Wolff Financial Management LLC Purchases New Position in Truist Financial Corporation $TFC

Key Points

• Wolff Financial Management LLC acquired a new stake in Truist Financial Corporation, purchasing 12,586 shares valued at approximately $541,000 during the 2nd quarter.
• Insider Bradley D. Bender sold 12,540 shares of Truist Financial, resulting in a 96.17% decrease in their ownership.
• Numerous analyst ratings and price targets for Truist Financial have been released, with Wells Fargo setting a target price of $47.00 and Raymond James upgrading the stock to an "outperform" rating with a target of $50.00.

Wolff Financial Management LLC acquired a new stake in Truist Financial Corporation (NYSE:TFC - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 12,586 shares of the insurance provider's stock, valued at approximately $541,000.

Several other institutional investors also recently bought and sold shares of the company. Wealth Preservation Advisors LLC acquired a new position in shares of Truist Financial during the 1st quarter worth $25,000. Centennial Bank AR grew its stake in shares of Truist Financial by 360.2% during the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock worth $30,000 after purchasing an additional 580 shares during the period. Motco grew its stake in shares of Truist Financial by 435.6% during the 1st quarter. Motco now owns 798 shares of the insurance provider's stock worth $33,000 after purchasing an additional 649 shares during the period. Meeder Asset Management Inc. grew its stake in shares of Truist Financial by 115.3% during the 1st quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider's stock worth $36,000 after purchasing an additional 468 shares during the period. Finally, Sierra Ocean LLC grew its stake in shares of Truist Financial by 64.4% during the 1st quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock worth $37,000 after purchasing an additional 352 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Price Performance

Truist Financial stock traded down $0.11 during midday trading on Friday, hitting $45.97. The company's stock had a trading volume of 19,223,350 shares, compared to its average volume of 7,549,722. 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 stock's 50-day moving average price is $45.02 and its 200-day moving average price is $41.75. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $49.06. The company has a market capitalization of $59.28 billion, a PE ratio of 12.53, a price-to-earnings-growth ratio of 1.72 and a beta of 0.88.

Truist Financial (NYSE:TFC - Get Free Report) last issued 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). 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 during the quarter, compared to the consensus estimate of $5.04 billion. During the same quarter last year, the firm posted $0.91 earnings per share. Truist Financial's revenue was down 406.0% compared to the same quarter last year. Analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Morgan Stanley reaffirmed a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and upped their price target for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Keefe, Bruyette & Woods lowered shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective on the stock. in a research report on Wednesday, July 9th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $47.00 price objective on shares of Truist Financial in a research report on Thursday, August 21st. Finally, Raymond James Financial upgraded shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price objective on the stock in a research report on Tuesday, July 8th. Two investment 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 stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $48.47.

Insider Transactions at Truist Financial

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the business's stock in a transaction dated 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 in the company, valued at approximately $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 accessible through this hyperlink. Insiders own 0.17% of the company's stock.

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.