Great Lakes Advisors LLC Buys 51,509 Shares of Truist Financial Co. (NYSE:TFC)

Great Lakes Advisors LLC boosted its holdings in Truist Financial Co. (NYSE:TFC – Get Rating) by 101.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 102,449 shares of the insurance provider’s stock after buying an additional 51,509 shares during the period. Great Lakes Advisors LLC’s holdings in Truist Financial were worth $5,809,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the business. WealthShield Partners LLC increased its holdings in Truist Financial by 0.5% in the fourth quarter. WealthShield Partners LLC now owns 30,950 shares of the insurance provider’s stock valued at $1,812,000 after purchasing an additional 163 shares during the last quarter. Good Life Advisors LLC increased its holdings in Truist Financial by 2.1% in the fourth quarter. Good Life Advisors LLC now owns 7,838 shares of the insurance provider’s stock valued at $459,000 after purchasing an additional 163 shares during the last quarter. Cetera Investment Advisers increased its holdings in Truist Financial by 0.6% in the fourth quarter. Cetera Investment Advisers now owns 32,460 shares of the insurance provider’s stock valued at $1,901,000 after purchasing an additional 178 shares during the last quarter. Samalin Investment Counsel LLC increased its holdings in Truist Financial by 5.5% in the fourth quarter. Samalin Investment Counsel LLC now owns 3,771 shares of the insurance provider’s stock valued at $221,000 after purchasing an additional 195 shares during the last quarter. Finally, B. Riley Wealth Management Inc. increased its holdings in Truist Financial by 5.4% in the fourth quarter. B. Riley Wealth Management Inc. now owns 3,922 shares of the insurance provider’s stock valued at $230,000 after purchasing an additional 200 shares during the last quarter. 72.79% of the stock is owned by institutional investors.

Truist Financial Stock Up 1.7 %

TFC stock opened at $50.10 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.76 and a quick ratio of 0.75. The stock has a market capitalization of $66.45 billion, a P/E ratio of 11.36, a P/E/G ratio of 2.20 and a beta of 1.12. The business has a 50-day moving average of $48.14 and a 200-day moving average of $53.49. Truist Financial Co. has a fifty-two week low of $44.68 and a fifty-two week high of $68.95.

Truist Financial (NYSE:TFC – Get Rating) last posted its quarterly earnings data on Tuesday, July 19th. The insurance provider reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.03. Truist Financial had a return on equity of 12.14% and a net margin of 27.25%. The company had revenue of $5.66 billion during the quarter, compared to analysts’ expectations of $5.65 billion. During the same period in the prior year, the firm earned $1.55 earnings per share. Truist Financial’s revenue for the quarter was up .1% compared to the same quarter last year. On average, sell-side analysts anticipate that Truist Financial Co. will post 4.96 earnings per share for the current fiscal year.

Truist Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 1st. Investors of record on Friday, August 12th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Thursday, August 11th. This is a boost from Truist Financial’s previous quarterly dividend of $0.48. This represents a $2.08 annualized dividend and a yield of 4.15%. Truist Financial’s dividend payout ratio is 43.54%.

Analyst Upgrades and Downgrades

TFC has been the subject of a number of recent analyst reports. The Goldman Sachs Group dropped their price objective on Truist Financial from $68.00 to $57.00 and set a “buy” rating for the company in a report on Tuesday, May 31st. Bank of America downgraded Truist Financial from a “buy” rating to a “neutral” rating and set a $58.00 price target for the company. in a report on Friday, April 8th. Barclays lowered their price target on Truist Financial to $61.00 in a report on Friday, July 22nd. Credit Suisse Group lowered their price target on Truist Financial to $52.00 in a report on Friday, July 22nd. Finally, Wolfe Research lowered their price target on Truist Financial from $57.00 to $41.00 and set an “underperform” rating for the company in a report on Thursday, May 26th. One analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $57.58.

Insider Activity at Truist Financial

In related news, CEO William H. Rogers, Jr. sold 142,606 shares of the stock in a transaction that occurred on Wednesday, July 20th. The stock was sold at an average price of $47.78, for a total transaction of $6,813,714.68. Following the completion of the transaction, the chief executive officer now directly owns 862,590 shares of the company’s stock, valued at $41,214,550.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.31% of the company’s stock.

About Truist Financial

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Truist Financial Corporation, a holding 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.