Edgestream Partners L.P. Makes New $962,000 Investment in Truist Financial Co. (NYSE:TFC)

Edgestream Partners L.P. acquired a new stake in Truist Financial Co. (NYSE:TFC) during the 3rd quarter, Holdings Channel.com reports. The fund acquired 22,481 shares of the insurance provider’s stock, valued at approximately $962,000.

A number of other hedge funds also recently modified their holdings of the stock. Caisse DE Depot ET Placement DU Quebec bought a new stake in shares of Truist Financial during the third quarter worth approximately $26,087,000. Infrastructure Capital Advisors LLC bought a new stake in Truist Financial in the 3rd quarter valued at $1,078,000. Vinva Investment Management Ltd grew its holdings in Truist Financial by 179.4% in the 3rd quarter. Vinva Investment Management Ltd now owns 154,437 shares of the insurance provider’s stock valued at $6,567,000 after buying an additional 99,162 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Truist Financial by 3.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,431,037 shares of the insurance provider’s stock worth $403,365,000 after buying an additional 288,306 shares in the last quarter. Finally, Public Sector Pension Investment Board boosted its position in shares of Truist Financial by 3.0% in the third quarter. Public Sector Pension Investment Board now owns 233,751 shares of the insurance provider’s stock valued at $9,998,000 after acquiring an additional 6,848 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Wells Fargo & Company lifted their price objective on shares of Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. UBS Group raised their price objective on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. upped their target price on Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Finally, Royal Bank of Canada raised their price target on Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Twelve investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Truist Financial presently has an average rating of “Hold” and an average price target of $47.67.

Truist Financial Stock Performance

Shares of TFC stock opened at $46.22 on Thursday. The business’s 50-day moving average price is $44.51 and its 200-day moving average price is $41.96. The firm has a market capitalization of $61.36 billion, a price-to-earnings ratio of -32.32, a PEG ratio of 1.93 and a beta of 1.06. Truist Financial Co. has a 12 month low of $32.78 and a 12 month high of $49.06. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.08. The firm had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. Equities research analysts forecast that Truist Financial Co. will post 3.7 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 8th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.50%. The ex-dividend date was Friday, November 8th. Truist Financial’s dividend payout ratio (DPR) is currently -145.45%.

Insider Activity

In other Truist Financial news, CEO William H. Rogers, Jr. bought 34,180 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were bought at an average price of $48.56 per share, for a total transaction of $1,659,780.80. Following the acquisition, the chief executive officer now directly owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. The trade was a 5.20 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.17% of the stock is currently owned by company insiders.

Truist Financial Company Profile

Truist Financial Corporation, a financial services 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.