124,663 Shares in Truist Financial Corporation $TFC Purchased by Grant Private Wealth Management Inc

Key Points

• Grant Private Wealth Management Inc has acquired a new position in Truist Financial, purchasing 124,663 shares valued at approximately $5.36 million, making it the fund's 12th largest holding.
• Insider Bradley D. Bender sold 12,540 shares at an average price of $45.19, representing a 96.17% decrease in their position with the firm.
• Analysts have a mixed outlook on Truist Financial, with two "Strong Buy" ratings, nine "Buy" ratings, and a consensus price target of $48.47.

Grant Private Wealth Management Inc acquired a new position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 124,663 shares of the insurance provider's stock, valued at approximately $5,359,000. Truist Financial makes up approximately 3.0% of Grant Private Wealth Management Inc's portfolio, making the stock its 12th largest holding.

Other hedge funds and other institutional investors have also modified their holdings of the company. Brighton Jones LLC raised its holdings in Truist Financial by 148.5% during the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider's stock valued at $1,023,000 after buying an additional 14,093 shares in the last quarter. Woodline Partners LP bought a new position in Truist Financial during the fourth quarter valued at about $3,458,000. Vise Technologies Inc. raised its holdings in Truist Financial by 31.0% during the fourth quarter. Vise Technologies Inc. now owns 12,884 shares of the insurance provider's stock valued at $559,000 after buying an additional 3,050 shares in the last quarter. Pinney & Scofield Inc. acquired a new stake in shares of Truist Financial in the fourth quarter valued at about $57,000. Finally, Toronto Dominion Bank grew its position in shares of Truist Financial by 0.9% in the fourth quarter. Toronto Dominion Bank now owns 671,437 shares of the insurance provider's stock valued at $29,127,000 after purchasing an additional 6,224 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the completion of the transaction, the insider directly owned 500 shares in the company, valued at $22,595. This trade represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.14% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

TFC has been the topic of several research analyst reports. Keefe, Bruyette & Woods downgraded Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price target on the stock. in a research report on Wednesday, July 9th. Wells Fargo & Company reissued an "equal weight" rating and set a $47.00 target price on shares of Truist Financial in a research report on Thursday, August 21st. Morgan Stanley restated a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. 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 research note on Tuesday, July 8th. Finally, Citigroup upgraded shares of Truist Financial from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, Truist Financial has an average rating of "Moderate Buy" and a consensus target price of $48.47.

Truist Financial Stock Up 0.3%

TFC traded up $0.14 during midday trading on Tuesday, hitting $45.53. The company had a trading volume of 4,064,361 shares, compared to its average volume of 8,461,235. 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. The company has a market capitalization of $58.71 billion, a price-to-earnings ratio of 12.41, a PEG ratio of 1.71 and a beta of 0.88. The stock's 50 day moving average price is $45.01 and its 200 day moving average price is $41.76.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings data 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). The business had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The firm's quarterly revenue was down 406.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.91 earnings per share. On average, research analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date 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.