HighTower Advisors LLC Purchases 485,745 Shares of Truist Financial Corporation (NYSE:TFC)

Key Points

• HighTower Advisors LLC increased its stake in Truist Financial Corporation by 11.8% in the first quarter, owning 4,605,468 shares worth approximately $189.5 million.
• Truist Financial's quarterly earnings missed analysts' expectations, reporting $0.91 EPS against a consensus estimate of $0.93, while the firm's revenue experienced a decline of 406.0% year-over-year.
• The company announced a quarterly dividend of $0.52 per share, set to be paid on September 2nd, with a yield of 4.9% and a payout ratio of 56.68%.

HighTower Advisors LLC grew its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 11.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,605,468 shares of the insurance provider's stock after buying an additional 485,745 shares during the period. HighTower Advisors LLC owned 0.35% of Truist Financial worth $189,515,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Navigoe LLC acquired a new stake in Truist Financial during the fourth quarter worth about $26,000. Centennial Bank AR boosted its stake in Truist Financial by 360.2% during the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock worth $30,000 after buying an additional 580 shares during the period. Motco boosted its stake in Truist Financial by 435.6% during the first quarter. Motco now owns 798 shares of the insurance provider's stock worth $33,000 after buying an additional 649 shares during the period. Meeder Asset Management Inc. boosted its stake in Truist Financial by 115.3% during the first quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider's stock worth $36,000 after buying an additional 468 shares during the period. Finally, Sierra Ocean LLC boosted its stake in Truist Financial by 64.4% during the first quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock worth $37,000 after buying an additional 352 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of the business'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 directly owned 500 shares in the company, valued at $22,595. The trade was a 96.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.17% of the stock is owned by corporate insiders.

Truist Financial Stock Performance

TFC traded down $0.45 during trading on Friday, hitting $44.50. The stock had a trading volume of 6,876,737 shares, compared to its average volume of 7,136,164. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market capitalization of $57.38 billion, a P/E ratio of 12.13, a PEG ratio of 1.68 and a beta of 0.87. The company's 50-day moving average price is $43.31 and its 200 day moving average price is $41.91. 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 posted its quarterly earnings results 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). Truist Financial had a return on equity of 8.69% and a net margin of 16.82%. The company had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. During the same period last year, the company earned $0.91 earnings per share. The business's revenue for the quarter was down 406.0% compared to the same quarter last year. On average, equities research analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 8th will be given a $0.52 dividend. The ex-dividend date is Friday, August 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.7%. Truist Financial's payout ratio is currently 56.68%.

Wall Street Analyst Weigh In

TFC has been the subject of several recent research reports. Piper Sandler lowered 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 note on Monday, April 21st. Morgan Stanley reissued a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. Raymond James Financial raised shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price objective for the company in a research note on Tuesday, July 8th. Argus set a $43.00 price objective on shares of Truist Financial in a research note on Monday, April 21st. Finally, Keefe, Bruyette & Woods downgraded shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price target for the company. in a research note on Wednesday, July 9th. Six analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.65.

Truist Financial 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.