Ashton Thomas Private Wealth LLC Acquires New Position in Truist Financial Co. (NYSE:TFC)

Ashton Thomas Private Wealth LLC acquired a new stake in shares of Truist Financial Co. (NYSE:TFC) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 2,299 shares of the insurance provider’s stock, valued at approximately $89,000.

Several other institutional investors also recently bought and sold shares of TFC. Crewe Advisors LLC purchased a new stake in Truist Financial during the 1st quarter valued at about $27,000. Opal Wealth Advisors LLC purchased a new stake in shares of Truist Financial during the 1st quarter valued at about $29,000. MFA Wealth Advisors LLC purchased a new stake in shares of Truist Financial during the 2nd quarter valued at about $30,000. Missouri Trust & Investment Co boosted its holdings in shares of Truist Financial by 227.2% during the 4th quarter. Missouri Trust & Investment Co now owns 854 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 593 shares during the last quarter. Finally, Rise Advisors LLC purchased a new stake in shares of Truist Financial during the 1st quarter valued at about $32,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Stock Up 0.5 %

TFC opened at $41.84 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial Co. has a fifty-two week low of $26.57 and a fifty-two week high of $45.31. The firm’s fifty day moving average is $42.53 and its 200 day moving average is $39.31. The stock has a market cap of $56.03 billion, a price-to-earnings ratio of -31.70, a price-to-earnings-growth ratio of 1.95 and a beta of 1.06.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.84 by $0.07. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The business had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $4.83 billion. During the same quarter in the previous year, the company earned $0.95 EPS. The business’s quarterly revenue was down 15.9% compared to the same quarter last year. On average, sell-side analysts forecast that Truist Financial Co. will post 3.55 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 3rd. Shareholders of record on Friday, August 9th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.97%. The ex-dividend date of this dividend was Friday, August 9th. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on TFC. Keefe, Bruyette & Woods raised their price target on shares of Truist Financial from $46.00 to $48.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and raised their price target for the company from $45.00 to $47.00 in a report on Wednesday, July 24th. The Goldman Sachs Group raised their price target on shares of Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Robert W. Baird cut shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price objective on the stock. in a research note on Wednesday, July 17th. Finally, Bank of America upped their target price on shares of Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Truist Financial has an average rating of “Hold” and a consensus target price of $45.45.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $44.14, for a total transaction of $295,208.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, VP Cynthia B. Powell sold 6,688 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $44.14, for a total transaction of $295,208.32. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William H. Rogers, Jr. bought 57,300 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 569,271 shares in the company, valued at approximately $25,025,153.16. The disclosure for this purchase can be found here. Insiders own 0.17% of the company’s stock.

Truist Financial Company 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.