Alpine Woods Capital Investors LLC Makes New $3.12 Million Investment in Truist Financial Corporation $TFC

Key Points

• Alpine Woods Capital Investors bought 62,556 shares of Truist Financial worth approximately $3.12 million in the second quarter. Institutional investors collectively own 71.28% of the company.
• Truist reported quarterly EPS of $1.23, beating estimates of $1.08, while revenue rose 5.6% year over year to $5.31 billion. The company declared a quarterly dividend of $0.52 per share, equating to a 4.0% annualized yield.
• Truist shares were recently priced at $52.46, compared with analysts’ consensus “Hold” rating and average price target of $54.67; insiders sold more than 30,000 shares during the quarter.

Alpine Woods Capital Investors LLC purchased a new stake in Truist Financial Corporation (NYSE:TFC - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 62,556 shares of the insurance provider's stock, valued at approximately $3,117,000.

A number of other hedge funds have also recently made changes to their positions in the company. Pinnacle Financial Partners Inc. grew its position in Truist Financial by 30.0% in the third quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider's stock worth $7,994,000 after acquiring an additional 40,393 shares in the last quarter. Fifth Third Bancorp raised its position in Truist Financial by 531.8% during the first quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider's stock valued at $20,059,000 after purchasing an additional 367,291 shares in the last quarter. Franklin Street Advisors Inc. NC lifted its stake in Truist Financial by 129.1% during the second quarter. Franklin Street Advisors Inc. NC now owns 37,253 shares of the insurance provider's stock worth $1,856,000 after purchasing an additional 20,991 shares during the last quarter. Axxcess Wealth Management LLC lifted its stake in Truist Financial by 77.2% during the fourth quarter. Axxcess Wealth Management LLC now owns 158,394 shares of the insurance provider's stock worth $7,795,000 after purchasing an additional 68,990 shares during the last quarter. Finally, Concord Asset Management LLC VA lifted its stake in Truist Financial by 528.6% during the fourth quarter. Concord Asset Management LLC VA now owns 65,686 shares of the insurance provider's stock worth $3,232,000 after purchasing an additional 55,237 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $52.46 on Wednesday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86. The business's 50 day simple moving average is $51.27 and its two-hundred day simple moving average is $49.82. The stock has a market capitalization of $64.08 billion, a P/E ratio of 12.03, a price-to-earnings-growth ratio of 1.12 and a beta of 0.89. Truist Financial Corporation has a one year low of $40.78 and a one year high of $56.19.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating analysts' consensus estimates of $1.08 by $0.15. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The firm had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.24 billion. During the same quarter in the prior year, the firm posted $0.91 earnings per share. The business's quarterly revenue was up 5.6% compared to the same quarter last year. Analysts forecast that Truist Financial Corporation will post 4.58 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial's dividend payout ratio (DPR) is 47.71%.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 3,986 shares of the business's stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total value of $202,090.20. Following the transaction, the director owned 10,270 shares in the company, valued at approximately $520,689. The trade was a 27.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Donta L. Wilson sold 13,280 shares of the company's stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the transaction, the insider directly owned 56,009 shares of the company's stock, valued at approximately $2,904,066.65. This trade represents a 19.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 30,516 shares of company stock worth $1,584,428. 0.15% of the stock is currently owned by company insiders.

Analyst Ratings Changes

TFC has been the topic of several recent research reports. Stephens reduced their price objective on Truist Financial from $59.00 to $57.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 21st. JPMorgan Chase & Co. boosted their target price on Truist Financial from $53.00 to $54.00 and gave the stock an "underweight" rating in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods boosted their target price on Truist Financial from $53.00 to $55.00 and gave the stock a "market perform" rating in a research report on Monday, July 20th. Wall Street Zen raised Truist Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Finally, Bank of America reiterated a "neutral" rating and set a $56.00 price target (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Seven analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $54.67.

Truist Financial Company Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.

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