Burkett Financial Services LLC Boosts Stock Position in Truist Financial Co. (NYSE:TFC)

Burkett Financial Services LLC grew its holdings in Truist Financial Co. (NYSE:TFC) by 26.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,198 shares of the insurance provider’s stock after purchasing an additional 253 shares during the period. Burkett Financial Services LLC’s holdings in Truist Financial were worth $51,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Elo Mutual Pension Insurance Co increased its holdings in shares of Truist Financial by 4.3% in the 4th quarter. Elo Mutual Pension Insurance Co now owns 116,290 shares of the insurance provider’s stock valued at $4,293,000 after acquiring an additional 4,814 shares during the period. State of Tennessee Treasury Department grew its stake in Truist Financial by 72.4% in the fourth quarter. State of Tennessee Treasury Department now owns 352,174 shares of the insurance provider’s stock valued at $13,002,000 after purchasing an additional 147,945 shares during the last quarter. Icon Wealth Advisors LLC purchased a new stake in shares of Truist Financial during the fourth quarter valued at about $1,046,000. Hancock Whitney Corp grew its position in shares of Truist Financial by 160.5% in the 4th quarter. Hancock Whitney Corp now owns 54,682 shares of the insurance provider’s stock worth $2,019,000 after buying an additional 33,693 shares during the last quarter. Finally, Ethic Inc. raised its stake in shares of Truist Financial by 18.5% during the 4th quarter. Ethic Inc. now owns 168,991 shares of the insurance provider’s stock worth $6,239,000 after acquiring an additional 26,414 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on TFC shares. Morgan Stanley upped their price target on Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Baird R W downgraded Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. Robert W. Baird lowered shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price objective for the company. in a research report on Wednesday, July 17th. Argus increased their price objective on shares of Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Finally, StockNews.com downgraded Truist Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Truist Financial currently has a consensus rating of “Hold” and an average price target of $45.45.

Truist Financial Stock Up 1.1 %

Shares of NYSE TFC traded up $0.47 during mid-day trading on Wednesday, reaching $42.60. The company had a trading volume of 1,231,574 shares, compared to its average volume of 8,178,637. The stock has a fifty day moving average of $42.49 and a two-hundred day moving average of $40.03. Truist Financial Co. has a 12-month low of $26.95 and a 12-month high of $45.31. The company has a market capitalization of $57.00 billion, a price-to-earnings ratio of -31.92, a PEG ratio of 1.92 and a beta of 1.05. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.07. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The business had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $4.83 billion. During the same period in the prior year, the business posted $0.95 earnings per share. Truist Financial’s revenue for the quarter was down 15.9% compared to the same quarter last year. As a group, equities research analysts expect that Truist Financial Co. will post 3.55 EPS for the current year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 9th were issued a $0.52 dividend. The ex-dividend date was Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a yield of 4.88%. Truist Financial’s dividend payout ratio is currently -157.58%.

Insider Activity at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. purchased 57,300 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were bought at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the purchase, the chief executive officer now directly owns 569,271 shares in the company, valued at $25,025,153.16. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total transaction of $295,208.32. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO William H. Rogers, Jr. acquired 57,300 shares of Truist Financial stock in a transaction dated Tuesday, July 23rd. The stock was purchased at an average price of $43.96 per share, with a total value of $2,518,908.00. Following the completion of the purchase, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at $25,025,153.16. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.17% of the company’s stock.

About Truist Financial

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.