Morningstar Investment Management LLC Raises Stock Position in Truist Financial Corporation $TFC

Morningstar Investment Management LLC raised its stake in Truist Financial Corporation (NYSE:TFC) by 23.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,728 shares of the insurance provider’s stock after buying an additional 2,948 shares during the period. Morningstar Investment Management LLC’s holdings in Truist Financial were worth $676,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Wealth Preservation Advisors LLC acquired a new stake in shares of Truist Financial in the first quarter valued at approximately $25,000. Centennial Bank AR grew its position in shares of Truist Financial by 360.2% in the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 580 shares during the last quarter. Motco grew its position in shares of Truist Financial by 435.6% in the first quarter. Motco now owns 798 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 649 shares during the last quarter. Ramirez Asset Management Inc. grew its position in shares of Truist Financial by 60.0% in the second quarter. Ramirez Asset Management Inc. now owns 800 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 300 shares during the last quarter. Finally, Meeder Asset Management Inc. grew its position in shares of Truist Financial by 115.3% in the first quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 468 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TFC has been the topic of several research reports. Citigroup upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and increased their price target for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Raymond James Financial reiterated an “outperform” rating on shares of Truist Financial in a research report on Tuesday, October 7th. Keefe, Bruyette & Woods lowered shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price target on the stock. in a research report on Wednesday, July 9th. Morgan Stanley raised their target price on shares of Truist Financial from $48.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Monday, September 29th. Finally, Evercore ISI raised their target price on shares of Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a research report on Tuesday, September 30th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $48.89.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the transaction, the insider owned 500 shares in the company, valued at $22,595. This trade represents a 96.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.14% of the stock is currently owned by company insiders.

Truist Financial Stock Up 1.4%

Shares of NYSE TFC opened at $42.92 on Tuesday. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06. The firm’s 50 day moving average price is $45.15 and its 200 day moving average price is $42.19. The firm has a market cap of $55.34 billion, a P/E ratio of 11.69, a price-to-earnings-growth ratio of 1.35 and a beta of 0.88. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.02). The company had revenue of $5.04 billion during the quarter, compared to analyst estimates of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The firm’s revenue for the quarter was down 406.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.91 EPS. As a group, sell-side analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date was Friday, August 8th. Truist Financial’s dividend payout ratio (DPR) is 56.68%.

Truist Financial Company Profile

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.