Fairscale Capital LLC Makes New Investment in Truist Financial Co. (NYSE:TFC)

Fairscale Capital LLC acquired a new stake in Truist Financial Co. (NYSE:TFC) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 3,503 shares of the insurance provider’s stock, valued at approximately $149,000.

Several other large investors also recently modified their holdings of the company. Assetmark Inc. lifted its position in shares of Truist Financial by 8.6% during the 4th quarter. Assetmark Inc. now owns 32,043 shares of the insurance provider’s stock valued at $1,183,000 after acquiring an additional 2,538 shares during the period. Cambridge Investment Research Advisors Inc. boosted its position in shares of Truist Financial by 9.6% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 377,760 shares of the insurance provider’s stock worth $13,947,000 after purchasing an additional 32,983 shares in the last quarter. TCW Group Inc. bought a new stake in Truist Financial in the 4th quarter valued at about $785,000. Team Hewins LLC acquired a new position in Truist Financial during the 4th quarter worth approximately $299,000. Finally, Congress Wealth Management LLC DE bought a new position in Truist Financial in the fourth quarter worth approximately $316,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Truist Financial

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

Truist Financial Price Performance

Shares of NYSE:TFC opened at $42.32 on Friday. The company has a market capitalization of $56.63 billion, a P/E ratio of -32.06, a price-to-earnings-growth ratio of 1.98 and a beta of 1.06. The company’s 50-day moving average is $42.81 and its 200 day moving average is $39.54. 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.

Truist Financial (NYSE:TFC) last released its earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $4.83 billion. During the same period in the previous year, the company earned $0.95 earnings per share. The company’s quarterly revenue was down 15.9% on a year-over-year basis. On average, equities research analysts forecast that Truist Financial Co. will post 3.55 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.91%. The ex-dividend date of this dividend was Friday, August 9th. Truist Financial’s dividend payout ratio is currently -157.58%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on TFC. Bank of America upped their target price on Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Morgan Stanley lifted their price objective on shares of Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Argus upped 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. StockNews.com cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, July 23rd. Finally, Royal Bank of Canada boosted their price objective on Truist Financial from $42.00 to $45.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, Truist Financial presently has a consensus rating of “Hold” and an average target price of $45.45.

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.