Chesley Taft & Associates LLC increased its stake in shares of Truist Financial Co. (NYSE:TFC – Get Rating) by 10.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 256,021 shares of the insurance provider’s stock after purchasing an additional 25,130 shares during the period. Chesley Taft & Associates LLC’s holdings in Truist Financial were worth $8,730,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also recently modified their holdings of TFC. Fairfield Bush & CO. acquired a new position in shares of Truist Financial during the 1st quarter worth about $25,000. Elequin Securities LLC acquired a new position in shares of Truist Financial during the 4th quarter worth about $26,000. Grey Fox Wealth Advisors LLC acquired a new position in shares of Truist Financial during the 4th quarter worth about $28,000. J.Safra Asset Management Corp acquired a new position in shares of Truist Financial during the 4th quarter worth about $29,000. Finally, AXS Investments LLC acquired a new position in shares of Truist Financial during the 4th quarter worth about $31,000. Institutional investors and hedge funds own 71.49% of the company’s stock.
Insider Buying and Selling
In related news, Director Charles A. Patton purchased 3,668 shares of the business’s stock in a transaction that occurred on Tuesday, May 2nd. The shares were purchased at an average cost of $19.00 per share, for a total transaction of $69,692.00. Following the purchase, the director now directly owns 3,668 shares of the company’s stock, valued at $69,692. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.31% of the stock is owned by company insiders.
Truist Financial Stock Down 2.2 %
Shares of TFC traded down $0.71 during midday trading on Tuesday, reaching $31.19. The stock had a trading volume of 4,043,430 shares, compared to its average volume of 13,004,749. Truist Financial Co. has a 1-year low of $25.56 and a 1-year high of $53.34. The company’s fifty day simple moving average is $30.99 and its two-hundred day simple moving average is $38.60. The company has a market cap of $41.54 billion, a price-to-earnings ratio of 7.10, a PEG ratio of 1.68 and a beta of 1.05. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.86.
Truist Financial (NYSE:TFC – Get Rating) last announced its quarterly earnings data on Thursday, April 20th. The insurance provider reported $1.09 earnings per share for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.04). Truist Financial had a net margin of 22.81% and a return on equity of 12.37%. The firm had revenue of $6.15 billion during the quarter, compared to analyst estimates of $6.09 billion. During the same quarter in the previous year, the business posted $1.23 earnings per share. Truist Financial’s revenue for the quarter was up 15.0% compared to the same quarter last year. Equities research analysts expect that Truist Financial Co. will post 4.26 earnings per share for the current year.
Truist Financial Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, June 1st. Investors of record on Friday, May 12th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, May 11th. This represents a $2.08 annualized dividend and a yield of 6.67%. Truist Financial’s dividend payout ratio is currently 46.33%.
Analyst Ratings Changes
TFC has been the subject of several research reports. The Goldman Sachs Group dropped their price objective on shares of Truist Financial from $55.00 to $39.00 and set a “buy” rating for the company in a research note on Thursday, March 30th. JPMorgan Chase & Co. dropped their price objective on shares of Truist Financial from $50.00 to $41.00 and set a “neutral” rating for the company in a research note on Monday, April 10th. Morgan Stanley dropped their price objective on shares of Truist Financial from $42.00 to $41.00 and set an “equal weight” rating for the company in a research note on Friday, April 21st. Barclays dropped their price objective on shares of Truist Financial from $57.00 to $44.00 in a research note on Wednesday, April 12th. Finally, Royal Bank of Canada dropped their price objective on shares of Truist Financial from $46.00 to $43.00 in a research note on Tuesday, June 13th. Eleven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $45.22.
Truist Financial Profile
Truist Financial Corporation, a holding 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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