Congress Asset Management Co. Buys Shares of 31,966 Truist Financial Co. (NYSE:TFC)

Congress Asset Management Co. purchased a new position in shares of Truist Financial Co. (NYSE:TFC) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 31,966 shares of the insurance provider’s stock, valued at approximately $1,387,000.

Several other hedge funds also recently modified their holdings of TFC. Roxbury Financial LLC bought a new position in shares of Truist Financial during the 4th quarter worth about $475,000. Blue Trust Inc. grew its position in Truist Financial by 10.6% during the fourth quarter. Blue Trust Inc. now owns 38,283 shares of the insurance provider’s stock worth $1,661,000 after buying an additional 3,659 shares in the last quarter. Bogart Wealth LLC increased its stake in Truist Financial by 97.9% during the fourth quarter. Bogart Wealth LLC now owns 331,725 shares of the insurance provider’s stock valued at $14,390,000 after acquiring an additional 164,112 shares during the period. Asset Management One Co. Ltd. lifted its position in shares of Truist Financial by 1.5% in the 4th quarter. Asset Management One Co. Ltd. now owns 517,214 shares of the insurance provider’s stock worth $22,587,000 after acquiring an additional 7,775 shares during the period. Finally, Avestar Capital LLC grew its holdings in shares of Truist Financial by 4.1% during the 4th quarter. Avestar Capital LLC now owns 6,299 shares of the insurance provider’s stock worth $273,000 after purchasing an additional 250 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on TFC shares. HSBC raised Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods upped their target price on shares of Truist Financial from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, January 21st. Barclays raised their price target on shares of Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, January 6th. The Goldman Sachs Group increased their target price on Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Finally, Raymond James increased their price objective on Truist Financial from $47.00 to $51.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Eleven investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $50.79.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 4,966 shares of Truist Financial stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total transaction of $229,429.20. Following the transaction, the director now directly owns 11,246 shares in the company, valued at approximately $519,565.20. The trade was a 30.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William H. Rogers, Jr. purchased 34,180 shares of the stock in a transaction on Monday, November 25th. The stock was acquired at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the completion of the acquisition, the chief executive officer now directly owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. This represents a 5.20 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.17% of the company’s stock.

Truist Financial Stock Performance

Shares of Truist Financial stock opened at $46.80 on Tuesday. Truist Financial Co. has a 52 week low of $34.26 and a 52 week high of $49.06. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a market capitalization of $62.13 billion, a price-to-earnings ratio of 14.06, a PEG ratio of 1.69 and a beta of 1.08. The firm has a fifty day moving average of $45.53 and a two-hundred day moving average of $44.34.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. The firm had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The company’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.81 earnings per share. As a group, equities research analysts predict that Truist Financial Co. will post 3.98 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Friday, February 14th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.44%. The ex-dividend date is Friday, February 14th. Truist Financial’s payout ratio is presently 62.46%.

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.