Foundations Investment Advisors LLC bought a new stake in shares of Truist Financial Co. (NYSE:TFC – Get Rating) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 4,809 shares of the insurance provider’s stock, valued at approximately $229,000.
A number of other institutional investors and hedge funds have also made changes to their positions in TFC. Chesley Taft & Associates LLC increased its position in shares of Truist Financial by 2.6% during the second quarter. Chesley Taft & Associates LLC now owns 263,051 shares of the insurance provider’s stock valued at $12,477,000 after acquiring an additional 6,660 shares in the last quarter. AdvisorNet Financial Inc increased its position in shares of Truist Financial by 4.2% during the second quarter. AdvisorNet Financial Inc now owns 5,854 shares of the insurance provider’s stock valued at $278,000 after acquiring an additional 235 shares in the last quarter. Massmutual Trust Co. FSB ADV increased its position in shares of Truist Financial by 104.6% during the second quarter. Massmutual Trust Co. FSB ADV now owns 108,658 shares of the insurance provider’s stock valued at $5,154,000 after acquiring an additional 55,545 shares in the last quarter. Moody National Bank Trust Division increased its position in shares of Truist Financial by 13.3% during the second quarter. Moody National Bank Trust Division now owns 29,768 shares of the insurance provider’s stock valued at $1,412,000 after acquiring an additional 3,499 shares in the last quarter. Finally, Boltwood Capital Management bought a new stake in shares of Truist Financial during the second quarter valued at approximately $279,000. Institutional investors own 73.31% of the company’s stock.
Insider Buying and Selling at Truist Financial
In other Truist Financial news, CEO William H. Rogers, Jr. sold 142,606 shares of Truist Financial stock in a transaction on Wednesday, July 20th. The shares were sold at an average price of $47.78, for a total value of $6,813,714.68. Following the sale, the chief executive officer now directly owns 862,590 shares in the company, valued at approximately $41,214,550.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.31% of the stock is currently owned by insiders.
Truist Financial Trading Down 1.0 %
Truist Financial (NYSE:TFC – Get Rating) last announced its quarterly earnings data on Tuesday, July 19th. The insurance provider reported $1.20 EPS for the quarter, beating the consensus estimate of $1.17 by $0.03. The firm had revenue of $5.66 billion for the quarter, compared to the consensus estimate of $5.65 billion. Truist Financial had a net margin of 27.25% and a return on equity of 12.14%. The company’s revenue was up .1% on a year-over-year basis. During the same period last year, the firm earned $1.55 EPS. As a group, equities analysts anticipate that Truist Financial Co. will post 5 earnings per share for the current year.
Truist Financial Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Friday, August 12th were issued a $0.52 dividend. This is an increase from Truist Financial’s previous quarterly dividend of $0.48. This represents a $2.08 dividend on an annualized basis and a yield of 4.37%. The ex-dividend date was Thursday, August 11th. Truist Financial’s payout ratio is currently 47.17%.
Wall Street Analyst Weigh In
Several equities research analysts recently weighed in on TFC shares. StockNews.com downgraded shares of Truist Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, May 25th. Credit Suisse Group dropped their target price on shares of Truist Financial to $52.00 in a report on Friday, July 22nd. Citigroup dropped their target price on shares of Truist Financial from $58.00 to $52.00 and set a “neutral” rating on the stock in a report on Tuesday, July 12th. Piper Sandler dropped their target price on shares of Truist Financial to $52.00 in a report on Friday, July 22nd. Finally, Compass Point cut shares of Truist Financial from a “buy” rating to a “neutral” rating and set a $55.00 target price on the stock. in a report on Monday, August 15th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Truist Financial currently has a consensus rating of “Hold” and an average price target of $57.63.
About Truist Financial
Truist Financial Corporation, a holding 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.
- Get a free copy of the StockNews.com research report on Truist Financial (TFC)
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