Patriot Financial Group Insurance Agency LLC Acquires 8,456 Shares of Truist Financial Corporation $TFC

Key Points

• Patriot Financial Group increased its holdings in Truist Financial Corporation by 52.1%, acquiring an additional 8,456 shares, totaling 24,674 shares worth $1,061,000.
• Several hedge funds have modified their positions in Truist Financial, with notable increases from Centennial Bank AR (360.2%) and Motco (435.6%) in the first quarter.
• Truist Financial recently announced a quarterly dividend of $0.52 per share, yielding 4.6%, and reported a net margin of 16.82% despite a quarterly earnings miss.

Patriot Financial Group Insurance Agency LLC raised its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 52.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,674 shares of the insurance provider's stock after acquiring an additional 8,456 shares during the quarter. Patriot Financial Group Insurance Agency LLC's holdings in Truist Financial were worth $1,061,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Wealth Preservation Advisors LLC purchased a new position in shares of Truist Financial in the first quarter valued at about $25,000. Centennial Bank AR increased its position in shares of Truist Financial by 360.2% in the first 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 increased its position in shares of Truist Financial by 435.6% in the first 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. increased its position in shares of Truist Financial by 115.3% in the first 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 increased its position in shares of Truist Financial by 64.4% in the first 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.

Wall Street Analyst Weigh In

A number of research firms have issued reports on TFC. Evercore ISI boosted their price objective on shares of Truist Financial from $48.00 to $50.00 and gave the company an "in-line" rating in a research report on Tuesday. Keefe, Bruyette & Woods cut shares of 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. Raymond James Financial upgraded shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price target on the stock in a research report on Tuesday, July 8th. Wells Fargo & Company reiterated an "equal weight" rating and set a $47.00 price target on shares of Truist Financial in a research report on Thursday, August 21st. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Truist Financial in a research report on Saturday, September 27th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $48.89.

Insiders Place Their Bets

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the company'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 sale, the insider owned 500 shares in the company, valued at approximately $22,595. This represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.17% of the company's stock.

Truist Financial Price Performance

Shares of TFC opened at $45.53 on Friday. The stock has a market cap of $58.71 billion, a PE ratio of 12.41, a price-to-earnings-growth ratio of 1.45 and a beta of 0.88. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06. The firm's 50-day simple moving average is $45.15 and its two-hundred day simple moving average is $42.07.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings data 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). The business had revenue of $5.04 billion during the quarter, compared to analysts' expectations of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.Truist Financial's revenue for the quarter was down 406.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.91 EPS. Analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date was Friday, August 8th. Truist Financial's dividend payout ratio is 56.68%.

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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