Creative Planning cut its holdings in Truist Financial Co. (NYSE:TFC) by 2.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 247,018 shares of the insurance provider’s stock after selling 6,922 shares during the period. Creative Planning’s holdings in Truist Financial were worth $14,488,000 at the end of the most recent reporting period.
A number of other institutional investors have also bought and sold shares of the business. Forsta AP Fonden grew its holdings in Truist Financial by 7.7% in the third quarter. Forsta AP Fonden now owns 291,000 shares of the insurance provider’s stock worth $17,067,000 after purchasing an additional 20,800 shares during the period. Orion Portfolio Solutions LLC grew its stake in Truist Financial by 39.2% during the third quarter. Orion Portfolio Solutions LLC now owns 16,949 shares of the insurance provider’s stock valued at $994,000 after acquiring an additional 4,769 shares in the last quarter. NN Investment Partners Holdings N.V. grew its stake in Truist Financial by 235.9% during the third quarter. NN Investment Partners Holdings N.V. now owns 606,343 shares of the insurance provider’s stock valued at $35,561,000 after acquiring an additional 425,825 shares in the last quarter. Avidian Wealth Solutions LLC grew its stake in shares of Truist Financial by 11.1% in the 3rd quarter. Avidian Wealth Solutions LLC now owns 10,384 shares of the insurance provider’s stock worth $609,000 after buying an additional 1,041 shares in the last quarter. Finally, MEMBERS Trust Co grew its stake in shares of Truist Financial by 8.2% in the 3rd quarter. MEMBERS Trust Co now owns 4,238 shares of the insurance provider’s stock worth $252,000 after buying an additional 320 shares in the last quarter. 71.89% of the stock is owned by institutional investors and hedge funds.
In other Truist Financial news, CFO Daryl N. Bible sold 108,369 shares of the firm’s stock in a transaction on Monday, October 18th. The stock was sold at an average price of $61.82, for a total value of $6,699,371.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William H. Rogers, Jr. bought 67,000 shares of Truist Financial stock in a transaction on Monday, October 18th. The stock was acquired at an average cost of $61.85 per share, with a total value of $4,143,950.00. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 223,295 shares of company stock worth $13,852,893. 0.37% of the stock is owned by corporate insiders.
Truist Financial (NYSE:TFC) last issued its earnings results on Thursday, October 14th. The insurance provider reported $1.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.22. The firm had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.53 billion. Truist Financial had a net margin of 25.94% and a return on equity of 12.11%. The firm’s revenue was down .9% compared to the same quarter last year. During the same quarter last year, the company earned $0.97 earnings per share. On average, equities analysts anticipate that Truist Financial Co. will post 5.41 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, December 1st. Investors of record on Friday, November 12th were issued a $0.48 dividend. The ex-dividend date of this dividend was Wednesday, November 10th. This represents a $1.92 annualized dividend and a yield of 2.85%. Truist Financial’s dividend payout ratio (DPR) is 45.28%.
A number of equities research analysts recently weighed in on TFC shares. Jefferies Financial Group lifted their price objective on shares of Truist Financial from $61.00 to $66.00 and gave the company a “hold” rating in a report on Monday, October 11th. Citigroup upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $63.00 to $72.00 in a research note on Friday, October 1st. They noted that the move was a valuation call. UBS Group assumed coverage on shares of Truist Financial in a research note on Friday, December 10th. They issued a “neutral” rating and a $63.00 target price for the company. Morgan Stanley boosted their target price on shares of Truist Financial from $68.00 to $72.00 and gave the company an “equal weight” rating in a research note on Monday, December 6th. Finally, Barclays upped their price objective on shares of Truist Financial from $64.00 to $72.00 in a research report on Monday, January 3rd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $65.18.
Truist Financial Profile
Truist Financial Corp. operates as a financial holding company, which engages in the provision of banking services to individuals, businesses and municipalities. The firm offers a variety of loans and lease financing to individuals and entities, including insurance premium financing, permanent commercial real estate financing arrangements, loan servicing for third-party investors, direct consumer finance loans to individuals, credit card lending, automobile financing and equipment financing.
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