Smith Salley Wealth Management Purchases 10,620 Shares of Truist Financial Corporation $TFC

Key Points

• Smith Salley Wealth Management increased its stake in Truist Financial Corporation by 102.6%, acquiring an additional 10,620 shares in Q2, resulting in total holdings valued at $901,000.
• Several institutional investors including Amundi and Invesco Ltd. have also increased their stakes in Truist Financial, demonstrating strong institutional interest in the company.
• Truist Financial recently declared a quarterly dividend of $0.52 per share, representing a yield of 4.5% and a payout ratio of 56.68%.

Smith Salley Wealth Management increased its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 102.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 20,967 shares of the insurance provider's stock after acquiring an additional 10,620 shares during the period. Smith Salley Wealth Management's holdings in Truist Financial were worth $901,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Amundi raised its holdings in Truist Financial by 4.6% during the first quarter. Amundi now owns 24,774,656 shares of the insurance provider's stock worth $1,019,477,000 after acquiring an additional 1,091,311 shares in the last quarter. Invesco Ltd. raised its holdings in Truist Financial by 32.0% during the first quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider's stock worth $540,723,000 after acquiring an additional 3,188,999 shares in the last quarter. American Century Companies Inc. raised its holdings in 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 acquiring an additional 2,158,639 shares in the last quarter. Federated Hermes Inc. raised its stake in Truist Financial by 0.9% in the first quarter. Federated Hermes Inc. now owns 9,511,639 shares of the insurance provider's stock valued at $391,404,000 after buying an additional 89,373 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake 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 buying an additional 408,726 shares during the period. Institutional investors own 71.28% of the company's stock.

Wall Street Analysts Forecast Growth

TFC has been the topic of several research analyst reports. Keefe, Bruyette & Woods lowered Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective on the stock. in a research note on Wednesday, July 9th. 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 research note on Tuesday, July 8th. Wells Fargo & Company restated an "equal weight" rating and issued a $47.00 price objective on shares of Truist Financial in a research note on Thursday, August 21st. Morgan Stanley restated a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. Finally, Citigroup upgraded Truist Financial from a "neutral" rating to a "buy" rating and increased their target price for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $48.47.

Insider Transactions at Truist Financial

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

Truist Financial Trading Up 0.7%

Shares of NYSE:TFC opened at $46.06 on Monday. The company has a market capitalization of $59.39 billion, a P/E ratio of 12.55, a P/E/G ratio of 1.48 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. The business's 50 day simple moving average is $45.12 and its 200 day simple moving average is $41.92.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). The company had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The company's quarterly revenue was down 406.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.91 EPS. On average, research analysts anticipate that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

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

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.

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