Legacy CG LLC Invests $3.17 Million in Truist Financial Co. (NYSE:TFC)

Legacy CG LLC has made a new investment in Truist Financial Co. (NYSE:TFC), according to its latest 13F filing with the Securities and Exchange Commission (SEC). This institutional investor acquired 73,074 shares of Truist Financial, valued at approximately $3.17 million.

In addition to Legacy CG LLC, several other hedge funds and institutional investors have also been active in buying and selling shares of Truist Financial. For instance, State Street Corp increased its stake in Truist Financial by 4.6% during the third quarter. After purchasing an additional 2,720,223 shares, it now holds a total of 61,864,957 shares, which are worth around $2.65 billion.

Another notable investor is Assenagon Asset Management S.A., which boosted its holdings by 316.4% during the same period. They now own 2,117,950 shares valued at $90.59 million after acquiring 1,609,351 additional shares. KBC Group NV also raised its position by 96.9%, currently owning 2,031,893 shares worth about $88.14 million following an acquisition of 999,763 shares.

HighTower Advisors LLC has increased its position in Truist Financial by 26.1% in the third quarter, now owning 3,901,891 shares valued at $166.89 million after purchasing an extra 807,648 shares. Additionally, LPL Financial LLC has grown its stake by 21%, now holding 3,630,761 shares valued at $155.29 million after adding 630,628 shares. Currently, 71.28% of Truist Financial's stock is owned by institutional investors.

Insider Transactions at Truist Financial

In other news regarding Truist Financial, CEO William H. Rogers, Jr. bought 34,180 shares of the company's stock on November 25th. He purchased the shares at an average price of $48.56 each, amounting to a total transaction of approximately $1.66 million. Following this acquisition, he now holds 691,451 shares valued at around $33.58 million, reflecting a 5.20% increase in his position.

Meanwhile, Director K. David Jr. Boyer sold 4,966 shares in a transaction dated December 4th, receiving $46.20 per share for a total of $229,429.20. After this sale, he owns 11,246 shares worth about $519,565. This transaction indicates a 30.63% decrease in his holdings. Insiders hold about 0.17% of the company's stock.

Truist Financial Stock Performance

Truist Financial's stock opened at $47.64 on Thursday. The company has seen a 52-week low of $34.23 and a high of $49.06. Its financial metrics include a debt-to-equity ratio of 0.61, a quick ratio of 0.83, and a current ratio of 0.83. The market capitalization of the firm stands at $63.24 billion, with a price-to-earnings ratio of 14.31, a PEG ratio of 1.69, and a beta of 1.08. The 50-day moving average is $45.52, while the 200-day moving average is $44.18.

On January 17th, Truist Financial reported its quarterly earnings, posting an EPS of $0.91, which surpassed the consensus estimate of $0.88 by $0.03. The net profit margin was 15.59%, with a return on equity of 9.32%. The company's revenue for the quarter reached $5.11 billion, beating the projected $5.05 billion. Compared to the same quarter the previous year, earnings per share increased from $0.81, marking a 3.4% year-over-year revenue growth. Analysts anticipate that Truist Financial will post an EPS of 3.95 for the current year.

Truist Financial's Dividend Announcement

Recently, the company announced a quarterly dividend, which is set to be paid on March 3rd. Shareholders on record as of February 14th will receive a dividend of $0.52 per share. The ex-dividend date is also February 14th. This equates to an annualized dividend of $2.08, resulting in a dividend yield of 4.37%. Currently, Truist Financial's payout ratio is 62.46%.

Analysts' Price Targets

A number of equity research analysts have shared their opinions on Truist Financial. On January 7th, Hsbc Global Research upgraded the company from a "hold" to a "strong buy" rating. Morgan Stanley raised their target price for Truist from $55.00 to $56.00 and assigned the stock an "equal weight" rating on January 21st. Citigroup also increased their price target from $47.00 to $51.00, giving Truist Financial a "neutral" rating. Furthermore, Compass Point upped their target price from $47.00 to $56.00, assigning a "buy" rating on December 10th, while Piper Sandler raised theirs from $46.00 to $51.00 on December 3rd. Currently, eleven analysts have rated Truist Financial as a hold, eleven have rated it as a buy, and one rated it as a strong buy. As reported by MarketBeat.com, the consensus rating stands at "Moderate Buy" with an average target price of $50.79.

About Truist Financial Corporation

Truist Financial Corporation is a financial services institution providing banking and trust services across the Southeastern and Mid-Atlantic regions of the United States. The company operates through three primary segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings. Its deposit offerings encompass noninterest-bearing checking, interest-bearing checking, savings accounts, money market deposit accounts, certificates of deposit, and individual retirement accounts.

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