9,525 Shares in Truist Financial Corporation $TFC Bought by Waycross Partners LLC

Key Points

• Waycross Partners LLC has acquired a new position in Truist Financial, purchasing 9,525 shares valued at approximately $409,000 in the second quarter.
• Analysts have mixed views on Truist Financial, with ratings ranging from "strong buy" to "market perform" and a consensus target price around $48.47.
• Truist Financial reported earnings of $0.91 per share for its latest quarter, missing estimates by $0.02, while its revenues showed a significant year-over-year decline.

Waycross Partners LLC bought a new position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 9,525 shares of the insurance provider's stock, valued at approximately $409,000.

Several other large investors have also bought and sold shares of the stock. Amundi raised its position in Truist Financial by 4.6% during the 1st quarter. Amundi now owns 24,774,656 shares of the insurance provider's stock worth $1,019,477,000 after purchasing an additional 1,091,311 shares during the last quarter. Invesco Ltd. grew its holdings in Truist Financial by 32.0% during the 1st quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider's stock worth $540,723,000 after acquiring an additional 3,188,999 shares during the period. American Century Companies Inc. grew its holdings in Truist Financial by 21.8% during the 1st quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider's stock worth $495,509,000 after acquiring an additional 2,158,639 shares during the period. Federated Hermes Inc. grew its holdings in Truist Financial by 0.9% during the 1st quarter. Federated Hermes Inc. now owns 9,511,639 shares of the insurance provider's stock worth $391,404,000 after acquiring an additional 89,373 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in Truist Financial by 5.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,030,898 shares of the insurance provider's stock worth $330,408,000 after acquiring an additional 408,726 shares during the period. 71.28% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

TFC has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods downgraded Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price target for the company. in a report on Wednesday, July 9th. Morgan Stanley reiterated a "mixed" rating on shares of Truist Financial in a report on Monday, July 21st. Wells Fargo & Company reiterated an "equal weight" rating and set a $47.00 price target on shares of Truist Financial in a report on Thursday, August 21st. Citigroup upgraded Truist Financial from a "neutral" rating to a "buy" rating and increased their price target for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. Finally, Raymond James Financial upgraded Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price target for the company in a report on Tuesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $48.47.

Truist Financial Stock Performance

NYSE TFC opened at $45.66 on Wednesday. The company has a fifty day simple moving average of $45.04 and a 200 day simple moving average of $41.78. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $49.06. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. The company has a market cap of $58.87 billion, a P/E ratio of 12.44, a PEG ratio of 1.69 and a beta of 0.88.

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

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were paid a dividend of $0.52 per share. The ex-dividend date was Friday, August 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.6%. Truist Financial's payout ratio is 56.68%.

Insider Transactions at Truist Financial

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of Truist Financial 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 transaction, the insider owned 500 shares in the company, valued at approximately $22,595. The trade was a 96.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.14% of the company's stock.

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.

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