Waddell & Associates LLC Makes New Investment in Truist Financial Co. (NYSE:TFC)

Waddell & Associates LLC acquired a new position in Truist Financial Co. (NYSE:TFC) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 5,751 shares of the insurance provider’s stock, valued at approximately $246,000.

A number of other large investors have also recently made changes to their positions in the stock. Assenagon Asset Management S.A. lifted its holdings in Truist Financial by 316.4% during the third quarter. Assenagon Asset Management S.A. now owns 2,117,950 shares of the insurance provider’s stock valued at $90,585,000 after purchasing an additional 1,609,351 shares in the last quarter. Swedbank AB bought a new stake in shares of Truist Financial during the 1st quarter valued at $29,957,000. LPL Financial LLC lifted its stake in shares of Truist Financial by 21.0% during the 3rd quarter. LPL Financial LLC now owns 3,630,761 shares of the insurance provider’s stock valued at $155,288,000 after buying an additional 630,628 shares in the last quarter. GW Henssler & Associates Ltd. boosted its holdings in Truist Financial by 4,435.3% in the 3rd quarter. GW Henssler & Associates Ltd. now owns 505,145 shares of the insurance provider’s stock worth $21,605,000 after buying an additional 494,007 shares during the period. Finally, Deroy & Devereaux Private Investment Counsel Inc. purchased a new stake in Truist Financial in the 3rd quarter worth $19,860,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on TFC. Wells Fargo & Company upped their price objective on Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. JPMorgan Chase & Co. upped their price target on Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 16th. Royal Bank of Canada lifted their price objective on shares of Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Keefe, Bruyette & Woods upped their target price on shares of Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Finally, Wolfe Research raised shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. 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 MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $46.37.

Truist Financial Price Performance

NYSE TFC opened at $47.96 on Friday. Truist Financial Co. has a 52 week low of $31.23 and a 52 week high of $48.06. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62. The company has a fifty day moving average of $43.68 and a two-hundred day moving average of $41.51.

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

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.34%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial’s dividend payout ratio is currently -145.45%.

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.