Cornerstone Wealth Group LLC Raises Position in Truist Financial Co. (NYSE:TFC)

Cornerstone Wealth Group LLC lifted its stake in Truist Financial Co. (NYSE:TFC) by 0.9% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 122,018 shares of the insurance provider’s stock after acquiring an additional 1,125 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Truist Financial were worth $5,219,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Crewe Advisors LLC purchased a new stake in shares of Truist Financial in the first quarter worth about $27,000. MFA Wealth Advisors LLC acquired a new position in shares of Truist Financial in the second quarter worth about $30,000. Y.D. More Investments Ltd acquired a new position in shares of Truist Financial in the second quarter worth about $31,000. Fortitude Family Office LLC lifted its stake in shares of Truist Financial by 376.7% in the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 678 shares in the last quarter. Finally, Hobbs Group Advisors LLC acquired a new position in shares of Truist Financial in the second quarter worth about $38,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

NYSE:TFC opened at $43.31 on Thursday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $58.00 billion, a P/E ratio of -30.29, a price-to-earnings-growth ratio of 1.77 and a beta of 1.05. The firm has a 50 day moving average of $42.83 and a 200-day moving average of $40.59. Truist Financial Co. has a 1 year low of $27.88 and a 1 year high of $45.31.

Truist Financial Dividend Announcement

The firm also recently announced 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. This represents a $2.08 dividend on an annualized basis and a yield of 4.80%. The ex-dividend date is Friday, November 8th. Truist Financial’s dividend payout ratio is presently -145.45%.

Analyst Ratings Changes

TFC has been the topic of several recent analyst reports. Keefe, Bruyette & Woods boosted their price target on Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Argus upped their price objective on Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Citigroup lowered Truist Financial from a “buy” rating to a “neutral” rating and upped their target price for the company from $45.00 to $47.00 in a report on Wednesday, July 24th. Robert W. Baird lowered Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 target price for the company. in a report on Wednesday, July 17th. Finally, UBS Group upped their target price on Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a report on Friday, October 18th. Twelve equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $46.02.

Truist Financial Company 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.