Baird Financial Group Inc. Acquires 11,572 Shares of Truist Financial Corporation $TFC

Key Points

• Baird Financial Group Inc. increased its stake in Truist Financial by 3.6%, acquiring an additional 11,572 shares for a total of 331,468 shares valued at $13,640,000.
• Institutional investors now own 71.28% of Truist Financial's stock, with notable increases from firms like Invesco and American Century Companies.
• Truist Financial recently reported earnings of $0.91 per share, falling short of estimates, and announced a quarterly dividend of $0.52, yielding 4.5%.

Baird Financial Group Inc. raised its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 3.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 331,468 shares of the insurance provider's stock after purchasing an additional 11,572 shares during the period. Baird Financial Group Inc.'s holdings in Truist Financial were worth $13,640,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of TFC. Wealth Preservation Advisors LLC bought a new stake in shares of Truist Financial during the first quarter worth $25,000. Centennial Bank AR increased its position in shares of Truist Financial by 360.2% during the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock worth $30,000 after acquiring an additional 580 shares in the last quarter. Motco increased its position in shares of Truist Financial by 435.6% during the first quarter. Motco now owns 798 shares of the insurance provider's stock worth $33,000 after acquiring an additional 649 shares in the last quarter. Meeder Asset Management Inc. increased its position in shares of Truist Financial by 115.3% during the first quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider's stock worth $36,000 after acquiring an additional 468 shares in the last quarter. Finally, Sierra Ocean LLC increased its position in shares of 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 acquiring an additional 352 shares in the last quarter. Institutional investors own 71.28% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Wells Fargo & Company reissued an "equal weight" rating and set a $47.00 price objective on shares of Truist Financial in a research report on Thursday, August 21st. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. TD Cowen started coverage on shares of Truist Financial in a report on Thursday, May 15th. They set a "hold" rating and a $44.00 target price for the company. Keefe, Bruyette & Woods cut shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price for the company. in a report on Wednesday, July 9th. Finally, Raymond James Financial upgraded shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 target price for the company in a report on Tuesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $48.47.

Insider Buying and Selling

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the transaction, the insider directly owned 500 shares of the company's stock, valued at $22,595. This trade represents a 96.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.17% of the stock is currently owned by corporate insiders.

Truist Financial Stock Performance

Shares of TFC traded down $0.52 during midday trading on Friday, reaching $46.55. The stock had a trading volume of 7,854,065 shares, compared to its average volume of 6,562,161. The firm has a 50 day simple moving average of $44.94 and a 200-day simple moving average of $41.73. Truist Financial Corporation has a one year low of $33.56 and a one year high of $49.06. The firm has a market cap of $60.02 billion, a PE ratio of 12.68, a P/E/G ratio of 1.73 and a beta of 0.88. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75.

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

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial's dividend payout ratio (DPR) is currently 56.68%.

Truist Financial 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.