Paragon Private Wealth Management LLC Purchases Shares of 7,266 Truist Financial Corporation $TFC

Key Points

• Paragon Private Wealth Management LLC has acquired a new stake in Truist Financial Corporation, purchasing 7,266 shares valued at approximately $299,000 in the first quarter.
• Insider Bradley D. Bender sold 12,540 shares of Truist on July 22, significantly reducing their ownership by 96.17% in a transaction worth $566,682.60.
• Analysts have varied opinions on Truist Financial, with a mix of ratings and price targets; Citigroup upgraded their rating to buy and increased the price target from $44.00 to $55.00.

Paragon Private Wealth Management LLC purchased a new stake in Truist Financial Corporation (NYSE:TFC - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 7,266 shares of the insurance provider's stock, valued at approximately $299,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TFC. Wealth Preservation Advisors LLC bought a new stake in Truist Financial in the 1st quarter valued at $25,000. Centennial Bank AR lifted its position in Truist Financial by 360.2% in 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 in the last quarter. Motco lifted its position in Truist Financial by 435.6% in the 1st quarter. Motco now owns 798 shares of the insurance provider's stock valued at $33,000 after acquiring an additional 649 shares in the last quarter. Meeder Asset Management Inc. lifted its position in Truist Financial by 115.3% in 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 in the last quarter. Finally, Sierra Ocean LLC lifted its position in Truist Financial by 64.4% in 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 in the last quarter. 71.28% of the stock is owned by institutional investors.

Truist Financial Price Performance

Truist Financial stock traded down $0.52 during mid-day trading on Friday, reaching $46.55. The company had a trading volume of 7,854,065 shares, compared to its average volume of 6,562,161. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. The company has a market cap of $60.02 billion, a P/E ratio of 12.68, a P/E/G ratio of 1.73 and a beta of 0.88. The business has a fifty day simple moving average of $44.94 and a 200 day simple moving average of $41.73.

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 (EPS) 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 analyst estimates 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 previous year, the firm earned $0.91 EPS. On average, equities research analysts predict that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were issued a dividend of $0.52 per share. The ex-dividend date was Friday, August 8th. This represents a $2.08 annualized dividend and a yield of 4.5%. Truist Financial's payout ratio is 56.68%.

Wall Street Analyst Weigh In

Several analysts recently commented on TFC shares. Raymond James Financial raised 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 report on Tuesday, July 8th. Keefe, Bruyette & Woods lowered shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price on the stock. in a research report on Wednesday, July 9th. Wells Fargo & Company restated an "equal weight" rating and set a $47.00 target price on shares of Truist Financial in a research report on Thursday, August 21st. TD Cowen started coverage on shares of Truist Financial in a research report on Thursday, May 15th. They set a "hold" rating and a $44.00 target price on the stock. Finally, Morgan Stanley restated a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, Truist Financial has a consensus rating of "Moderate Buy" and a consensus target price of $48.47.

Insiders Place Their Bets

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the business's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the transaction, the insider directly owned 500 shares in the company, valued at $22,595. The trade was a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.17% of the company's stock.

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.