Moors & Cabot Inc. Buys 3,154 Shares of Truist Financial Co. (NYSE:TFC)

Moors & Cabot Inc. grew its stake in shares of Truist Financial Co. (NYSE:TFC) by 5.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 62,089 shares of the insurance provider’s stock after purchasing an additional 3,154 shares during the period. Moors & Cabot Inc.’s holdings in Truist Financial were worth $1,884,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of TFC. Fairfield Bush & CO. bought a new position in shares of Truist Financial in the 1st quarter worth approximately $25,000. Winch Advisory Services LLC bought a new position in Truist Financial in the first quarter worth $26,000. GW&K Investment Management LLC purchased a new position in Truist Financial during the first quarter valued at $31,000. Quarry LP bought a new stake in shares of Truist Financial during the 1st quarter valued at $32,000. Finally, JFS Wealth Advisors LLC grew its position in shares of Truist Financial by 617.0% in the 2nd quarter. JFS Wealth Advisors LLC now owns 968 shares of the insurance provider’s stock worth $29,000 after buying an additional 833 shares during the period. Hedge funds and other institutional investors own 71.11% of the company’s stock.

Truist Financial Stock Performance

NYSE TFC traded down $0.40 on Thursday, reaching $31.51. 1,009,958 shares of the stock were exchanged, compared to its average volume of 11,649,789. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75. Truist Financial Co. has a one year low of $25.56 and a one year high of $53.34. The firm has a market capitalization of $42.02 billion, a PE ratio of 8.04, a PEG ratio of 1.75 and a beta of 1.09. The company’s 50-day simple moving average is $28.81 and its two-hundred day simple moving average is $30.18.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Thursday, October 19th. The insurance provider reported $0.80 EPS for the quarter, missing the consensus estimate of $0.82 by ($0.02). The firm had revenue of $5.73 billion for the quarter, compared to the consensus estimate of $5.70 billion. Truist Financial had a net margin of 17.59% and a return on equity of 10.74%. The firm’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.24 earnings per share. Analysts expect that Truist Financial Co. will post 3.76 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a special dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 10th will be paid a dividend of $0.52 per share. This represents a yield of 7.4%. The ex-dividend date of this dividend is Thursday, November 9th. Truist Financial’s dividend payout ratio (DPR) is presently 52.39%.

Analyst Ratings Changes

TFC has been the topic of a number of analyst reports. StockNews.com initiated coverage on Truist Financial in a research report on Thursday, October 5th. They issued a “hold” rating on the stock. Piper Sandler reduced their price objective on shares of Truist Financial from $32.00 to $31.00 and set a “neutral” rating for the company in a research note on Friday, October 20th. Wells Fargo & Company reduced their price target on shares of Truist Financial from $42.00 to $40.00 and set an “overweight” rating for the company in a research report on Friday, July 21st. HSBC began coverage on Truist Financial in a research note on Thursday, September 7th. They set a “hold” rating and a $29.00 target price on the stock. Finally, Stephens dropped their price objective on Truist Financial from $40.00 to $37.00 and set an “equal weight” rating on the stock in a research report on Monday, July 24th. Ten research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Truist Financial has an average rating of “Hold” and an average target price of $37.76.

Insiders Place Their Bets

In related news, CEO William H. Rogers, Jr. bought 10,000 shares of the stock in a transaction dated Friday, October 20th. The shares were purchased at an average price of $28.05 per share, with a total value of $280,500.00. Following the completion of the acquisition, the chief executive officer now owns 412,924 shares of the company’s stock, valued at $11,582,518.20. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 0.31% of the stock is currently owned by corporate insiders.

Truist Financial Company Profile

Truist Financial Corporation, a holding 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.