Regal Partners Ltd Grows Stake in Truist Financial Corporation $TFC

Regal Partners Ltd lifted its holdings in Truist Financial Corporation (NYSE:TFC) by 30.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,194,516 shares of the insurance provider’s stock after buying an additional 276,712 shares during the quarter. Truist Financial makes up about 3.0% of Regal Partners Ltd’s portfolio, making the stock its 10th biggest position. Regal Partners Ltd’s holdings in Truist Financial were worth $54,912,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC lifted its holdings in Truist Financial by 148.5% during the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after buying an additional 14,093 shares in the last quarter. Woodline Partners LP grew its stake in Truist Financial by 39.5% in the 1st quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock worth $4,575,000 after acquiring an additional 31,454 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in shares of Truist Financial during the second quarter worth approximately $575,000. AXA S.A. increased its holdings in Truist Financial by 23.1% during the 2nd quarter. AXA S.A. now owns 26,192 shares of the insurance provider’s stock worth $1,126,000 after purchasing an additional 4,921 shares during the period. Finally, Main Street Financial Solutions LLC raised its holdings in shares of Truist Financial by 20.1% in the second quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider’s stock valued at $292,000 after acquiring an additional 1,134 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

Truist Financial Stock Up 1.7%

Shares of TFC stock opened at $53.02 on Wednesday. The stock’s fifty day moving average price is $50.04 and its 200 day moving average price is $49.58. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19. The company has a market cap of $66.06 billion, a price-to-earnings ratio of 12.16, a price-to-earnings-growth ratio of 0.95 and a beta of 0.89. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.15. The firm had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.91 earnings per share. On average, research analysts expect that Truist Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial’s payout ratio is currently 47.71%.

Wall Street Analyst Weigh In

Several research firms have recently commented on TFC. Bank of America reissued a “neutral” rating and issued a $56.00 price target (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. JPMorgan Chase & Co. reissued an “underweight” rating and set a $53.00 price target (down from $53.50) on shares of Truist Financial in a research report on Monday, July 20th. Keefe, Bruyette & Woods raised their price target on shares of Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a report on Monday, July 20th. Royal Bank Of Canada lifted their price objective on shares of Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a research report on Monday, April 20th. Finally, Raymond James Financial reissued a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. Seven equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Truist Financial has a consensus rating of “Hold” and an average price target of $54.61.

Insiders Place Their Bets

In other Truist Financial news, CEO William H. Rogers, Jr. sold 13,250 shares of the firm’s stock in a transaction on Monday, July 20th. The shares were sold at an average price of $52.36, for a total value of $693,770.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director K. David Jr. Boyer sold 3,986 shares of Truist Financial stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total transaction of $202,090.20. Following the sale, the director owned 10,270 shares of the company’s stock, valued at $520,689. The trade was a 27.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.15% of the company’s stock.

Truist Financial Company Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.