Sequoia Financial Advisors LLC grew its stake in Truist Financial Corporation (NYSE:TFC) by 5.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,205 shares of the insurance provider’s stock after purchasing an additional 608 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Truist Financial were worth $421,000 as of its most recent filing with the SEC.
Several other institutional investors also recently modified their holdings of TFC. First Hawaiian Bank increased its holdings in shares of Truist Financial by 0.9% in the second quarter. First Hawaiian Bank now owns 29,459 shares of the insurance provider’s stock valued at $1,106,000 after purchasing an additional 270 shares during the last quarter. Pettyjohn Wood & White Inc. grew its holdings in shares of Truist Financial by 0.3% during the second quarter. Pettyjohn Wood & White Inc. now owns 86,135 shares of the insurance provider’s stock worth $3,234,000 after buying an additional 278 shares during the last quarter. Thompson Investment Management Inc. grew its holdings in shares of Truist Financial by 1.2% during the second quarter. Thompson Investment Management Inc. now owns 26,268 shares of the insurance provider’s stock worth $986,000 after buying an additional 315 shares during the last quarter. Piedmont Investment Advisors Inc. grew its holdings in shares of Truist Financial by 1.3% during the first quarter. Piedmont Investment Advisors Inc. now owns 25,627 shares of the insurance provider’s stock worth $790,000 after buying an additional 326 shares during the last quarter. Finally, Hallmark Capital Management Inc. grew its holdings in shares of Truist Financial by 0.5% during the second quarter. Hallmark Capital Management Inc. now owns 60,639 shares of the insurance provider’s stock worth $2,277,000 after buying an additional 326 shares during the last quarter. Institutional investors and hedge funds own 73.36% of the company’s stock.
In related news, EVP David Hudson Weaver sold 7,416 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $38.28, for a total transaction of $283,884.48. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, COO William H. Rogers, Jr. sold 86,287 shares of the firm’s stock in a transaction dated Friday, July 17th. The stock was sold at an average price of $36.70, for a total transaction of $3,166,732.90. Following the transaction, the chief operating officer now directly owns 782,386 shares in the company, valued at $28,713,566.20. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by insiders.
A number of brokerages have weighed in on TFC. Wolfe Research began coverage on Truist Financial in a report on Friday, July 31st. They issued an “outperform” rating on the stock. BMO Capital Markets increased their price objective on shares of Truist Financial from $42.00 to $47.00 in a research note on Friday, July 17th. ValuEngine upgraded Truist Financial from a “sell” rating to a “hold” rating in a research report on Monday, August 3rd. Morgan Stanley raised their target price on Truist Financial from $37.00 to $39.00 and gave the company an “equal weight” rating in a research report on Thursday, June 25th. Finally, Wells Fargo & Company raised their target price on Truist Financial from $40.00 to $51.00 in a research report on Friday, June 5th. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $45.40.
Truist Financial stock traded down $0.41 during mid-day trading on Thursday, reaching $39.84. The company had a trading volume of 50,974 shares, compared to its average volume of 6,712,039. Truist Financial Corporation has a 1 year low of $24.01 and a 1 year high of $56.92. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.95 and a quick ratio of 0.93. The company has a market capitalization of $54.24 billion, a P/E ratio of 12.98, a P/E/G ratio of 1.46 and a beta of 1.41. The stock’s 50-day simple moving average is $38.55 and its 200-day simple moving average is $36.61.
Truist Financial (NYSE:TFC) last issued its earnings results on Thursday, July 16th. The insurance provider reported $0.82 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.18. The company had revenue of $5.87 billion during the quarter, compared to analysts’ expectations of $5.53 billion. Truist Financial had a net margin of 17.32% and a return on equity of 8.07%. During the same period last year, the company posted $1.09 earnings per share. On average, equities analysts forecast that Truist Financial Corporation will post 3.18 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 4.52%. The ex-dividend date of this dividend was Thursday, August 13th. Truist Financial’s dividend payout ratio is currently 41.19%.
About Truist Financial
Truist Financial Corp., formerly BB&T, is a bank holding company based in Charlotte, North Carolina. Its bank operates 2,049 branches in 15 states and Washington, DC, and offers consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services.
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