Truist Financial Co. (NYSE:TFC) Shares Bought by Meridian Wealth Management LLC

Meridian Wealth Management LLC increased its holdings in Truist Financial Co. (NYSE:TFC) by 1.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,733 shares of the insurance provider’s stock after purchasing an additional 280 shares during the quarter. Meridian Wealth Management LLC’s holdings in Truist Financial were worth $930,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Assenagon Asset Management S.A. boosted its holdings in shares of Truist Financial by 316.4% in the third quarter. Assenagon Asset Management S.A. now owns 2,117,950 shares of the insurance provider’s stock worth $90,585,000 after buying an additional 1,609,351 shares during the period. Swedbank AB purchased a new position in Truist Financial during the 1st quarter worth approximately $29,957,000. LPL Financial LLC lifted its stake in Truist Financial by 21.0% in the 3rd quarter. LPL Financial LLC now owns 3,630,761 shares of the insurance provider’s stock worth $155,288,000 after acquiring an additional 630,628 shares in the last quarter. GW Henssler & Associates Ltd. increased its stake in shares of Truist Financial by 4,435.3% in the third quarter. GW Henssler & Associates Ltd. now owns 505,145 shares of the insurance provider’s stock worth $21,605,000 after acquiring an additional 494,007 shares during the last quarter. Finally, Deroy & Devereaux Private Investment Counsel Inc. purchased a new stake in shares of Truist Financial during the third quarter worth $19,860,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have weighed in on TFC. Compass Point upped their target price on Truist Financial from $46.00 to $47.00 in a research report on Wednesday, October 16th. Wells Fargo & Company boosted their price objective on shares of Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. JPMorgan Chase & Co. lifted their target price on shares of Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. Morgan Stanley upped 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. Finally, Keefe, Bruyette & Woods boosted their price objective on Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Twelve equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Truist Financial has an average rating of “Hold” and a consensus target price of $46.37.

Truist Financial Price Performance

Truist Financial stock opened at $47.96 on Friday. The business has a 50 day simple moving average of $43.68 and a 200 day simple moving average of $41.53. Truist Financial Co. has a one year low of $31.23 and a one year high of $48.06. The company has a market capitalization of $63.67 billion, a PE ratio of -33.54, a price-to-earnings-growth ratio of 1.92 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 (NYSE:TFC) last announced its earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.08. The business had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. On average, sell-side analysts forecast that Truist Financial Co. will post 3.7 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.34%. Truist Financial’s dividend payout ratio is currently -145.45%.

Truist Financial 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.