Truist Financial (NYSE:TFC) Shares Gap Up After Insider Buying Activity

Truist Financial Co. (NYSE:TFC – Get Rating)’s share price gapped up prior to trading on Tuesday following insider buying activity. The stock had previously closed at $32.24, but opened at $35.40. Truist Financial shares last traded at $34.35, with a volume of 7,440,590 shares trading hands.

Specifically, insider Hugh S. Cummins III sold 35,229 shares of the firm’s stock in a transaction dated Friday, January 27th. The shares were sold at an average price of $49.05, for a total value of $1,727,982.45. Following the completion of the sale, the insider now owns 307,069 shares in the company, valued at approximately $15,061,734.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Truist Financial news, insider Hugh S. Cummins III sold 35,229 shares of the business’s stock in a transaction that occurred on Friday, January 27th. The shares were sold at an average price of $49.05, for a total transaction of $1,727,982.45. Following the sale, the insider now owns 307,069 shares of the company’s stock, valued at approximately $15,061,734.45. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director David M. Ratcliffe bought 13,125 shares of the firm’s stock in a transaction that occurred on Friday, March 10th. The stock was purchased at an average price of $38.08 per share, with a total value of $499,800.00. Following the completion of the purchase, the director now owns 39,025 shares in the company, valued at $1,486,072. The disclosure for this purchase can be found here. 0.31% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

TFC has been the topic of a number of analyst reports. Jefferies Financial Group upgraded shares of Truist Financial from a “hold” rating to a “buy” rating in a research report on Monday, January 9th. Keefe, Bruyette & Woods raised shares of Truist Financial from an “underperform” rating to a “market perform” rating and dropped their price target for the stock from $47.00 to $45.00 in a research report on Sunday. Wells Fargo & Company lowered their target price on Truist Financial to $57.00 in a research note on Wednesday, December 14th. TheStreet raised Truist Financial from a “c+” rating to a “b-” rating in a research report on Monday, January 23rd. Finally, Morgan Stanley dropped their price target on Truist Financial from $59.00 to $56.00 and set an “equal weight” rating on the stock in a research report on Friday, January 20th. One analyst has rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Truist Financial currently has a consensus rating of “Hold” and a consensus price target of $51.58.

Truist Financial Stock Performance

The stock has a 50 day moving average of $46.64 and a 200 day moving average of $45.29. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.80. The company has a market capitalization of $42.33 billion, a price-to-earnings ratio of 7.20, a price-to-earnings-growth ratio of 1.01 and a beta of 1.10.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 1st. Stockholders of record on Friday, February 10th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 6.52%. The ex-dividend date of this dividend was Thursday, February 9th. Truist Financial’s payout ratio is 46.95%.

Hedge Funds Weigh In On Truist Financial

Institutional investors have recently modified their holdings of the company. Moneta Group Investment Advisors LLC grew its stake in Truist Financial by 12,034.8% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 20,490,356 shares of the insurance provider’s stock valued at $881,700,000 after purchasing an additional 20,321,500 shares during the period. Norges Bank bought a new position in Truist Financial during the 4th quarter worth approximately $553,718,000. Amundi increased its position in shares of Truist Financial by 43.1% in the fourth quarter. Amundi now owns 18,282,723 shares of the insurance provider’s stock valued at $847,671,000 after acquiring an additional 5,504,325 shares during the period. Morgan Stanley raised its stake in shares of Truist Financial by 32.6% during the fourth quarter. Morgan Stanley now owns 15,511,098 shares of the insurance provider’s stock valued at $667,443,000 after acquiring an additional 3,813,439 shares during the last quarter. Finally, BlackRock Inc. raised its stake in Truist Financial by 3.6% in the third quarter. BlackRock Inc. now owns 100,049,345 shares of the insurance provider’s stock worth $4,356,148,000 after buying an additional 3,443,946 shares in the last quarter. 72.49% of the stock is owned by institutional investors and hedge funds.

Truist Financial Company Profile

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Truist Financial Corp. is a financial holding company, which engages in the provision of banking services to individuals, businesses, and municipalities. It operates through the following segments: Consumer Banking and Wealth, Corporate and Commercial Banking, Insurance Holdings, and Other, Treasury & Corporate.