HighTower Advisors LLC Has $166.89 Million Stock Position in Truist Financial Co. (NYSE:TFC)

HighTower Advisors LLC grew its position in Truist Financial Co. (NYSE:TFC) by 26.1% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 3,901,891 shares of the insurance provider’s stock after purchasing an additional 807,648 shares during the period. HighTower Advisors LLC’s holdings in Truist Financial were worth $166,892,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Valley Wealth Managers Inc. acquired a new stake in shares of Truist Financial in the 3rd quarter valued at $26,000. MFA Wealth Advisors LLC acquired a new stake in shares of Truist Financial during the second quarter worth $30,000. Y.D. More Investments Ltd acquired a new stake in shares of Truist Financial during the second quarter worth $31,000. MidAtlantic Capital Management Inc. acquired a new stake in shares of Truist Financial during the third quarter worth $32,000. Finally, Fortitude Family Office LLC grew its stake in shares of Truist Financial by 376.7% during the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 678 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. JPMorgan Chase & Co. lifted their target price on Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. The Goldman Sachs Group lifted 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. Wells Fargo & Company lifted their target price on Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Citigroup lifted their target price on Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a report on Monday, November 25th. Finally, Royal Bank of Canada boosted their price target on Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Twelve equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Truist Financial has an average rating of “Hold” and a consensus price target of $47.17.

Insider Activity

In other news, CEO William H. Rogers, Jr. bought 34,180 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were bought at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the completion of the transaction, the chief executive officer now owns 691,451 shares of the company’s stock, valued at $33,576,860.56. This trade represents a 5.20 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.17% of the stock is owned by company insiders.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $46.97 on Tuesday. The business’s 50 day moving average price is $44.23 and its two-hundred day moving average price is $41.84. 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 twelve month low of $32.78 and a twelve month high of $49.06.

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

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 8th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.43%. The ex-dividend date was Friday, November 8th. Truist Financial’s payout ratio is -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.