SummitTX Capital L.P. Has $774,000 Holdings in Truist Financial Corporation $TFC

SummitTX Capital L.P. raised its position in Truist Financial Corporation (NYSE:TFC) by 223.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,835 shares of the insurance provider’s stock after purchasing an additional 11,634 shares during the quarter. SummitTX Capital L.P.’s holdings in Truist Financial were worth $774,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of TFC. Kemnay Advisory Services Inc. bought a new position in shares of Truist Financial during the 4th quarter worth approximately $25,000. Swiss RE Ltd. bought a new stake in shares of Truist Financial in the fourth quarter worth $26,000. McMillan Office Inc. acquired a new position in Truist Financial during the fourth quarter worth $31,000. Ancora Advisors LLC boosted its holdings in Truist Financial by 259.1% during the third quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 500 shares during the last quarter. Finally, Maseco LLP grew its position in Truist Financial by 53.8% in the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 228 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Stock Performance

Shares of TFC stock opened at $51.98 on Friday. The stock has a market cap of $64.76 billion, a P/E ratio of 11.92, a P/E/G 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. The company has a fifty day moving average price of $50.21 and a two-hundred day moving average price of $49.60. Truist Financial Corporation has a one year low of $40.78 and a one year high of $56.19.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.15. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. Truist Financial’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.91 EPS. As a group, equities analysts predict that Truist Financial Corporation will post 4.59 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently declared 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 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial’s payout ratio is 47.71%.

Insider Buying and Selling

In other news, CEO William H. Rogers, Jr. sold 13,250 shares of the firm’s stock in a transaction that occurred on Monday, July 20th. The stock was 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 through this hyperlink. Also, Director K. David Jr. Boyer sold 3,986 shares of Truist Financial stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total value of $202,090.20. Following the transaction, the director owned 10,270 shares of the company’s stock, valued at $520,689. This represents a 27.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.15% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on TFC shares. Jefferies Financial Group reiterated a “mixed” rating and issued a $45.00 price target on shares of Truist Financial in a research note on Friday, April 17th. Robert W. Baird increased their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the stock a “neutral” rating in a research note on Monday, July 20th. Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $63.00 to $54.00 in a report on Tuesday, June 30th. Bank of America reaffirmed a “neutral” rating and issued a $56.00 target price (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Finally, Wall Street Zen lowered Truist Financial from a “hold” rating to a “sell” rating in a report on Monday, June 29th. Seven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Truist Financial currently has an average rating of “Hold” and an average target price of $54.67.

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.