Texas Capital Bank Wealth Management Services Inc Purchases New Position in Truist Financial Corporation $TFC

Key Points

• Texas Capital Bank Wealth Management Services Inc acquired 5,917 shares of Truist Financial Corporation valued at approximately $243,000 in the 1st quarter.
• Recent analyst upgrades have improved Truist's ratings, with Citigroup raising its target price from $44.00 to $55.00, signaling increased investor confidence.
• Truist Financial announced a quarterly dividend of $0.52, reflecting a 4.7% yield, with an upcoming payment date set for September 2nd.

Texas Capital Bank Wealth Management Services Inc acquired a new stake in Truist Financial Corporation (NYSE:TFC - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 5,917 shares of the insurance provider's stock, valued at approximately $243,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Navigoe LLC acquired a new stake in shares of Truist Financial in the fourth quarter valued at approximately $26,000. Centennial Bank AR lifted its stake in Truist Financial by 360.2% in the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock valued at $30,000 after buying an additional 580 shares in the last quarter. Motco lifted its stake in Truist Financial by 435.6% in the 1st quarter. Motco now owns 798 shares of the insurance provider's stock valued at $33,000 after buying an additional 649 shares in the last quarter. Meeder Asset Management Inc. grew its holdings in Truist Financial by 115.3% during the 1st quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider's stock valued at $36,000 after buying an additional 468 shares during the last quarter. Finally, Sierra Ocean LLC increased its position in Truist Financial by 64.4% during the first quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock worth $37,000 after buying an additional 352 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Bradley D. Bender sold 12,540 shares of the business's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total transaction of $566,682.60. Following the completion of the sale, the insider owned 500 shares in the company, valued at approximately $22,595. The trade was a 96.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.17% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on TFC shares. Wall Street Zen upgraded Truist Financial from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Morgan Stanley reissued a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. Raymond James Financial upgraded shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 target price on the stock in a report on Tuesday, July 8th. TD Cowen started coverage on shares of Truist Financial in a research note on Thursday, May 15th. They set a "hold" rating and a $44.00 price target on the stock. Finally, Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $48.47.

Truist Financial Trading Up 4.1%

Shares of NYSE TFC traded up $1.8180 during trading on Friday, hitting $45.8880. 6,668,983 shares of the company traded hands, compared to its average volume of 6,212,761. The firm has a market capitalization of $59.17 billion, a P/E ratio of 12.50, a P/E/G ratio of 1.64 and a beta of 0.87. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. The company has a 50-day moving average price of $43.76 and a 200-day moving average price of $41.81. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last issued its earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.02). Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The firm had revenue of $5.04 billion during the quarter, compared to analysts' expectations of $5.04 billion. During the same period last year, the business posted $0.91 earnings per share. The company's quarterly revenue was down 406.0% compared to the same quarter last year. On average, equities analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend is Friday, August 8th. Truist Financial's payout ratio is currently 56.68%.

Truist Financial Company Profile

Truist Financial Corporation, a financial services 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.