Focus Financial Network Inc. Takes $248,000 Position in Truist Financial Corporation $TFC

Focus Financial Network Inc. bought a new position in Truist Financial Corporation (NYSE:TFC) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 5,779 shares of the insurance provider’s stock, valued at approximately $248,000.

Several other large investors have also recently made changes to their positions in TFC. First Hawaiian Bank raised its stake in Truist Financial by 8.6% during the 1st quarter. First Hawaiian Bank now owns 11,991 shares of the insurance provider’s stock valued at $493,000 after buying an additional 948 shares during the last quarter. Code Waechter LLC bought a new position in shares of Truist Financial during the 1st quarter valued at about $365,000. Cantor Fitzgerald Investment Advisors L.P. boosted its holdings in shares of Truist Financial by 4.6% during the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider’s stock valued at $17,927,000 after purchasing an additional 19,286 shares during the last quarter. Pinnacle Financial Partners Inc boosted its holdings in shares of Truist Financial by 55.1% during the 1st quarter. Pinnacle Financial Partners Inc now owns 134,363 shares of the insurance provider’s stock valued at $5,530,000 after purchasing an additional 47,717 shares during the last quarter. Finally, Credit Agricole S A lifted its holdings in shares of Truist Financial by 76.4% in the 1st quarter. Credit Agricole S A now owns 500,384 shares of the insurance provider’s stock valued at $20,591,000 after acquiring an additional 216,672 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Bradley D. Bender sold 12,540 shares of the company’s stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the sale, the insider directly owned 500 shares of the company’s stock, valued at $22,595. This represents a 96.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.14% of the stock is currently owned by insiders.

Truist Financial Stock Down 0.2%

TFC stock opened at $45.97 on Monday. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $49.06. The stock has a market capitalization of $59.28 billion, a P/E ratio of 12.53, a P/E/G ratio of 1.71 and a beta of 0.88. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. The firm has a 50-day simple moving average of $45.02 and a 200-day simple moving average of $41.73.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.02). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The business had revenue of $5.04 billion for the quarter, compared to analysts’ expectations of $5.04 billion. During the same period in the prior year, the company posted $0.91 EPS. The firm’s revenue was down 406.0% on a year-over-year basis. Equities analysts forecast that Truist Financial Corporation will post 4 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 2nd. Stockholders of record on Friday, August 8th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.5%. The ex-dividend date was Friday, August 8th. Truist Financial’s dividend payout ratio is currently 56.68%.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Citigroup raised shares of Truist Financial from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Morgan Stanley reissued a “mixed” rating on shares of Truist Financial in a report on Monday, July 21st. Raymond James Financial raised shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a report on Tuesday, July 8th. Wells Fargo & Company reiterated an “equal weight” rating and set a $47.00 price objective on shares of Truist Financial in a research note on Thursday, August 21st. Finally, Keefe, Bruyette & Woods downgraded shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price objective for the company. in a research note on Wednesday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $48.47.

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.