Cardinal Capital Management Boosts Holdings in Truist Financial Corporation $TFC

Key Points

• Cardinal Capital Management increased its stake in Truist Financial Corporation by 3.3% during the second quarter, now owning over 205,319 shares valued at approximately $8.8 million.
• Several hedge funds have also raised their stakes, with some notable increases including Credit Agricole S A by 76.4% and Pinnacle Financial Partners by 55.1% in the recent quarter.
• Analysts have given a consensus rating of "Moderate Buy" for Truist Financial, with a target price of approximately $48.47, following recent upgrades and downgrades from various firms.

Cardinal Capital Management increased its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 3.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 205,319 shares of the insurance provider's stock after purchasing an additional 6,506 shares during the period. Truist Financial accounts for 1.3% of Cardinal Capital Management's holdings, making the stock its 22nd biggest holding. Cardinal Capital Management's holdings in Truist Financial were worth $8,827,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. First Hawaiian Bank lifted its stake in Truist Financial by 8.6% in the 1st quarter. First Hawaiian Bank now owns 11,991 shares of the insurance provider's stock worth $493,000 after purchasing an additional 948 shares in the last quarter. Code Waechter LLC purchased a new stake in shares of Truist Financial in the first quarter worth about $365,000. Cantor Fitzgerald Investment Advisors L.P. raised its holdings in shares of Truist Financial by 4.6% during the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider's stock worth $17,927,000 after acquiring an additional 19,286 shares in the last quarter. Pinnacle Financial Partners Inc raised its holdings in shares of Truist Financial by 55.1% during the 1st quarter. Pinnacle Financial Partners Inc now owns 134,363 shares of the insurance provider's stock worth $5,530,000 after acquiring an additional 47,717 shares in the last quarter. Finally, Credit Agricole S A raised its holdings in shares of Truist Financial by 76.4% during the 1st quarter. Credit Agricole S A now owns 500,384 shares of the insurance provider's stock worth $20,591,000 after acquiring an additional 216,672 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.

Analyst Ratings Changes

TFC has been the topic of a number of recent research reports. Keefe, Bruyette & Woods downgraded shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price target on the stock. in a research note on Wednesday, July 9th. Morgan Stanley restated a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. Citigroup upgraded shares of Truist Financial from a "neutral" rating to a "buy" rating and upped their target price for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. 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 research report on Tuesday, July 8th. Finally, Wells Fargo & Company reiterated an "equal weight" rating and issued a $47.00 target price on shares of Truist Financial in a report on Thursday, August 21st. Two investment 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.47.

Insider Buying and Selling

In related news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the sale, the insider owned 500 shares of the company's stock, valued at approximately $22,595. This trade represents a 96.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.14% of the company's stock.

Truist Financial Price Performance

Shares of NYSE TFC opened at $45.44 on Tuesday. The business's 50 day moving average price is $45.01 and its 200 day moving average price is $41.76. The firm has a market cap of $58.59 billion, a P/E ratio of 12.38, a P/E/G ratio of 1.71 and a beta of 0.88. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $49.06. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75.

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

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were given 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 dividend yield of 4.6%. Truist Financial's dividend payout ratio (DPR) is 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.

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