Spire Wealth Management reduced its holdings in Truist Financial Co. (NYSE:TFC – Free Report) by 6.1% in the 2nd quarter, HoldingsChannel reports. The fund owned 17,422 shares of the insurance provider’s stock after selling 1,136 shares during the period. Spire Wealth Management’s holdings in Truist Financial were worth $529,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Fairfield Bush & CO. bought a new stake in shares of Truist Financial in the 1st quarter valued at $25,000. United Bank boosted its stake in shares of Truist Financial by 4.1% in the 1st quarter. United Bank now owns 74,457 shares of the insurance provider’s stock valued at $4,222,000 after purchasing an additional 2,938 shares during the last quarter. Panagora Asset Management Inc. raised its holdings in shares of Truist Financial by 33.3% in the first quarter. Panagora Asset Management Inc. now owns 26,365 shares of the insurance provider’s stock valued at $1,495,000 after purchasing an additional 6,593 shares during the last quarter. Vontobel Holding Ltd. raised its holdings in shares of Truist Financial by 3.3% in the first quarter. Vontobel Holding Ltd. now owns 22,951 shares of the insurance provider’s stock valued at $1,348,000 after purchasing an additional 738 shares during the last quarter. Finally, Blair William & Co. IL raised its holdings in shares of Truist Financial by 8.1% in the first quarter. Blair William & Co. IL now owns 56,690 shares of the insurance provider’s stock valued at $3,214,000 after purchasing an additional 4,234 shares during the last quarter. 71.11% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several analysts have recently commented on TFC shares. Wells Fargo & Company lowered their target price on shares of Truist Financial from $42.00 to $40.00 and set an “overweight” rating for the company in a report on Friday, July 21st. Keefe, Bruyette & Woods upgraded shares of Truist Financial from a “market perform” rating to an “outperform” rating and decreased their price objective for the stock from $37.00 to $36.00 in a report on Wednesday, September 20th. Bank of America decreased their price objective on shares of Truist Financial from $35.00 to $32.00 in a report on Tuesday, October 10th. StockNews.com began coverage on shares of Truist Financial in a report on Thursday, October 5th. They set a “hold” rating for the company. Finally, Piper Sandler cut their target price on shares of Truist Financial from $32.00 to $31.00 and set a “neutral” rating for the company in a research report on Friday, October 20th. Ten research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $37.76.
Insider Buying and Selling at Truist Financial
In related news, CEO William H. Rogers, Jr. bought 10,000 shares of the company’s stock in a transaction on Friday, October 20th. The stock was acquired at an average cost of $28.05 per share, for a total transaction of $280,500.00. Following the completion of the transaction, the chief executive officer now directly owns 412,924 shares in the company, valued at approximately $11,582,518.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.31% of the stock is currently owned by company insiders.
Truist Financial Price Performance
TFC stock opened at $31.97 on Friday. The firm has a 50 day moving average of $28.89 and a 200-day moving average of $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 Co. has a 12 month low of $25.56 and a 12 month high of $53.34. The firm has a market capitalization of $42.64 billion, a P/E ratio of 8.05, a price-to-earnings-growth ratio of 1.87 and a beta of 1.09.
Truist Financial (NYSE:TFC – Get Free Report) last announced its earnings results on Thursday, October 19th. The insurance provider reported $0.80 earnings per share (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 company 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 firm earned $1.24 earnings per share. The company’s revenue for the quarter was down 2.7% compared to the same quarter last year. As a group, sell-side analysts predict that Truist Financial Co. will post 3.76 earnings per share for the current fiscal year.
Truist Financial Announces Dividend
The business also recently announced a special dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 10th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Thursday, November 9th. This represents a yield of 7.4%. Truist Financial’s payout ratio is presently 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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