Oppenheimer & Co. Inc. Increases Holdings in Truist Financial Co. (NYSE:TFC)

Oppenheimer & Co. Inc. boosted its position in Truist Financial Co. (NYSE:TFC) by 6.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 143,166 shares of the insurance provider’s stock after buying an additional 8,126 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Truist Financial were worth $5,562,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of TFC. Norges Bank bought a new stake in Truist Financial in the fourth quarter worth $307,787,000. Capital International Investors lifted its stake in shares of Truist Financial by 93.7% in the 1st quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock valued at $453,854,000 after acquiring an additional 5,632,493 shares during the last quarter. Parnassus Investments LLC purchased a new stake in Truist Financial during the 4th quarter valued at about $95,049,000. Azora Capital LP bought a new position in Truist Financial during the 4th quarter worth approximately $72,498,000. Finally, Jennison Associates LLC increased its stake in Truist Financial by 48.9% in the 1st quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock worth $149,698,000 after purchasing an additional 1,261,598 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Trading Up 0.5 %

Shares of NYSE TFC opened at $41.84 on Friday. Truist Financial Co. has a 1 year low of $26.57 and a 1 year high of $45.31. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a 50-day moving average of $42.53 and a 200 day moving average of $39.31. The stock has a market cap of $56.03 billion, a P/E ratio of -31.70, a price-to-earnings-growth ratio of 1.95 and a beta of 1.06.

Truist Financial (NYSE:TFC) last released its earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.07. The firm had revenue of $5.02 billion during the quarter, compared to analyst estimates of $4.83 billion. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The business’s revenue was down 15.9% on a year-over-year basis. During the same period last year, the business earned $0.95 earnings per share. As a group, sell-side analysts expect that Truist Financial Co. will post 3.55 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.97%. Truist Financial’s dividend payout ratio is currently -157.58%.

Analyst Upgrades and Downgrades

TFC has been the topic of several recent analyst reports. Keefe, Bruyette & Woods raised their target price on shares of Truist Financial from $46.00 to $48.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Argus boosted their price objective on shares of Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Baird R W lowered shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. StockNews.com cut Truist Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, July 23rd. Finally, Morgan Stanley upped their price target on Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 30th. 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’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $45.45.

Insider Activity

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