Allspring Global Investments Holdings LLC Boosts Position in Truist Financial Co. (NYSE:TFC)

Allspring Global Investments Holdings LLC boosted its stake in shares of Truist Financial Co. (NYSE:TFC) by 8.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,332 shares of the insurance provider’s stock after buying an additional 5,786 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Truist Financial were worth $3,307,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TFC. Crewe Advisors LLC bought a new stake in Truist Financial during the 1st quarter valued at about $27,000. MFA Wealth Advisors LLC bought a new stake in Truist Financial during the 2nd quarter valued at about $30,000. Y.D. More Investments Ltd bought a new stake in Truist Financial during the 2nd quarter valued at about $31,000. Hobbs Group Advisors LLC bought a new stake in Truist Financial during the 2nd quarter valued at about $38,000. Finally, Beacon Capital Management LLC lifted its holdings in Truist Financial by 57.4% during the 1st quarter. Beacon Capital Management LLC now owns 1,015 shares of the insurance provider’s stock valued at $40,000 after buying an additional 370 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on TFC shares. Barclays lifted their price objective on shares of Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. Keefe, Bruyette & Woods boosted their price target on shares of Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Morgan Stanley boosted their price target on shares of Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Robert W. Baird lowered shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price target for the company. in a report on Wednesday, July 17th. Finally, Citigroup lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and boosted their price target for the company from $45.00 to $47.00 in a report on Wednesday, July 24th. Twelve investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Truist Financial currently has a consensus rating of “Hold” and a consensus target price of $46.02.

Truist Financial Stock Up 1.5 %

TFC stock opened at $43.29 on Tuesday. The firm’s fifty day simple moving average is $42.79 and its 200-day simple moving average is $40.53. The company has a market capitalization of $57.97 billion, a P/E ratio of -30.27, a price-to-earnings-growth ratio of 1.77 and a beta of 1.05. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. Truist Financial Co. has a 12 month low of $27.64 and a 12 month high of $45.31.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.80%. The ex-dividend date is Friday, November 8th. Truist Financial’s dividend payout ratio (DPR) 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.