Caisse DE Depot ET Placement DU Quebec Purchases Shares of 609,935 Truist Financial Co. (NYSE:TFC)

Caisse DE Depot ET Placement DU Quebec acquired a new position in shares of Truist Financial Co. (NYSE:TFC) during the 3rd quarter, Holdings Channel.com reports. The fund acquired 609,935 shares of the insurance provider’s stock, valued at approximately $26,087,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Valley Wealth Managers Inc. acquired a new stake in Truist Financial during the third quarter worth $26,000. MFA Wealth Advisors LLC acquired a new stake in shares of Truist Financial during the 2nd quarter valued at about $30,000. Y.D. More Investments Ltd bought a new stake in Truist Financial in the second quarter valued at about $31,000. MidAtlantic Capital Management Inc. acquired a new position in Truist Financial in the third quarter worth about $32,000. Finally, Fortitude Family Office LLC lifted its stake in 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 currently owned by institutional investors.

Insider Activity

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

Truist Financial Trading Down 0.1 %

TFC opened at $47.68 on Monday. The firm has a 50 day simple moving average of $44.23 and a 200 day simple moving average of $41.84. Truist Financial Co. has a fifty-two week low of $31.96 and a fifty-two week high of $49.06. The company has a market cap of $63.30 billion, a price-to-earnings ratio of -33.34, a price-to-earnings-growth ratio of 1.96 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 issued its earnings results on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, beating the consensus estimate of $0.89 by $0.08. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The company had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.05 billion. On average, sell-side analysts anticipate that Truist Financial Co. will post 3.7 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be given 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 dividend yield of 4.36%. Truist Financial’s payout ratio is currently -145.45%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on TFC shares. The Goldman Sachs Group upped their price objective on Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Keefe, Bruyette & Woods lifted their price objective on Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Wolfe Research upgraded shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. JPMorgan Chase & Co. increased their target price on shares of Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. Finally, Royal Bank of Canada boosted their price target on shares of Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Twelve analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $47.17.

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.