FormulaFolio Investments LLC increased its holdings in shares of Truist Financial Co. (NYSE:TFC) by 129.1% in the fourth quarter, HoldingsChannel reports. The firm owned 13,320 shares of the insurance provider’s stock after buying an additional 7,506 shares during the period. FormulaFolio Investments LLC’s holdings in Truist Financial were worth $638,000 as of its most recent filing with the SEC.

A number of other institutional investors have also bought and sold shares of the stock. BlackRock Inc. boosted its holdings in shares of Truist Financial by 1.6% during the fourth quarter. BlackRock Inc. now owns 89,294,163 shares of the insurance provider’s stock worth $4,279,871,000 after acquiring an additional 1,410,385 shares during the period. Boston Partners boosted its holdings in shares of Truist Financial by 3.8% during the fourth quarter. Boston Partners now owns 17,174,582 shares of the insurance provider’s stock worth $823,178,000 after acquiring an additional 631,955 shares during the period. Norges Bank bought a new stake in shares of Truist Financial during the fourth quarter worth approximately $647,266,000. Canada Pension Plan Investment Board boosted its holdings in shares of Truist Financial by 63.3% during the fourth quarter. Canada Pension Plan Investment Board now owns 8,196,523 shares of the insurance provider’s stock worth $392,859,000 after acquiring an additional 3,177,134 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Truist Financial by 0.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,381,878 shares of the insurance provider’s stock worth $353,786,000 after acquiring an additional 46,506 shares during the period. Institutional investors and hedge funds own 72.11% of the company’s stock.

In other news, insider Clarke R. Starnes III sold 48,175 shares of the stock in a transaction that occurred on Friday, January 22nd. The shares were sold at an average price of $51.06, for a total transaction of $2,459,815.50. Following the completion of the transaction, the insider now directly owns 182,205 shares of the company’s stock, valued at approximately $9,303,387.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO William H. Rogers, Jr. sold 176,379 shares of the stock in a transaction that occurred on Friday, January 22nd. The shares were sold at an average price of $50.22, for a total transaction of $8,857,753.38. Following the transaction, the chief operating officer now directly owns 849,506 shares of the company’s stock, valued at $42,662,191.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 237,094 shares of company stock valued at $12,045,695. Company insiders own 0.35% of the company’s stock.

A number of equities research analysts have recently weighed in on the stock. Robert W. Baird reiterated a “neutral” rating and issued a $53.00 price target on shares of Truist Financial in a research report on Thursday, January 7th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Truist Financial from $56.00 to $65.00 in a research report on Monday, March 15th. Morgan Stanley lifted their price target on shares of Truist Financial from $65.00 to $68.00 and gave the company an “equal weight” rating in a research report on Tuesday, March 30th. Raymond James lifted their price target on shares of Truist Financial from $58.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Truist downgraded shares of Truist Financial from a “buy” rating to a “hold” rating in a research report on Thursday, January 7th. Nine investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $51.02.

Shares of NYSE TFC opened at $59.43 on Thursday. The firm’s 50-day moving average price is $58.34 and its 200-day moving average price is $49.42. Truist Financial Co. has a 1-year low of $29.24 and a 1-year high of $61.26. The firm has a market capitalization of $79.90 billion, a P/E ratio of 20.21, a P/E/G ratio of 1.75 and a beta of 1.36. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.66.

Truist Financial (NYSE:TFC) last posted its earnings results on Wednesday, January 20th. The insurance provider reported $1.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.19. Truist Financial had a net margin of 16.95% and a return on equity of 7.76%. The company had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.42 billion. During the same quarter in the prior year, the business posted $1.04 EPS. Equities research analysts forecast that Truist Financial Co. will post 3.54 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 1st. Shareholders of record on Friday, February 12th were paid a $0.45 dividend. The ex-dividend date of this dividend was Thursday, February 11th. This represents a $1.80 annualized dividend and a yield of 3.03%. Truist Financial’s dividend payout ratio (DPR) is 41.19%.

About Truist Financial

Truist Financial Corporation, a holding 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.

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Institutional Ownership by Quarter for Truist Financial (NYSE:TFC)

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