Oak Thistle LLC acquired a new position in Truist Financial Co. (NYSE:TFC – Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 30,786 shares of the insurance provider’s stock, valued at approximately $934,000.
Several other institutional investors have also added to or reduced their stakes in the stock. Fairfield Bush & CO. bought a new stake in shares of Truist Financial during the 1st quarter valued at about $25,000. Winch Advisory Services LLC bought a new stake in shares of Truist Financial in the 1st quarter valued at $26,000. Grey Fox Wealth Advisors LLC acquired a new position in shares of Truist Financial during the 4th quarter valued at $28,000. GW&K Investment Management LLC bought a new position in Truist Financial during the first quarter worth $31,000. Finally, Quarry LP acquired a new stake in Truist Financial in the first quarter worth $32,000. 71.11% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several analysts have recently commented on TFC shares. Stephens reduced their target price on Truist Financial from $40.00 to $37.00 and set an “equal weight” rating for the company in a research note on Monday, July 24th. Barclays decreased their price objective on Truist Financial from $44.00 to $40.00 in a report on Tuesday, June 27th. Jefferies Financial Group cut Truist Financial from a “buy” rating to a “hold” rating and cut their target price for the stock from $37.00 to $32.00 in a report on Tuesday, July 11th. Raymond James decreased their price target on shares of Truist Financial from $36.00 to $34.00 and set an “outperform” rating for the company in a research note on Thursday. Finally, Keefe, Bruyette & Woods upgraded shares of Truist Financial from a “market perform” rating to an “outperform” rating and lowered their price objective for the stock from $37.00 to $36.00 in a report on Wednesday, September 20th. Twelve analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Truist Financial currently has an average rating of “Hold” and a consensus target price of $39.20.
Check Out Our Latest Analysis on TFC
Truist Financial Stock Performance
Shares of Truist Financial stock traded down $0.30 during trading hours on Monday, reaching $27.02. The company had a trading volume of 663,219 shares, compared to its average volume of 11,835,751. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.83 and a quick ratio of 0.82. Truist Financial Co. has a one year low of $25.56 and a one year high of $53.34. The firm has a market cap of $35.99 billion, a PE ratio of 6.24, a price-to-earnings-growth ratio of 1.65 and a beta of 1.05. The business has a fifty day simple moving average of $29.63 and a 200 day simple moving average of $30.93.
Truist Financial (NYSE:TFC – Get Free Report) last announced its quarterly earnings results on Thursday, July 20th. The insurance provider reported $0.92 earnings per share for the quarter, missing the consensus estimate of $1.00 by ($0.08). The company had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $5.97 billion. Truist Financial had a net margin of 20.17% and a return on equity of 11.73%. The company’s quarterly revenue was up 5.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.20 earnings per share. On average, analysts anticipate that Truist Financial Co. will post 3.72 earnings per share for the current fiscal year.
Truist Financial Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 11th were issued a $0.52 dividend. The ex-dividend date was Thursday, August 10th. This represents a $2.08 annualized dividend and a dividend yield of 7.70%. Truist Financial’s payout ratio is currently 48.15%.
About Truist Financial
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.
Further Reading
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