Glenmede Trust Co. NA Has $2.63 Million Position in Truist Financial Corporation $TFC

Glenmede Trust Co. NA raised its holdings in Truist Financial Corporation (NYSE:TFC) by 20.3% during the first quarter, Holdings Channel.com reports. The fund owned 57,199 shares of the insurance provider’s stock after purchasing an additional 9,635 shares during the period. Glenmede Trust Co. NA’s holdings in Truist Financial were worth $2,629,000 at the end of the most recent quarter.

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

Truist Financial Trading Up 1.4%

NYSE:TFC opened at $52.64 on Wednesday. The company has a market cap of $64.30 billion, a P/E ratio of 12.07, a P/E/G ratio of 0.94 and a beta of 0.89. The stock’s fifty day moving average price is $50.42 and its two-hundred day moving average price is $49.65. Truist Financial Corporation has a 1 year low of $40.78 and a 1 year high of $56.19. 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 results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.15. The firm had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The business’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same period last year, the company earned $0.91 earnings per share. As a group, analysts expect that Truist Financial Corporation will post 4.59 EPS for the current year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a yield of 4.0%. Truist Financial’s dividend payout ratio is 47.71%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on TFC shares. Weiss Ratings reissued a “buy (b)” rating on shares of Truist Financial in a research report on Wednesday, July 29th. JPMorgan Chase & Co. upped their price target on Truist Financial from $53.00 to $54.00 and gave the company an “underweight” rating in a research report on Wednesday, July 29th. Jefferies Financial Group reissued a “mixed” rating and issued a $45.00 price objective on shares of Truist Financial in a report on Friday, April 17th. Stephens decreased their price objective on Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a report on Tuesday, July 21st. Finally, UBS Group cut Truist Financial from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $58.00 to $55.00 in a research note on Tuesday, July 7th. Seven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $54.67.

Insiders Place Their Bets

In other news, Director K. David Jr. Boyer sold 3,986 shares of the company’s stock in a transaction dated 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 directly owned 10,270 shares in the company, valued at $520,689. This represents a 27.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Donta L. Wilson sold 13,280 shares of the stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $51.85, for a total transaction of $688,568.00. Following the completion of the sale, the insider directly owned 56,009 shares in the company, valued at approximately $2,904,066.65. The trade was a 19.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 30,516 shares of company stock worth $1,584,428 in the last quarter. 0.15% of the stock is owned by company insiders.

About Truist Financial

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.