Principle Wealth Partners LLC acquired a new stake in Truist Financial Corporation (NYSE:TFC - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 66,088 shares of the insurance provider's stock, valued at approximately $3,292,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Pinnacle Financial Partners Inc. raised its position in Truist Financial by 30.0% in the 3rd quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider's stock worth $7,994,000 after purchasing an additional 40,393 shares during the period. Fifth Third Bancorp boosted its position in shares of Truist Financial by 531.8% during the first quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider's stock valued at $20,059,000 after buying an additional 367,291 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Truist Financial by 21.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 225,702 shares of the insurance provider's stock valued at $11,107,000 after buying an additional 39,924 shares during the period. Franklin Street Advisors Inc. NC grew its stake in shares of Truist Financial by 129.1% during the second quarter. Franklin Street Advisors Inc. NC now owns 37,253 shares of the insurance provider's stock valued at $1,856,000 after buying an additional 20,991 shares during the last quarter. Finally, Axxcess Wealth Management LLC grew its stake in shares of Truist Financial by 77.2% during the fourth quarter. Axxcess Wealth Management LLC now owns 158,394 shares of the insurance provider's stock valued at $7,795,000 after buying an additional 68,990 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.
Truist Financial Price Performance
Shares of TFC stock opened at $52.58 on Tuesday. The company has a market capitalization of $64.23 billion, a P/E ratio of 12.06, a P/E/G ratio of 1.12 and a beta of 0.89. The company's 50-day simple moving average is $51.21 and its two-hundred day simple moving average is $49.81. Truist Financial Corporation has a one year low of $40.78 and a one year high of $56.19. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86.
Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.15. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The company's revenue was up 5.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.91 earnings per share. As a group, equities analysts anticipate that Truist Financial Corporation will post 4.58 EPS for the current year.
Truist Financial Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a yield of 4.0%. Truist Financial's payout ratio is 47.71%.
Analysts Set New Price Targets
Several brokerages have recently weighed in on TFC. Wall Street Zen upgraded Truist Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Stephens dropped their price objective on Truist Financial from $59.00 to $57.00 and set an "overweight" rating for the company in a report on Tuesday, July 21st. Bank of America reaffirmed a "neutral" rating and issued a $56.00 price objective (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Evercore reiterated an "outperform" rating and issued a $57.00 target price on shares of Truist Financial in a research note on Monday, July 6th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Truist Financial in a research report on Wednesday, July 29th. Seven equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $54.67.
Check Out Our Latest Stock Analysis on Truist Financial
Insider Buying and Selling at Truist Financial
In related news, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $52.36, for a total value of $693,770.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director K. David Jr. Boyer sold 3,986 shares of the company's stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total transaction of $202,090.20. Following the completion of the sale, the director directly owned 10,270 shares of the company's stock, valued at approximately $520,689. This trade represents a 27.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 30,516 shares of company stock valued at $1,584,428 in the last ninety days. Corporate insiders own 0.15% of the company's stock.
Truist Financial Company Profile
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Free Report)
Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.
Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.
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