Cary Street Partners Investment Advisory LLC boosted its position in shares of Truist Financial Co. (NYSE:TFC – Free Report) by 51.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 75,023 shares of the insurance provider’s stock after buying an additional 25,350 shares during the period. Cary Street Partners Investment Advisory LLC’s holdings in Truist Financial were worth $2,277,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Moneta Group Investment Advisors LLC increased its stake in shares of 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 last quarter. Norges Bank acquired a new position in Truist Financial during the fourth quarter worth about $553,718,000. BlackRock Inc. boosted its stake in shares of Truist Financial by 8.3% in the 1st quarter. BlackRock Inc. now owns 100,042,278 shares of the insurance provider’s stock valued at $3,411,442,000 after purchasing an additional 7,651,641 shares in the last quarter. FMR LLC increased its position in Truist Financial by 55.2% during the 1st quarter. FMR LLC now owns 21,461,191 shares of the insurance provider’s stock worth $731,827,000 after purchasing an additional 7,635,573 shares in the last quarter. Finally, Bank of Montreal Can acquired a new stake in Truist Financial in the second quarter valued at approximately $124,987,000. 71.11% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities analysts have commented on TFC shares. Bank of America dropped their target price on Truist Financial from $35.00 to $32.00 in a research report on Tuesday, October 10th. Wells Fargo & Company decreased their price target on Truist Financial from $42.00 to $40.00 and set an “overweight” rating for the company in a research note on Friday, July 21st. Jefferies Financial Group reduced their target price on Truist Financial from $31.00 to $28.00 in a report on Tuesday, October 10th. StockNews.com initiated coverage on shares of Truist Financial in a research report on Thursday, October 5th. They issued a “hold” rating on the stock. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $40.00 target price on shares of Truist Financial in a research note on Tuesday, September 12th. Ten research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Truist Financial currently has a consensus rating of “Hold” and a consensus price target of $37.76.
Insider Transactions at Truist Financial
In related news, CEO William H. Rogers, Jr. bought 10,000 shares of the company’s stock in a transaction that occurred on Friday, October 20th. The stock was bought at an average cost of $28.05 per share, for a total transaction of $280,500.00. Following the acquisition, the chief executive officer now directly owns 412,924 shares of the company’s stock, valued at approximately $11,582,518.20. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.31% of the company’s stock.
Truist Financial Price Performance
TFC opened at $31.97 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $42.64 billion, a P/E ratio of 8.05, a PEG ratio of 1.87 and a beta of 1.09. The stock has a 50-day moving average price of $28.89 and a 200-day moving average price of $30.20. Truist Financial Co. has a 12-month low of $25.56 and a 12-month high of $53.34.
Truist Financial (NYSE:TFC – Get Free Report) last issued its quarterly earnings results on Thursday, October 19th. The insurance provider reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.02). The business 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 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. Equities analysts predict that Truist Financial Co. will post 3.76 earnings per share for the current fiscal year.
Truist Financial Dividend Announcement
The firm also recently declared a special dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 10th will be paid a $0.52 dividend. This represents a yield of 7.4%. The ex-dividend date of this dividend is Thursday, November 9th. Truist Financial’s dividend payout ratio is presently 52.39%.
Truist Financial 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.
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