Insider Buying: Truist Financial (NYSE:TFC) CEO Purchases 25,000 Shares of Stock

Key Points

• Truist Financial CEO Michael Lyons bought 25,000 shares at an average price of $48.36, investing approximately $1.21 million and more than doubling his direct ownership to 46,000 shares.
• Truist shares rose 2.1% to $49.43, while the company’s latest quarterly results slightly missed analyst estimates for both earnings and revenue.
• The company declared a quarterly dividend of $0.52 per share, equal to an annualized $2.08 payout and a 4.2% yield; analysts collectively maintain a “Hold” rating with an average price target of $53.76.

Truist Financial Corporation (NYSE:TFC - Get Free Report) CEO Michael Lyons purchased 25,000 shares of the business's stock in a transaction dated Wednesday, October 28th. The shares were purchased at an average price of $48.36 per share, with a total value of $1,209,000.00. Following the acquisition, the chief executive officer directly owned 46,000 shares in the company, valued at approximately $2,224,560. The trade was a 119.05% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Truist Financial Trading Up 2.1%

Shares of TFC traded up $1.01 during midday trading on Thursday, hitting $49.43. 1,694,517 shares of the stock were exchanged, compared to its average volume of 8,720,248. The stock has a fifty day simple moving average of $48.46 and a 200 day simple moving average of $49.51. Truist Financial Corporation has a 52-week low of $43.13 and a 52-week high of $56.19. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a market cap of $60.38 billion, a P/E ratio of 12.74, a P/E/G ratio of 1.08 and a beta of 0.92.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings data on Friday, October 16th. The insurance provider reported $1.16 earnings per share for the quarter, missing analysts' consensus estimates of $1.17 by ($0.01). Truist Financial had a return on equity of 10.37% and a net margin of 18.01%. The company had revenue of $5.30 billion for the quarter, compared to analysts' expectations of $5.35 billion. During the same period in the prior year, the company posted $1.04 EPS. The firm's revenue was up 1.3% compared to the same quarter last year. On average, research analysts anticipate that Truist Financial Corporation will post 4.66 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 13th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, November 13th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.2%. Truist Financial's payout ratio is 53.61%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Raymond James Financial cut shares of Truist Financial from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 1st. JPMorgan Chase & Co. dropped their target price on Truist Financial from $54.00 to $50.50 and set an "underweight" rating on the stock in a report on Friday, October 2nd. Wall Street Zen raised Truist Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Bank of America cut shares of Truist Financial from a "buy" rating to a "neutral" rating and raised their target price for the stock from $54.00 to $56.00 in a research note on Wednesday, July 8th. Finally, HSBC began coverage on Truist Financial in a report on Monday, September 28th. They issued a "buy" rating and a $61.00 price objective on the stock. Seven analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Truist Financial presently has an average rating of "Hold" and an average price target of $53.76.

Institutional Investors Weigh In On Truist Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Truist Financial in the 3rd quarter worth about $13,915,000. Aviance Capital Partners LLC increased its holdings in shares of Truist Financial by 3.3% during the third quarter. Aviance Capital Partners LLC now owns 13,778 shares of the insurance provider's stock valued at $638,000 after acquiring an additional 438 shares in the last quarter. Profund Advisors LLC increased its holdings in shares of Truist Financial by 6.2% in the 3rd quarter. Profund Advisors LLC now owns 13,234 shares of the insurance provider's stock worth $613,000 after purchasing an additional 775 shares in the last quarter. Cidel Asset Management Inc. raised its stake in Truist Financial by 2.8% during the 3rd quarter. Cidel Asset Management Inc. now owns 14,820 shares of the insurance provider's stock valued at $686,000 after buying an additional 397 shares during the last quarter. Finally, Aprio Wealth Management LLC boosted its holdings in shares of Truist Financial by 7.7% in the third quarter. Aprio Wealth Management LLC now owns 12,754 shares of the insurance provider's stock worth $591,000 after buying an additional 913 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Company Profile

Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.

Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.

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