Meitav Investment House Ltd. bought a new position in Truist Financial Co. (NYSE:TFC – Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 13,362 shares of the insurance provider’s stock, valued at approximately $409,000.
A number of other hedge funds have also bought and sold shares of TFC. Fairfield Bush & CO. bought a new stake in Truist Financial in the 1st quarter worth approximately $25,000. Winch Advisory Services LLC bought a new stake in Truist Financial in the 1st quarter worth approximately $26,000. GW&K Investment Management LLC purchased a new position in Truist Financial in the first quarter worth about $31,000. Quarry LP purchased a new position in Truist Financial in the first quarter worth about $32,000. Finally, JFS Wealth Advisors LLC boosted its position in Truist Financial by 617.0% in the second quarter. JFS Wealth Advisors LLC now owns 968 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 833 shares during the last quarter. Hedge funds and other institutional investors own 71.11% of the company’s stock.
Analyst Upgrades and Downgrades
Several research analysts have issued reports on TFC shares. Jefferies Financial Group dropped their target price on Truist Financial from $31.00 to $28.00 in a research report on Tuesday, October 10th. Citigroup decreased their price target on shares of Truist Financial from $41.00 to $39.00 and set a “buy” rating on the stock in a research report on Monday, July 24th. HSBC assumed coverage on Truist Financial in a research report on Thursday, September 7th. They issued a “hold” rating and a $29.00 price target for the company. Raymond James reduced their price target on Truist Financial from $36.00 to $34.00 and set an “outperform” rating for the company in a research report on Thursday, October 5th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $40.00 price target on shares of Truist Financial in a research report on Tuesday, September 12th. Ten analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $37.76.
Insider Activity at Truist Financial
In related news, CEO William H. Rogers, Jr. acquired 10,000 shares of the firm’s stock in a transaction that occurred on Friday, October 20th. The stock was bought at an average price 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.31% of the stock is owned by company insiders.
Truist Financial Stock Performance
Shares of NYSE:TFC opened at $31.97 on Friday. The company has a market capitalization of $42.64 billion, a price-to-earnings ratio of 8.05, a PEG ratio of 1.87 and a beta of 1.09. Truist Financial Co. has a 12 month low of $25.56 and a 12 month high of $53.34. The firm’s 50-day moving average is $28.89 and its 200 day moving average is $30.20. 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 (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 the consensus estimate of $0.82 by ($0.02). Truist Financial had a net margin of 17.59% and a return on equity of 10.74%. The firm had revenue of $5.73 billion for the quarter, compared to the consensus estimate of $5.70 billion. During the same quarter in the previous year, the company posted $1.24 earnings per share. The business’s revenue for the quarter was down 2.7% on a year-over-year basis. Research analysts predict that Truist Financial Co. will post 3.76 EPS for the current year.
Truist Financial Dividend Announcement
The firm also recently disclosed a special dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 10th will be issued a dividend of $0.52 per share. This represents a yield of 7.4%. The ex-dividend date is Thursday, November 9th. Truist Financial’s payout ratio is currently 52.39%.
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.
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