Truist Financial Corporation $TFC Shares Purchased by Davis Investment Partners LLC

Key Points

• Davis Investment Partners LLC increased its holdings in Truist Financial by 19.6% in Q2, acquiring an additional 5,809 shares and valuing their total stake at approximately $1.57 million.
• Insider Bradley D. Bender sold 12,540 shares of Truist's stock at an average price of $45.19, significantly reducing their ownership by 96.17%.
• Analysts have expressed a mixed outlook on Truist Financial, with recent price targets ranging from $47.00 to $55.00, and an average rating of "Moderate Buy".

Davis Investment Partners LLC boosted its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 19.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 35,426 shares of the insurance provider's stock after acquiring an additional 5,809 shares during the period. Davis Investment Partners LLC's holdings in Truist Financial were worth $1,566,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wealth Preservation Advisors LLC acquired a new position in Truist Financial during the first quarter worth about $25,000. Centennial Bank AR grew its holdings in shares of 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 in the last quarter. Motco grew its holdings in shares of 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 in the last quarter. Meeder Asset Management Inc. grew its holdings in shares of 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 in the last quarter. Finally, Sierra Ocean LLC grew its holdings in shares of 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 in the last quarter. Institutional investors and hedge funds own 71.28% of the company's stock.

Insider Buying and Selling

In related news, insider Bradley D. Bender sold 12,540 shares of the business's 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. The trade was a 96.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.14% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on TFC shares. Morgan Stanley reiterated a "mixed" rating on shares of Truist Financial in a report on Monday, July 21st. Keefe, Bruyette & Woods downgraded shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective for the company. in a research note on Wednesday, July 9th. Wells Fargo & Company reiterated an "equal weight" rating and set a $47.00 price objective on shares of Truist Financial in a research note on Thursday, August 21st. Raymond James Financial raised shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 target price on the stock in a research report on Tuesday, July 8th. Finally, Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Truist Financial presently has an average rating of "Moderate Buy" and an average target price of $48.47.

Truist Financial Stock Down 0.2%

TFC stock opened at $45.22 on Monday. The firm has a fifty day moving average price of $45.02 and a two-hundred day moving average price of $41.69. The firm has a market cap of $58.30 billion, a price-to-earnings ratio of 12.32, a PEG ratio of 1.69 and a beta of 0.88. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing the consensus estimate of $0.93 by ($0.02). The firm 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 firm's revenue was down 406.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.91 EPS. Research analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were issued 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 yield of 4.6%. Truist Financial's payout ratio is presently 56.68%.

Truist Financial Company 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.

Want to see what other hedge funds are holding TFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Truist Financial Corporation (NYSE:TFC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.