Baird Financial Group Inc. Purchases 33,713 Shares of Truist Financial Corporation $TFC

Key Points

• Baird Financial Group increased its Truist Financial stake by 10.9% in the second quarter, purchasing 33,713 additional shares. Its holdings totaled 343,302 shares valued at approximately $17.1 million.
• 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 also maintained a quarterly dividend of $0.52, equivalent to a 4.1% annualized yield.
• Analysts have a consensus “Hold” rating on TFC, with a consensus price target of $55.12 versus a recent price of $50.43. Institutional investors own 71.28% of the company, while insiders have recently sold shares.

Baird Financial Group Inc. lifted its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 10.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 343,302 shares of the insurance provider's stock after purchasing an additional 33,713 shares during the quarter. Baird Financial Group Inc.'s holdings in Truist Financial were worth $17,103,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TFC. Kemnay Advisory Services Inc. purchased a new stake in Truist Financial in the fourth quarter worth about $25,000. Swiss RE Ltd. purchased a new position in shares of Truist Financial during the 4th quarter valued at about $26,000. N.E.W. Advisory Services LLC acquired a new position in shares of Truist Financial in the 2nd quarter valued at $30,000. Navigoe LLC acquired a new position in shares of Truist Financial during the 2nd quarter worth approximately $30,000. Finally, McMillan Office Inc. acquired a new stake in Truist Financial in the 4th quarter worth about $31,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Trading Up 0.2%

NYSE:TFC opened at $50.43 on Friday. The stock has a market capitalization of $61.61 billion, a price-to-earnings ratio of 11.57, a PEG ratio of 1.06 and a beta of 0.88. Truist Financial Corporation has a 1 year low of $40.78 and a 1 year high of $56.19. The stock has a fifty day moving average price of $51.55 and a two-hundred day moving average price of $49.52. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.15. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. During the same quarter in the previous year, the company posted $0.91 EPS. The business's revenue was up 5.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Truist Financial Corporation will post 4.58 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were paid a $0.52 dividend. The ex-dividend date was Friday, August 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. Truist Financial's payout ratio is 47.71%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on TFC. Keefe, Bruyette & Woods raised their price objective 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. Morgan Stanley reissued an "equal weight" rating and set a $54.00 price target (down from $62.00) on shares of Truist Financial in a research report on Monday, July 6th. Bank of America reaffirmed a "neutral" rating and set a $56.00 price objective (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. UBS Group lowered Truist Financial from a "buy" rating to a "neutral" rating and decreased their target price for the company from $58.00 to $55.00 in a report on Tuesday, July 7th. Finally, Wall Street Zen raised shares of Truist Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Seven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $55.12.

Insider Activity at Truist Financial

In related news, insider Donta L. Wilson sold 13,280 shares of the stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $51.85, for a total value of $688,568.00. Following the completion of the transaction, the insider owned 56,009 shares of the company's stock, valued at approximately $2,904,066.65. This represents a 19.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO William Rogers, Jr. sold 13,250 shares of the firm's stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $52.36, for a total value of $693,770.00. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 30,516 shares of company stock valued at $1,584,428. Insiders own 0.15% of the company's stock.

Truist Financial Profile

Truist Financial Corporation NYSE: TFC is a financial services company formed through the 2019 merger of BB&T Corporation and SunTrust Banks. Headquartered in Charlotte, North Carolina, Truist operates as a major commercial bank serving consumers, businesses, and institutions primarily across the United States.

Through its consumer and business banking operations, Truist provides checking and savings accounts, credit cards, mortgages, home equity lending, personal loans, commercial lending, treasury management, and payment services.

Want to see what other hedge funds are holding TFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Truist Financial Corporation (NYSE:TFC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.