NewEdge Advisors LLC Boosts Stock Position in Truist Financial Corporation $TFC

NewEdge Advisors LLC boosted its position in Truist Financial Corporation (NYSE:TFC) by 11.4% in the 2nd quarter, HoldingsChannel reports. The firm owned 253,065 shares of the insurance provider’s stock after purchasing an additional 25,995 shares during the period. NewEdge Advisors LLC’s holdings in Truist Financial were worth $12,608,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Truist Financial in the 2nd quarter worth about $4,959,834,000. Pinnacle Financial Partners Inc. increased its stake in shares of Truist Financial by 30.0% during the 3rd quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock valued at $7,994,000 after acquiring an additional 40,393 shares during the last quarter. Fifth Third Bancorp increased its stake in shares of Truist Financial by 531.8% during the 1st quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider’s stock valued at $20,059,000 after acquiring an additional 367,291 shares during the last quarter. Franklin Street Advisors Inc. NC lifted its holdings in shares of Truist Financial by 129.1% during the 2nd quarter. Franklin Street Advisors Inc. NC now owns 37,253 shares of the insurance provider’s stock worth $1,856,000 after acquiring an additional 20,991 shares during the period. Finally, California State Teachers Retirement System lifted its holdings in shares of Truist Financial by 4,694.8% during the 2nd quarter. California State Teachers Retirement System now owns 97,097,187 shares of the insurance provider’s stock worth $4,837,382,000 after acquiring an additional 95,072,155 shares during the period. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Truist Financial

In other Truist Financial news, insider Donta L. Wilson sold 13,280 shares of Truist Financial stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $51.85, for a total transaction of $688,568.00. Following the sale, the insider directly owned 56,009 shares in the company, valued at $2,904,066.65. The trade was a 19.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director K. Boyer, Jr. sold 3,986 shares of the company’s stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total value of $202,090.20. Following the completion of the transaction, the director directly owned 10,270 shares in the company, valued at approximately $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. Over the last ninety days, insiders have sold 30,516 shares of company stock valued at $1,584,428. 0.15% of the stock is currently owned by insiders.

Truist Financial Stock Performance

Shares of NYSE:TFC opened at $50.43 on Friday. The business’s 50-day simple moving average is $51.55 and its 200 day simple moving average is $49.52. The company has a market cap of $61.61 billion, a P/E ratio of 11.57, a PEG ratio of 1.06 and a beta of 0.88. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86. 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 results on Friday, July 17th. The insurance provider reported $1.23 earnings per share 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 analysts’ expectations of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.Truist Financial’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.91 EPS. On average, sell-side analysts forecast that Truist Financial Corporation will post 4.58 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were paid a dividend of $0.52 per share. The ex-dividend date was Friday, August 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. Truist Financial’s dividend payout ratio (DPR) is currently 47.71%.

Wall Street Analyst Weigh In

TFC has been the subject of a number of recent analyst reports. Wall Street Zen upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Stephens cut their price target on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 21st. Weiss Ratings reiterated a “buy (b)” rating on shares of Truist Financial in a report on Wednesday, July 29th. Robert W. Baird boosted their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a research note on Monday, July 20th. Finally, Raymond James Financial restated a “market perform” rating on shares of Truist Financial in a report on Wednesday, July 1st. Seven equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Truist Financial currently has a consensus rating of “Hold” and a consensus target price of $55.12.

Truist Financial Company Profile

Truist Financial Corporation (NYSE:TFC) is a financial services company formed through the 2019 merger of BB&T Corporation and SunTrust Banks. Headquartered in Charlotte, North Carolina, Truist operates as a major commercial bank serving consumers, businesses, and institutions primarily across the United States.

Through its consumer and business banking operations, Truist provides checking and savings accounts, credit cards, mortgages, home equity lending, personal loans, commercial lending, treasury management, and payment services.