Evergreen Capital Management LLC Purchases 1,063 Shares of Truist Financial Co. (NYSE:TFC)

Evergreen Capital Management LLC increased its position in Truist Financial Co. (NYSE:TFC) by 8.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 14,228 shares of the insurance provider’s stock after acquiring an additional 1,063 shares during the period. Evergreen Capital Management LLC’s holdings in Truist Financial were worth $553,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Public Sector Pension Investment Board raised its stake in shares of Truist Financial by 8.2% in the second quarter. Public Sector Pension Investment Board now owns 226,903 shares of the insurance provider’s stock worth $8,815,000 after purchasing an additional 17,103 shares during the last quarter. Edge Capital Group LLC lifted its stake in Truist Financial by 4.2% during the 2nd quarter. Edge Capital Group LLC now owns 362,336 shares of the insurance provider’s stock valued at $14,077,000 after acquiring an additional 14,728 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of Truist Financial by 12.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 7,802 shares of the insurance provider’s stock valued at $303,000 after acquiring an additional 869 shares during the last quarter. Fairscale Capital LLC bought a new stake in shares of Truist Financial in the second quarter worth approximately $149,000. Finally, First City Capital Management Inc. raised its holdings in shares of Truist Financial by 70.5% during the second quarter. First City Capital Management Inc. now owns 11,309 shares of the insurance provider’s stock valued at $439,000 after purchasing an additional 4,677 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Stock Down 0.6 %

Shares of TFC opened at $41.73 on Thursday. The business’s 50 day moving average is $42.82 and its 200 day moving average is $39.63. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a 12-month low of $26.57 and a 12-month high of $45.31. The company has a market capitalization of $55.88 billion, a PE ratio of -31.60, a price-to-earnings-growth ratio of 1.94 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 EPS for the quarter, topping the consensus estimate of $0.84 by $0.07. The firm had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $4.83 billion. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The company’s quarterly revenue was down 15.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.95 earnings per share. Research analysts expect that Truist Financial Co. will post 3.55 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

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 4.98%. The ex-dividend date of this dividend was Friday, August 9th. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Insider Activity

In other news, CEO William H. Rogers, Jr. purchased 57,300 shares of the company’s stock in a transaction that occurred on 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 completion of the purchase, the chief executive officer now owns 569,271 shares in the company, valued at $25,025,153.16. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO William H. Rogers, Jr. acquired 57,300 shares of the firm’s stock in a transaction dated 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 acquisition, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at $25,025,153.16. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Cynthia B. Powell sold 6,688 shares of the firm’s stock in a transaction 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. Company insiders own 0.17% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on TFC shares. Argus lifted their target price on shares of Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Baird R W cut 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 target price on Truist Financial from $42.00 to $45.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Robert W. Baird lowered 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. Finally, Barclays raised their price objective on shares of Truist Financial from $43.00 to $47.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Truist Financial has an average rating of “Hold” and a consensus target price of $45.45.

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.