Insider Buying: Truist Financial (NYSE:TFC) CEO Buys 21,000 Shares of Stock

Truist Financial Corporation (NYSE:TFC) CEO Michael Lyons purchased 21,000 shares of the business’s stock in a transaction on Thursday, September 17th. The stock was purchased at an average price of $48.36 per share, with a total value of $1,015,560.00. Following the purchase, the chief executive officer owned 21,000 shares of the company’s stock, valued at approximately $1,015,560. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Truist Financial Stock Performance

NYSE:TFC opened at $48.43 on Friday. The company has a market cap of $59.17 billion, a price-to-earnings ratio of 11.11, a PEG ratio of 1.02 and a beta of 0.88. Truist Financial Corporation has a fifty-two week low of $40.78 and a fifty-two week high of $56.19. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a fifty day moving average price of $51.42 and a 200-day moving average price of $49.49.

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

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders 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 yield of 4.3%. Truist Financial’s dividend payout ratio is presently 47.71%.

Wall Street Analysts Forecast Growth

TFC has been the topic of several recent analyst reports. Citigroup lowered Truist Financial from a “buy” rating to a “neutral” rating and decreased their price target for the company from $63.00 to $54.00 in a research note on Tuesday, June 30th. Evercore reaffirmed an “outperform” rating and issued a $57.00 price objective on shares of Truist Financial in a research note on Monday, July 6th. Morgan Stanley reissued an “equal weight” rating and issued a $54.00 target price (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. Wall Street Zen upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Finally, UBS Group downgraded Truist Financial from a “buy” rating to a “neutral” rating and cut their price objective for the company from $58.00 to $55.00 in a report on Tuesday, July 7th. Seven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $55.12.

Institutional Trading of Truist Financial

Several institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in shares of Truist Financial in the 2nd quarter worth about $4,959,834,000. Auto Owners Insurance Co boosted its position in shares of Truist Financial by 4,821.0% during the 4th quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock valued at $697,428,000 after purchasing an additional 13,884,480 shares in the last quarter. Norges Bank acquired a new stake in Truist Financial during the fourth quarter worth approximately $502,340,000. Bank of New York Mellon Corp acquired a new stake in Truist Financial during the second quarter worth approximately $338,855,000. Finally, Deutsche Bank AG bought a new stake in Truist Financial in the second quarter worth approximately $257,208,000. 71.28% of the stock is currently owned by institutional investors.

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.