additional 40,680 shares during the quarter. Alps Advisors Inc.'s holdings in Truist Financial were worth $26,470,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Quest 10 Wealth Builders Inc. raised its position in shares of Truist Financial by 24.6% during the 3rd quarter. Quest 10 Wealth Builders Inc. now owns 1,039 shares of the insurance provider's stock worth $48,000 after purchasing an additional 205 shares during the period. Meiji Yasuda Asset Management Co Ltd. lifted its holdings in shares of Truist Financial by 4.0% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,456 shares of the insurance provider's stock worth $272,000 after acquiring an additional 211 shares during the period. Csenge Advisory Group boosted its holdings in shares of Truist Financial by 0.3% during the 2nd quarter. Csenge Advisory Group now owns 69,426 shares of the insurance provider's stock worth $3,459,000 after buying an additional 227 shares in the last quarter. Apella Capital LLC grew its holdings in Truist Financial by 0.5% during the second quarter. Apella Capital LLC now owns 43,030 shares of the insurance provider's stock valued at $2,210,000 after purchasing an additional 232 shares during the period. Finally, West Family Investments Inc. boosted its holdings in shares of Truist Financial by 4.6% in the 2nd quarter. West Family Investments Inc. now owns 5,498 shares of the insurance provider's stock worth $274,000 after purchasing an additional 242 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company's stock.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, CEO Michael Lyons purchased 25,000 shares of the business's stock in a transaction on Wednesday, October 28th. The stock was acquired at an average price of $48.36 per share, with a total value of $1,209,000.00. Following the acquisition, the chief executive officer directly owned 46,000 shares of the company's stock, valued at $2,224,560. This trade represents a 119.05% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.15% of the stock is owned by corporate insiders.

Truist Financial Price Performance

NYSE TFC opened at $49.48 on Friday. The stock has a 50-day moving average of $48.34 and a 200 day moving average of $49.50. Truist Financial Corporation has a one year low of $43.13 and a one year high of $56.19. The company has a market capitalization of $59.30 billion, a price-to-earnings ratio of 10.91, a PEG ratio of 1.10 and a beta of 0.90. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.88 and a current ratio of 0.88.

Truist Financial (NYSE:TFC - Get Free Report) last released its earnings results on Friday, October 16th. The insurance provider reported $1.16 EPS for the quarter, missing analysts' consensus estimates of $1.17 by ($0.01). The company had revenue of $5.30 billion during 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 firm's revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter last year, the business earned $1.04 earnings per share. On average, sell-side analysts forecast that Truist Financial Corporation will post 4.66 EPS for the current year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 13th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Friday, November 13th. Truist Financial's dividend payout ratio (DPR) is currently 53.61%.

Analysts Set New Price Targets

A number of research firms recently issued reports on TFC. TD Cowen began coverage on Truist Financial in a report on Thursday, October 8th. They set a "hold" rating and a $52.00 price objective for the company. Robert W. Baird raised their price target on Truist Financial from $55.00 to $56.00 and gave the company a "neutral" rating in a research report on Monday, July 20th. Bank of America dropped their target price on Truist Financial from $56.00 to $53.00 in a research report on Thursday, October 8th. Wall Street Zen cut Truist Financial from a "hold" rating to a "sell" rating in a research note on Saturday, October 31st. Finally, UBS Group cut their target price on Truist Financial from $55.00 to $50.00 and set a "neutral" rating on the stock in a report on Monday, October 5th. Nine analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $54.73.

Truist Financial Profile

Truist Financial Corporation NYSE: TFC is a financial services company headquartered in Charlotte, North Carolina. It provides banking and related services to individuals, businesses and institutions, including deposit accounts, loans, credit cards, payment services and treasury management.

The company also offers wealth management, investment and mortgage services, along with commercial banking and capital markets solutions. Its operations are concentrated in the southeastern and mid-Atlantic United States, serving customers through branches, digital channels and other delivery platforms.

Truist was formed in 2019 through the merger of BB&T Corporation and SunTrust Banks.

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