Private Advisor Group LLC Increases Stake in Truist Financial Co. (NYSE:TFC)

Private Advisor Group LLC increased its holdings in Truist Financial Co. (NYSE:TFC) by 1.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 74,756 shares of the insurance provider’s stock after purchasing an additional 916 shares during the quarter. Private Advisor Group LLC’s holdings in Truist Financial were worth $2,904,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Crewe Advisors LLC bought a new stake in shares of Truist Financial in the 1st quarter valued at about $27,000. Opal Wealth Advisors LLC bought a new stake in Truist Financial in the first quarter valued at approximately $29,000. MFA Wealth Advisors LLC purchased a new stake in shares of Truist Financial during the second quarter valued at approximately $30,000. Rise Advisors LLC bought a new position in shares of Truist Financial in the first quarter worth approximately $32,000. Finally, Missouri Trust & Investment Co increased its stake in shares of Truist Financial by 227.2% in the fourth quarter. Missouri Trust & Investment Co now owns 854 shares of the insurance provider’s stock worth $32,000 after buying an additional 593 shares during the period. 71.28% of the stock is owned by institutional investors.

Insider Activity at Truist Financial

In other news, VP Cynthia B. Powell sold 6,688 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total value of $295,208.32. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, VP Cynthia B. Powell sold 6,688 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total value of $295,208.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William H. Rogers, Jr. bought 57,300 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were acquired at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the purchase, the chief executive officer now owns 569,271 shares in the company, valued at approximately $25,025,153.16. The disclosure for this purchase can be found here. 0.17% of the stock is currently owned by insiders.

Truist Financial Price Performance

TFC stock opened at $41.65 on Thursday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a 50 day moving average price of $42.41 and a 200-day moving average price of $39.21. Truist Financial Co. has a 52-week low of $26.57 and a 52-week high of $45.31. The firm has a market capitalization of $55.78 billion, a price-to-earnings ratio of -31.55, a PEG ratio of 1.97 and a beta of 1.06.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.07. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The business had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $4.83 billion. During the same quarter in the previous year, the business earned $0.95 earnings per share. The firm’s quarterly revenue was down 15.9% compared to the same quarter last year. Equities research analysts forecast that Truist Financial Co. will post 3.55 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 9th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.99%. The ex-dividend date of this dividend was Friday, August 9th. Truist Financial’s payout ratio is -157.58%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on TFC shares. Robert W. Baird cut shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price target for the company. in a research report on Wednesday, July 17th. Argus increased their target price on shares of Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Royal Bank of Canada boosted their price target on Truist Financial from $42.00 to $45.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Stephens reiterated an “overweight” rating and issued a $50.00 price objective on shares of Truist Financial in a research report on Tuesday. Finally, Keefe, Bruyette & Woods upped their target price on Truist Financial from $46.00 to $48.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $45.45.

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.