Truist Financial Corporation $TFC Stock: Inspire Trust Co. N.A. Raises Stake

Inspire Trust Co. N.A. raised its position in Truist Financial Corporation (NYSE:TFC) by 7.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 140,000 shares of the insurance provider’s stock after purchasing an additional 10,000 shares during the quarter. Inspire Trust Co. N.A.’s holdings in Truist Financial were worth $6,482,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. N.E.W. Advisory Services LLC purchased a new stake in shares of Truist Financial in the second quarter worth approximately $30,000. Navigoe LLC purchased a new position in Truist Financial during the 2nd quarter valued at $30,000. Wilkerson Advisory Group LLC boosted its holdings in Truist Financial by 104.0% during the 1st quarter. Wilkerson Advisory Group LLC now owns 826 shares of the insurance provider’s stock valued at $38,000 after acquiring an additional 421 shares during the period. Elevation Wealth Partners LLC grew its position in Truist Financial by 44.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 892 shares of the insurance provider’s stock valued at $44,000 after acquiring an additional 275 shares during the last quarter. Finally, Latitude Advisors LLC bought a new position in Truist Financial in the 3rd quarter valued at $45,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. JPMorgan Chase & Co. lifted their target price on Truist Financial from $50.50 to $51.50 and gave the stock an “underweight” rating in a research report on Friday, October 30th. Weiss Ratings restated a “buy (b)” rating on shares of Truist Financial in a report on Tuesday, October 27th. HSBC started coverage on shares of Truist Financial in a research note on Monday, September 28th. They issued a “buy” rating and a $61.00 price target on the stock. Robert W. Baird lifted their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Finally, Evercore reissued an “outperform” rating and issued a $55.00 price objective (up from $54.00) on shares of Truist Financial in a research report on Tuesday, October 27th. Nine research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $54.73.

Truist Financial Stock Down 0.1%

Shares of Truist Financial stock opened at $50.26 on Wednesday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.88 and a quick ratio of 0.88. Truist Financial Corporation has a 1 year low of $43.13 and a 1 year high of $56.19. The firm’s 50-day moving average is $48.35 and its two-hundred day moving average is $49.50. The stock has a market cap of $60.23 billion, a price-to-earnings ratio of 12.95, a PEG ratio of 1.12 and a beta of 0.90.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, October 16th. The insurance provider reported $1.16 EPS for the quarter, missing the consensus estimate of $1.17 by ($0.01). Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. The business had revenue of $5.30 billion during the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter in the prior year, the firm posted $1.04 EPS. The company’s revenue for the quarter was up 1.3% compared to the same quarter last year. As a group, research analysts expect that Truist Financial Corporation will post 4.66 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 13th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $2.08 dividend on an annualized basis and a yield of 4.1%. Truist Financial’s payout ratio is 53.61%.

Insiders Place Their Bets

In related news, CEO Michael Lyons bought 25,000 shares of the stock in a transaction on Wednesday, October 28th. The stock was bought at an average price of $48.36 per share, for a total transaction of $1,209,000.00. Following the completion of the acquisition, the chief executive officer directly owned 46,000 shares in the company, valued at approximately $2,224,560. This represents a 119.05% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.15% of the stock is currently owned by corporate insiders.

Truist Financial Profile

Truist Financial Corporation (NYSE: TFC) is a financial services company headquartered in Charlotte, North Carolina. It provides banking and related services to individuals, businesses and institutions, including deposit accounts, loans, credit cards, payment services and treasury management. The company also offers wealth management, investment and mortgage services, along with commercial banking and capital markets solutions. Its operations are concentrated in the southeastern and mid-Atlantic United States, serving customers through branches, digital channels and other delivery platforms.