Fort Pitt Capital Group LLC Grows Stake in Truist Financial Co. (NYSE:TFC)

Fort Pitt Capital Group LLC boosted its position in Truist Financial Co. (NYSE:TFC) by 1.9% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 90,581 shares of the insurance provider’s stock after buying an additional 1,728 shares during the period. Fort Pitt Capital Group LLC’s holdings in Truist Financial were worth $3,874,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of TFC. Tokio Marine Asset Management Co. Ltd. increased its stake in Truist Financial by 5.0% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 31,783 shares of the insurance provider’s stock valued at $1,239,000 after purchasing an additional 1,520 shares in the last quarter. Tobam increased its stake in Truist Financial by 15.9% in the 1st quarter. Tobam now owns 10,125 shares of the insurance provider’s stock valued at $395,000 after purchasing an additional 1,389 shares in the last quarter. Fidelis Capital Partners LLC purchased a new position in Truist Financial in the 1st quarter valued at approximately $156,000. Nordea Investment Management AB increased its stake in Truist Financial by 44.4% in the 1st quarter. Nordea Investment Management AB now owns 2,712,848 shares of the insurance provider’s stock valued at $105,353,000 after purchasing an additional 834,048 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its stake in Truist Financial by 10.1% in the 1st quarter. Daiwa Securities Group Inc. now owns 131,897 shares of the insurance provider’s stock valued at $5,141,000 after purchasing an additional 12,059 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Trading Down 0.5 %

NYSE:TFC opened at $42.82 on Friday. The business’s 50-day moving average is $42.84 and its two-hundred day moving average is $40.69. 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 $28.84 and a 12 month high of $45.31. The firm has a market capitalization of $57.34 billion, a PE ratio of -29.94, a price-to-earnings-growth ratio of 1.78 and a beta of 1.05.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.86%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial’s dividend payout ratio (DPR) is presently -145.45%.

Analysts Set New Price Targets

A number of equities research analysts have commented on TFC shares. Barclays increased their target price on Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. Morgan Stanley increased their target price on Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Baird R W cut Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. Stephens reiterated an “overweight” rating and set a $50.00 target price on shares of Truist Financial in a report on Tuesday, September 10th. Finally, UBS Group increased their target price on Truist Financial from $47.00 to $49.00 and gave the company a “buy” 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 stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $46.02.

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.