Sound Income Strategies LLC Boosts Stake in Truist Financial Co. (NYSE:TFC)

Sound Income Strategies LLC lifted its position in shares of Truist Financial Co. (NYSE:TFC – Get Rating) by 14,534.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 146,346 shares of the insurance provider’s stock after acquiring an additional 145,346 shares during the quarter. Sound Income Strategies LLC’s holdings in Truist Financial were worth $6,297,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Truist Financial by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 120,881,812 shares of the insurance provider’s stock worth $5,263,194,000 after acquiring an additional 1,044,192 shares in the last quarter. BlackRock Inc. lifted its stake in Truist Financial by 3.6% in the 3rd quarter. BlackRock Inc. now owns 100,049,345 shares of the insurance provider’s stock valued at $4,356,148,000 after buying an additional 3,443,946 shares in the last quarter. State Street Corp lifted its stake in Truist Financial by 1.0% in the 3rd quarter. State Street Corp now owns 59,714,752 shares of the insurance provider’s stock valued at $2,599,980,000 after buying an additional 581,532 shares in the last quarter. Dodge & Cox lifted its stake in Truist Financial by 12.4% in the 2nd quarter. Dodge & Cox now owns 19,105,325 shares of the insurance provider’s stock valued at $906,166,000 after buying an additional 2,110,333 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in Truist Financial by 2.1% in the 2nd quarter. Northern Trust Corp now owns 16,142,238 shares of the insurance provider’s stock valued at $765,627,000 after buying an additional 326,545 shares in the last quarter. 72.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Morgan Stanley decreased their price target on shares of Truist Financial from $59.00 to $56.00 and set an “equal weight” rating on the stock in a research note on Friday, January 20th. Stephens lowered shares of Truist Financial from an “overweight” rating to an “equal weight” rating and set a $53.00 price target on the stock. in a research note on Tuesday, January 31st. Robert W. Baird raised shares of Truist Financial from a “neutral” rating to an “outperform” rating and set a $53.00 price target on the stock in a research note on Monday, March 13th. Wells Fargo & Company decreased their target price on shares of Truist Financial to $57.00 in a research note on Wednesday, December 14th. Finally, Citigroup raised shares of Truist Financial from a “neutral” rating to a “buy” rating and set a $52.00 target price on the stock in a research note on Wednesday. One research analyst has rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $51.58.

Truist Financial Trading Down 7.2 %

Shares of NYSE TFC traded down $2.38 during midday trading on Friday, reaching $30.56. 46,869,423 shares of the stock were exchanged, compared to its average volume of 10,809,917. The company has a 50 day simple moving average of $45.85 and a 200 day simple moving average of $44.99. The stock has a market capitalization of $40.59 billion, a P/E ratio of 6.90, a PEG ratio of 1.33 and a beta of 1.10. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 0.81. Truist Financial Co. has a twelve month low of $28.70 and a twelve month high of $61.10.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 1st. Stockholders of record on Friday, February 10th were issued a dividend of $0.52 per share. The ex-dividend date was Thursday, February 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 6.81%. Truist Financial’s dividend payout ratio is currently 46.95%.

Insider Activity at Truist Financial

In related news, Director David M. Ratcliffe bought 13,125 shares of the company’s stock in a transaction that occurred on Friday, March 10th. The stock was purchased at an average price of $38.08 per share, for a total transaction of $499,800.00. Following the acquisition, the director now owns 39,025 shares of the company’s stock, valued at $1,486,072. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director David M. Ratcliffe bought 13,125 shares of the company’s stock in a transaction that occurred on Friday, March 10th. The stock was purchased at an average price of $38.08 per share, for a total transaction of $499,800.00. Following the acquisition, the director now owns 39,025 shares of the company’s stock, valued at $1,486,072. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Hugh S. Cummins III sold 35,229 shares of Truist Financial stock in a transaction that occurred on Friday, January 27th. The shares were sold at an average price of $49.05, for a total transaction of $1,727,982.45. Following the completion of the sale, the insider now owns 307,069 shares of the company’s stock, valued at approximately $15,061,734.45. The disclosure for this sale can be found here. 0.31% of the stock is owned by insiders.

About Truist Financial

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Truist Financial Corp. is a financial holding company, which engages in the provision of banking services to individuals, businesses, and municipalities. It operates through the following segments: Consumer Banking and Wealth, Corporate and Commercial Banking, Insurance Holdings, and Other, Treasury & Corporate.