Exchange Traded Concepts LLC Grows Stock Holdings in Truist Financial Co. (NYSE:TFC)

Exchange Traded Concepts LLC lifted its position in Truist Financial Co. (NYSE:TFC) by 395.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,007 shares of the insurance provider’s stock after buying an additional 1,602 shares during the period. Exchange Traded Concepts LLC’s holdings in Truist Financial were worth $86,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Crewe Advisors LLC purchased a new stake in Truist Financial in the first quarter worth about $27,000. MFA Wealth Advisors LLC bought a new stake in shares of Truist Financial in the 2nd quarter worth about $30,000. Y.D. More Investments Ltd bought a new position in shares of Truist Financial during the second quarter valued at approximately $31,000. Hobbs Group Advisors LLC bought a new stake in shares of Truist Financial during the second quarter worth $38,000. Finally, Beacon Capital Management LLC grew its stake in Truist Financial by 57.4% in the 1st quarter. Beacon Capital Management LLC now owns 1,015 shares of the insurance provider’s stock worth $40,000 after acquiring an additional 370 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on TFC. Barclays raised their price objective on Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. Baird R W downgraded Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Royal Bank of Canada raised their target price on Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Argus boosted their target price 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, Bank of America lifted their target price on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Twelve research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $46.02.

Insider Buying and Selling at Truist Financial

In related news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total transaction of $295,208.32. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.17% of the company’s stock.

Truist Financial Trading Up 2.3 %

TFC opened at $43.39 on Wednesday. Truist Financial Co. has a twelve month low of $26.95 and a twelve month high of $45.31. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.86 and a current ratio of 0.85. The firm has a market cap of $58.06 billion, a PE ratio of -32.87, a price-to-earnings-growth ratio of 1.83 and a beta of 1.05. The firm’s fifty day moving average is $42.73 and its two-hundred day moving average is $40.39.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.07. The company had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $4.83 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. Truist Financial’s revenue for the quarter was down 15.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.95 EPS. Equities research analysts anticipate that Truist Financial Co. will post 3.57 EPS for the current year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders 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 4.79%. Truist Financial’s payout ratio is presently -157.58%.

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.