Princeton Capital Management LLC Buys Shares of 35,247 Truist Financial Corporation (NYSE:TFC)

Princeton Capital Management LLC purchased a new position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 35,247 shares of the insurance provider's stock, valued at approximately $1,450,000.

A number of other large investors have also recently bought and sold shares of the company. Carnegie Investment Counsel boosted its position in Truist Financial by 6.1% during the 1st quarter. Carnegie Investment Counsel now owns 55,401 shares of the insurance provider's stock worth $2,280,000 after acquiring an additional 3,198 shares during the last quarter. Diamond Hill Capital Management Inc. raised its stake in shares of Truist Financial by 32.5% during the 1st quarter. Diamond Hill Capital Management Inc. now owns 727,240 shares of the insurance provider's stock worth $29,926,000 after purchasing an additional 178,236 shares in the last quarter. AE Wealth Management LLC raised its stake in shares of Truist Financial by 12.6% during the 1st quarter. AE Wealth Management LLC now owns 483,389 shares of the insurance provider's stock worth $19,891,000 after purchasing an additional 54,008 shares in the last quarter. IMA Advisory Services Inc. bought a new stake in shares of Truist Financial during the 1st quarter worth approximately $81,000. Finally, Madison Asset Management LLC bought a new stake in shares of Truist Financial during the 1st quarter worth approximately $226,000. Institutional investors and hedge funds own 71.28% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on TFC. Citigroup upgraded Truist Financial from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Morgan Stanley reiterated a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. Keefe, Bruyette & Woods cut Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price target on the stock. in a research note on Wednesday, July 9th. Stephens reduced their price objective on shares of Truist Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Finally, Piper Sandler reduced their price objective on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. Seven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Truist Financial has an average rating of "Moderate Buy" and a consensus target price of $48.65.

Truist Financial Price Performance

Shares of TFC traded down $0.63 during trading hours on Monday, hitting $45.03. 2,031,339 shares of the company were exchanged, compared to its average volume of 8,758,013. The company has a market cap of $58.96 billion, a price-to-earnings ratio of 12.27, a P/E/G ratio of 1.70 and a beta of 0.85. 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 quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. The firm's fifty day moving average is $42.08 and its 200 day moving average is $42.09.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings data 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 business 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%. The business's quarterly revenue was down 406.0% compared to the same quarter last year. During the same period last year, the business earned $0.91 earnings per share. On average, equities 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 Monday, June 2nd. Investors of record on Friday, May 9th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.62%. The ex-dividend date was Friday, May 9th. Truist Financial's dividend payout ratio (DPR) is presently 56.68%.

Insiders Place Their Bets

In related news, insider Bradley D. Bender sold 12,540 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the sale, the insider directly owned 500 shares of the company's stock, valued at $22,595. This trade represents a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.14% of the stock is owned by company insiders.

About Truist Financial

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.