Cornerstone Select Advisors LLC Takes $984,000 Position in Truist Financial Corporation $TFC

Key Points

• Cornerstone Select Advisors LLC has taken a new position in Truist Financial Corporation by purchasing 23,920 shares valued at approximately $984,000.
• Truist Financial reported earnings of $0.91 per share for the last quarter, which was below analysts' expectations of $0.93.
• The company declared a quarterly dividend of $0.52 per share, reflecting a 4.7% yield based on annual projections.

Cornerstone Select Advisors LLC purchased a new stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 23,920 shares of the insurance provider's stock, valued at approximately $984,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Navigoe LLC purchased a new stake in shares of Truist Financial during the 4th quarter valued at about $26,000. Centennial Bank AR grew its stake in shares of Truist Financial by 360.2% during the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock valued at $30,000 after acquiring an additional 580 shares during the period. Motco grew its stake in shares of Truist Financial by 435.6% during the 1st quarter. Motco now owns 798 shares of the insurance provider's stock valued at $33,000 after acquiring an additional 649 shares during the period. Meeder Asset Management Inc. grew its stake in shares of Truist Financial by 115.3% during the 1st quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider's stock valued at $36,000 after acquiring an additional 468 shares during the period. Finally, Sierra Ocean LLC grew its stake in shares of Truist Financial by 64.4% during the 1st quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock valued at $37,000 after acquiring an additional 352 shares during the period. Hedge funds and other institutional investors own 71.28% of the company's stock.

Insider Activity

In other news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total transaction of $566,682.60. Following the transaction, the insider owned 500 shares of the company's stock, valued at approximately $22,595. This 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 this link. Insiders own 0.14% of the company's stock.

Truist Financial Stock Performance

TFC stock opened at $44.50 on Monday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. The business's fifty day simple moving average is $43.31 and its two-hundred day simple moving average is $41.83. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06. The firm has a market cap of $57.38 billion, a price-to-earnings ratio of 12.13, a PEG ratio of 1.66 and a beta of 0.87.

Truist Financial (NYSE:TFC - Get Free Report) last released its earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share 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 business had revenue of $5.04 billion during the quarter, compared to analysts' expectations of $5.04 billion. During the same quarter in the previous year, the business earned $0.91 EPS. The business's revenue for the quarter was down 406.0% on a year-over-year basis. Analysts predict that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.7%. Truist Financial's dividend payout ratio is presently 56.68%.

Analysts Set New Price Targets

TFC has been the subject of a number of recent research reports. Barclays cut their price objective on Truist Financial from $51.00 to $47.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. Stephens cut their price objective on Truist Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Morgan Stanley reiterated a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. Argus set a $43.00 price objective on Truist Financial in a research note on Monday, April 21st. Finally, Citigroup upgraded Truist Financial from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Six analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Truist Financial presently has an average rating of "Moderate Buy" and a consensus target price of $48.65.

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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