Iron Horse Wealth Management LLC Has $44,000 Stock Position in Truist Financial Corporation $TFC

Iron Horse Wealth Management LLC grew its stake in shares of Truist Financial Corporation (NYSE:TFC) by 192.5% during the 2nd quarter, Holdings Channel.com reports. The firm owned 1,018 shares of the insurance provider’s stock after buying an additional 670 shares during the quarter. Iron Horse Wealth Management LLC’s holdings in Truist Financial were worth $44,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Simplicity Wealth LLC acquired a new position in shares of Truist Financial during the second quarter valued at about $627,000. OLD National Bancorp IN raised its holdings in shares of Truist Financial by 1.7% during the second quarter. OLD National Bancorp IN now owns 257,322 shares of the insurance provider’s stock valued at $11,062,000 after purchasing an additional 4,205 shares during the period. Apexium Financial LP raised its holdings in shares of Truist Financial by 10.8% during the second quarter. Apexium Financial LP now owns 6,018 shares of the insurance provider’s stock valued at $259,000 after purchasing an additional 587 shares during the period. Hennessy Advisors Inc. raised its holdings in shares of Truist Financial by 12.3% during the second quarter. Hennessy Advisors Inc. now owns 36,500 shares of the insurance provider’s stock valued at $1,569,000 after purchasing an additional 4,000 shares during the period. Finally, Keystone Financial Group Inc. raised its holdings in shares of Truist Financial by 1.3% during the second quarter. Keystone Financial Group Inc. now owns 21,283 shares of the insurance provider’s stock valued at $942,000 after purchasing an additional 266 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insider Transactions at Truist Financial

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the company’s stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the sale, the insider directly owned 500 shares of the company’s stock, valued at approximately $22,595. This represents a 96.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.17% of the company’s stock.

Truist Financial Trading Up 0.4%

Shares of TFC stock opened at $45.53 on Friday. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $49.06. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. The company has a 50-day simple moving average of $45.15 and a two-hundred day simple moving average of $42.08. The company has a market capitalization of $58.71 billion, a price-to-earnings ratio of 12.41, a PEG ratio of 1.46 and a beta of 0.88.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.02). Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The firm had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $5.04 billion. During the same period in the previous year, the company posted $0.91 earnings per share. The company’s revenue for the quarter was down 406.0% on a year-over-year basis. Research analysts anticipate that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial’s dividend payout ratio is presently 56.68%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on TFC shares. Keefe, Bruyette & Woods lowered shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price objective on the stock. in a report on Wednesday, July 9th. Wells Fargo & Company restated an “equal weight” rating and issued a $47.00 target price on shares of Truist Financial in a report on Thursday, August 21st. Morgan Stanley upped their target price on shares of Truist Financial from $48.00 to $54.00 and gave the stock an “equal weight” rating in a report on Monday, September 29th. Raymond James Financial upgraded shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a report on Tuesday, July 8th. Finally, Citigroup upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and upped their target price for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.89.

About Truist Financial

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.