Truist Financial Co. (NYSE:TFC) Shares Acquired by First City Capital Management Inc.

First City Capital Management Inc. increased its holdings in shares of Truist Financial Co. (NYSE:TFC) by 70.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,309 shares of the insurance provider’s stock after buying an additional 4,677 shares during the quarter. First City Capital Management Inc.’s holdings in Truist Financial were worth $439,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Frank Rimerman Advisors LLC increased its position in Truist Financial by 53,284.9% during the second quarter. Frank Rimerman Advisors LLC now owns 28,294 shares of the insurance provider’s stock worth $1,099,000 after purchasing an additional 28,241 shares during the last quarter. Holderness Investments Co. grew its stake in shares of Truist Financial by 0.6% during the 2nd quarter. Holderness Investments Co. now owns 60,145 shares of the insurance provider’s stock valued at $2,337,000 after buying an additional 359 shares during the period. ProShare Advisors LLC increased its holdings in shares of Truist Financial by 4.8% during the 2nd quarter. ProShare Advisors LLC now owns 283,534 shares of the insurance provider’s stock worth $11,015,000 after buying an additional 13,092 shares during the last quarter. Pacer Advisors Inc. raised its position in shares of Truist Financial by 4.6% in the 2nd quarter. Pacer Advisors Inc. now owns 95,577 shares of the insurance provider’s stock worth $3,713,000 after buying an additional 4,192 shares during the period. Finally, AE Wealth Management LLC boosted its holdings in Truist Financial by 8.3% in the second quarter. AE Wealth Management LLC now owns 414,261 shares of the insurance provider’s stock valued at $16,094,000 after acquiring an additional 31,689 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

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

Analysts Set New Price Targets

TFC has been the subject of several research analyst reports. The Goldman Sachs Group upped their price target on Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Baird R W cut shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Royal Bank of Canada raised their price objective on Truist Financial from $42.00 to $45.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Keefe, Bruyette & Woods upped their target price on Truist Financial from $46.00 to $48.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Finally, Morgan Stanley raised their target price on Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. One research 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. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $45.45.

Truist Financial Trading Down 1.4 %

Truist Financial stock opened at $42.32 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 1 year low of $26.57 and a 1 year high of $45.31. The firm’s 50-day moving average is $42.81 and its 200-day moving average is $39.54. The company has a market cap of $56.63 billion, a P/E ratio of -32.06, a PEG ratio of 1.98 and a beta of 1.06.

Truist Financial (NYSE:TFC) last issued its earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.07. The company had revenue of $5.02 billion during the quarter, compared to the consensus estimate of $4.83 billion. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. Truist Financial’s quarterly revenue was down 15.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.95 earnings per share. On average, equities analysts expect that Truist Financial Co. will post 3.55 earnings per share for the current year.

Truist Financial Dividend Announcement

The business 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 annualized dividend and a yield of 4.91%. The ex-dividend date of this dividend was Friday, August 9th. Truist Financial’s dividend payout ratio is presently -157.58%.

About Truist Financial

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.