Global Retirement Partners LLC Buys Shares of 85,849 Truist Financial Corporation $TFC

Key Points

• Global Retirement Partners initiated a position of 85,849 Truist Financial shares worth approximately $4.28 million. Institutional investors and hedge funds collectively own 71.28% of the company.
• Truist exceeded quarterly earnings expectations, reporting $1.23 in EPS versus the $1.08 consensus estimate and $5.31 billion in revenue, up 5.6% year over year.
• The company declared a quarterly dividend of $0.52 per share, equating to a $2.08 annualized payout and a 3.9% yield. Analysts maintain a consensus “Hold” rating with a $54.67 target price.

Global Retirement Partners LLC bought a new stake in Truist Financial Corporation (NYSE:TFC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 85,849 shares of the insurance provider's stock, valued at approximately $4,277,000.

Several other hedge funds have also recently added to or reduced their stakes in TFC. Pinnacle Financial Partners Inc. raised its position in shares of Truist Financial by 30.0% in the third quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider's stock valued at $7,994,000 after buying an additional 40,393 shares during the last quarter. Fifth Third Bancorp lifted its stake in shares of Truist Financial by 531.8% in the first quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider's stock worth $20,059,000 after buying an additional 367,291 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Truist Financial by 21.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 225,702 shares of the insurance provider's stock worth $11,107,000 after acquiring an additional 39,924 shares during the last quarter. Franklin Street Advisors Inc. NC grew its stake in Truist Financial by 129.1% during the 2nd quarter. Franklin Street Advisors Inc. NC now owns 37,253 shares of the insurance provider's stock valued at $1,856,000 after acquiring an additional 20,991 shares in the last quarter. Finally, Axxcess Wealth Management LLC grew its stake in Truist Financial by 77.2% during the 4th quarter. Axxcess Wealth Management LLC now owns 158,394 shares of the insurance provider's stock valued at $7,795,000 after acquiring an additional 68,990 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Truist Financial

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

Truist Financial Stock Performance

Truist Financial stock opened at $53.08 on Monday. The firm has a 50 day simple moving average of $51.13 and a 200-day simple moving average of $49.80. The stock has a market cap of $64.84 billion, a price-to-earnings ratio of 12.17, a price-to-earnings-growth ratio of 1.12 and a beta of 0.89. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19.

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

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.08 annualized dividend and a yield of 3.9%. Truist Financial's dividend payout ratio (DPR) is 47.71%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on TFC. Wall Street Zen upgraded shares of Truist Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Royal Bank Of Canada boosted their target price on Truist Financial from $51.00 to $53.00 and gave the stock an "outperform" rating in a report on Monday, April 20th. Raymond James Financial restated a "market perform" rating on shares of Truist Financial in a research report on Wednesday, July 1st. Morgan Stanley reaffirmed an "equal weight" rating and issued a $54.00 price target (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. Finally, Evercore reissued an "outperform" rating and set a $57.00 price objective on shares of Truist Financial in a research note on Monday, July 6th. Seven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price 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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