Financiere des Professionnels Fonds d investissement inc. Invests $3.10 Million in Truist Financial Corporation $TFC

Financiere des Professionnels Fonds d investissement inc. bought a new stake in shares of Truist Financial Corporation (NYSE:TFC) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 67,704 shares of the insurance provider’s stock, valued at approximately $3,095,000.

Other hedge funds have also bought and sold shares of the company. Aspect Partners LLC raised its stake in shares of Truist Financial by 71.5% in the second quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock worth $28,000 after buying an additional 268 shares during the period. Princeton Global Asset Management LLC bought a new stake in Truist Financial during the 2nd quarter worth approximately $30,000. Capital A Wealth Management LLC raised its stake in Truist Financial by 1,189.5% during the 2nd quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 678 shares during the period. Darwin Wealth Management LLC lifted its holdings in Truist Financial by 631.6% during the third quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 600 shares in the last quarter. Finally, Ramirez Asset Management Inc. boosted its position in shares of Truist Financial by 60.0% in the second quarter. Ramirez Asset Management Inc. now owns 800 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 300 shares during the period. Institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

NYSE:TFC opened at $49.73 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $63.62 billion, a P/E ratio of 13.37, a P/E/G ratio of 0.94 and a beta of 0.89. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $50.86. The business’s 50-day moving average is $47.06 and its 200 day moving average is $45.36.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, October 17th. The insurance provider reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.05. The business had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.20 billion. Truist Financial had a return on equity of 8.73% and a net margin of 16.84%.The company’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.97 EPS. On average, equities research analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial announced that its Board of Directors has authorized a stock buyback program on Tuesday, December 16th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the insurance provider to purchase up to 15.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Friday, November 14th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, November 14th. This represents a $2.08 dividend on an annualized basis and a yield of 4.2%. Truist Financial’s dividend payout ratio is presently 55.91%.

Insider Buying and Selling

In other news, Director K. David Jr. Boyer sold 5,160 shares of the business’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total value of $239,682.00. Following the sale, the director directly owned 10,153 shares in the company, valued at $471,606.85. The trade was a 33.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.17% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on TFC. TD Cowen upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a research report on Tuesday, October 21st. Citigroup raised their price target on Truist Financial from $60.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday. UBS Group set a $55.00 price objective on Truist Financial in a research note on Tuesday, October 21st. Weiss Ratings reiterated a “hold (c+)” rating on shares of Truist Financial in a research report on Monday. Finally, Baird R W cut Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, Truist Financial presently has a consensus rating of “Hold” and an average price target of $50.47.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.