Sunpointe LLC Raises Position in Truist Financial Corporation $TFC

Key Points

• Sunpointe LLC increased its holdings in Truist Financial by 109.1%, owning 12,737 shares after purchasing an additional 6,646 shares during the second quarter.
• Truist Financial's stock has been rated with a consensus of "Moderate Buy," with a target price generally around $48.47.
• The company announced a quarterly dividend of $0.52 per share, which translates to an annualized yield of 4.7%.

Sunpointe LLC grew its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 109.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,737 shares of the insurance provider's stock after purchasing an additional 6,646 shares during the period. Sunpointe LLC's holdings in Truist Financial were worth $548,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Procyon Advisors LLC lifted its position in Truist Financial by 67.2% in the second quarter. Procyon Advisors LLC now owns 40,925 shares of the insurance provider's stock valued at $1,759,000 after buying an additional 16,452 shares during the last quarter. Baron Wealth Management LLC boosted its position in shares of Truist Financial by 6.4% during the 2nd quarter. Baron Wealth Management LLC now owns 5,256 shares of the insurance provider's stock worth $226,000 after purchasing an additional 315 shares during the period. Inspirion Wealth Advisors LLC increased its holdings in Truist Financial by 7.8% in the 2nd quarter. Inspirion Wealth Advisors LLC now owns 16,920 shares of the insurance provider's stock valued at $727,000 after purchasing an additional 1,220 shares during the last quarter. Wolff Financial Management LLC acquired a new position in Truist Financial during the second quarter worth $541,000. Finally, Czech National Bank lifted its stake in Truist Financial by 5.9% during the second quarter. Czech National Bank now owns 320,097 shares of the insurance provider's stock worth $13,761,000 after purchasing an additional 17,847 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on TFC. Keefe, Bruyette & Woods downgraded Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective on the stock. in a report on Wednesday, July 9th. Morgan Stanley restated a "mixed" rating on shares of Truist Financial in a report on Monday, July 21st. 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 note on Tuesday, July 8th. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and raised their price objective for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Finally, Wells Fargo & Company reaffirmed an "equal weight" rating and set a $47.00 target price on shares of Truist Financial in a research note on Thursday, August 21st. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $48.47.

Truist Financial Stock Down 0.2%

Shares of TFC stock traded down $0.11 on Friday, reaching $45.97. 19,223,350 shares of the stock were exchanged, compared to its average volume of 7,549,722. The company has a market capitalization of $59.28 billion, a price-to-earnings ratio of 12.53, a PEG ratio of 1.72 and a beta of 0.88. The business's 50 day moving average price is $45.02 and its 200 day moving average price is $41.75. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last announced 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). Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The business had revenue of $5.04 billion for the quarter, compared to analysts' expectations of $5.04 billion. During the same period last year, the firm earned $0.91 earnings per share. The firm's quarterly revenue was down 406.0% on a year-over-year basis. As a group, sell-side analysts expect that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

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

Insider Buying and Selling

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the company's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the transaction, the insider owned 500 shares in the company, valued at $22,595. This represents a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.17% of the stock is owned by corporate 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.