Truist Financial Corporation $TFC Shares Acquired by Fortis Capital Advisors LLC

Key Points

• Fortis Capital Advisors LLC increased its stake in Truist Financial Corporation by 367.5% during the first quarter, owning 25,163 shares valued at over $1 million.
• Analysts have varied opinions on Truist Financial; Citigroup upgraded it to a "buy" with a target price of $55.00, while others have issued hold or market perform ratings.
• Truist Financial reported quarterly earnings of $0.91 per share, slightly missing estimates, and its stock has experienced both highs and lows, ranging from $33.56 to $49.06 over the past year.

Fortis Capital Advisors LLC lifted its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 367.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 25,163 shares of the insurance provider's stock after purchasing an additional 19,781 shares during the quarter. Fortis Capital Advisors LLC's holdings in Truist Financial were worth $1,035,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in TFC. Wealth Preservation Advisors LLC acquired a new stake in Truist Financial in the 1st quarter valued at approximately $25,000. Centennial Bank AR increased its position in Truist Financial by 360.2% in the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock valued at $30,000 after acquiring an additional 580 shares during the period. Motco increased its position in Truist Financial by 435.6% in the 1st quarter. Motco now owns 798 shares of the insurance provider's stock valued at $33,000 after acquiring an additional 649 shares during the period. Meeder Asset Management Inc. increased its position in Truist Financial by 115.3% in the 1st quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider's stock valued at $36,000 after acquiring an additional 468 shares during the period. Finally, Sierra Ocean LLC increased its position in Truist Financial by 64.4% in the 1st quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock valued at $37,000 after acquiring an additional 352 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on TFC shares. TD Cowen started coverage on Truist Financial in a research report on Thursday, May 15th. They issued a "hold" rating and a $44.00 target price on the stock. Keefe, Bruyette & Woods cut Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price on the stock. in a research report on Wednesday, July 9th. Citigroup upgraded Truist Financial from a "neutral" rating to a "buy" rating and lifted their price target for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Raymond James Financial upgraded Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price target on the stock in a research report on Tuesday, July 8th. Finally, Morgan Stanley reiterated a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $48.47.

Truist Financial Stock Performance

TFC opened at $45.29 on Wednesday. The firm has a market cap of $58.40 billion, a PE ratio of 12.34, a P/E/G ratio of 1.72 and a beta of 0.88. 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 business has a fifty day simple moving average of $45.02 and a 200-day simple moving average of $41.72. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06.

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 company had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The business's revenue was down 406.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.91 earnings per share. As a group, equities analysts predict that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.6%. Truist Financial's dividend payout ratio (DPR) is currently 56.68%.

Insider Buying and Selling at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the firm's stock in a transaction 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 completion of 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.14% of the stock is currently 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.

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