Old Port Advisors raised its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 303.7% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 20,556 shares of the insurance provider's stock after buying an additional 15,464 shares during the period. Old Port Advisors' holdings in Truist Financial were worth $884,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Amundi grew its stake in Truist Financial by 4.6% during the 1st quarter. Amundi now owns 24,774,656 shares of the insurance provider's stock worth $1,019,477,000 after purchasing an additional 1,091,311 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Truist Financial by 32.0% in the 1st quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider's stock valued at $540,723,000 after buying an additional 3,188,999 shares during the period. American Century Companies Inc. grew its position in shares of Truist Financial by 21.8% during the first quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider's stock worth $495,509,000 after buying an additional 2,158,639 shares in the last quarter. Federated Hermes Inc. increased its stake in shares of Truist Financial by 0.9% during the first quarter. Federated Hermes Inc. now owns 9,511,639 shares of the insurance provider's stock worth $391,404,000 after buying an additional 89,373 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Truist Financial by 5.4% in the first quarter. Dimensional Fund Advisors LP now owns 8,030,898 shares of the insurance provider's stock valued at $330,408,000 after acquiring an additional 408,726 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.
Insider Buying and Selling
In related news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction on 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 sale, the insider owned 500 shares in the company, valued at $22,595. This represents a 96.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.17% of the stock is currently owned by company insiders.
Truist Financial Stock Performance
NYSE TFC opened at $46.06 on Friday. The company has a fifty day moving average of $45.12 and a two-hundred day moving average of $41.89. The company has a market capitalization of $59.39 billion, a PE ratio of 12.55, a P/E/G ratio of 1.47 and a beta of 0.88. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86.
Truist Financial (NYSE:TFC - Get Free Report) last posted its earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing the consensus estimate 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%. The firm's revenue for the quarter was down 406.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.91 earnings per share. As a group, analysts expect that Truist Financial Corporation will post 4 earnings per share for the current year.
Truist Financial Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial's payout ratio is presently 56.68%.
Analyst Ratings Changes
Several research analysts have commented on TFC shares. Wells Fargo & Company reiterated an "equal weight" rating and set a $47.00 price target on shares of Truist Financial in a report on Thursday, August 21st. Morgan Stanley reiterated a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. Citigroup upgraded Truist Financial from a "neutral" rating to a "buy" rating and raised their price target for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Keefe, Bruyette & Woods downgraded Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price target for the company. in a report on Wednesday, July 9th. Finally, Raymond James Financial upgraded Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price objective on the stock in a report on Tuesday, July 8th. Two research 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 stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $48.47.
Check Out Our Latest Analysis on Truist Financial
Truist Financial Company Profile
(
Free Report)
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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