Concord Wealth Partners lifted its stake in Truist Financial Co. (NYSE:TFC – Free Report) by 14.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 96,045 shares of the insurance provider’s stock after buying an additional 12,073 shares during the period. Concord Wealth Partners’ holdings in Truist Financial were worth $2,915,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. BHK Investment Advisors LLC increased its position in shares of Truist Financial by 13.2% in the second quarter. BHK Investment Advisors LLC now owns 43,379 shares of the insurance provider’s stock worth $1,317,000 after purchasing an additional 5,069 shares during the period. Deseret Mutual Benefit Administrators grew its stake in Truist Financial by 25.5% during the second quarter. Deseret Mutual Benefit Administrators now owns 3,895 shares of the insurance provider’s stock worth $118,000 after buying an additional 792 shares in the last quarter. Texas Permanent School Fund Corp increased its holdings in Truist Financial by 0.9% in the 2nd quarter. Texas Permanent School Fund Corp now owns 279,096 shares of the insurance provider’s stock valued at $8,471,000 after buying an additional 2,475 shares during the period. Modera Wealth Management LLC lifted its holdings in shares of Truist Financial by 869.7% during the 2nd quarter. Modera Wealth Management LLC now owns 141,630 shares of the insurance provider’s stock worth $4,298,000 after acquiring an additional 127,025 shares during the period. Finally, JFS Wealth Advisors LLC boosted its position in shares of Truist Financial by 617.0% during the 2nd quarter. JFS Wealth Advisors LLC now owns 968 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 833 shares in the last quarter. Institutional investors own 71.11% of the company’s stock.
Analysts Set New Price Targets
Several research analysts have commented on TFC shares. Wells Fargo & Company lowered their price objective 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. Raymond James dropped their price objective 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. Morgan Stanley decreased their target price on Truist Financial from $41.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 3rd. Stephens dropped their target price on shares of Truist Financial from $40.00 to $37.00 and set an “equal weight” rating for the company in a report on Monday, July 24th. Finally, Piper Sandler decreased their price target on shares of Truist Financial from $32.00 to $31.00 and set a “neutral” rating on the stock in a report on Friday, October 20th. Ten equities research 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 stock has an average rating of “Hold” and an average price target of $37.76.
View Our Latest Report on TFC
Truist Financial Trading Down 1.4 %
Shares of TFC stock traded down $0.44 on Monday, hitting $30.75. The company had a trading volume of 1,810,969 shares, compared to its average volume of 11,795,432. Truist Financial Co. has a twelve month low of $25.56 and a twelve month high of $53.34. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market cap of $41.01 billion, a P/E ratio of 7.86, a P/E/G ratio of 1.79 and a beta of 1.09. The stock’s 50-day moving average is $28.81 and its two-hundred day moving average is $30.28.
Truist Financial (NYSE:TFC – Get Free Report) last released its earnings results on Thursday, October 19th. The insurance provider reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.02). The firm had revenue of $5.73 billion for the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a net margin of 17.59% and a return on equity of 10.74%. The business’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.24 EPS. On average, equities research analysts anticipate that Truist Financial Co. will post 3.76 earnings per share for the current fiscal year.
Truist Financial Announces Dividend
The company also recently announced a special dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 10th will be issued a $0.52 dividend. The ex-dividend date is Thursday, November 9th. This represents a yield of 7.4%. Truist Financial’s payout ratio is 52.39%.
Insider Buying and Selling at Truist Financial
In other Truist Financial news, CEO William H. Rogers, Jr. acquired 10,000 shares of the stock in a transaction dated Friday, October 20th. The stock was purchased at an average cost of $28.05 per share, with a total value of $280,500.00. Following the transaction, the chief executive officer now owns 412,924 shares in the company, valued at approximately $11,582,518.20. The acquisition was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.31% of the company’s stock.
About Truist Financial
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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