OLD National Bancorp IN Purchases 4,205 Shares of Truist Financial Corporation $TFC

OLD National Bancorp IN increased its position in Truist Financial Corporation (NYSE:TFC) by 1.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 257,322 shares of the insurance provider’s stock after purchasing an additional 4,205 shares during the quarter. OLD National Bancorp IN’s holdings in Truist Financial were worth $11,062,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. First Hawaiian Bank raised its holdings in shares of Truist Financial by 8.6% in the 1st quarter. First Hawaiian Bank now owns 11,991 shares of the insurance provider’s stock valued at $493,000 after purchasing an additional 948 shares during the period. Code Waechter LLC acquired a new position in Truist Financial in the 1st quarter valued at about $365,000. Cantor Fitzgerald Investment Advisors L.P. grew its stake in Truist Financial by 4.6% in the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider’s stock valued at $17,927,000 after buying an additional 19,286 shares during the last quarter. Pinnacle Financial Partners Inc grew its stake in Truist Financial by 55.1% in the 1st quarter. Pinnacle Financial Partners Inc now owns 134,363 shares of the insurance provider’s stock valued at $5,530,000 after buying an additional 47,717 shares during the last quarter. Finally, Credit Agricole S A grew its stake in Truist Financial by 76.4% in the 1st quarter. Credit Agricole S A now owns 500,384 shares of the insurance provider’s stock valued at $20,591,000 after buying an additional 216,672 shares during the last quarter. 71.28% of the stock is owned by institutional investors.

Truist Financial Stock Performance

Shares of NYSE:TFC opened at $45.53 on Friday. The company’s 50 day moving average price is $45.15 and its two-hundred day moving average price is $42.08. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $49.06. The firm has a market cap of $58.71 billion, a PE ratio of 12.41, a PEG ratio of 1.46 and a beta of 0.88. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC) last announced its earnings results 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 business had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. During the same quarter in the previous year, the company earned $0.91 EPS. The business’s revenue for the quarter was down 406.0% on a year-over-year basis. Equities research analysts predict that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were given a dividend of $0.52 per share. The ex-dividend date was Friday, August 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.6%. Truist Financial’s dividend payout ratio (DPR) is currently 56.68%.

Wall Street Analysts Forecast Growth

TFC has been the topic of a number of research reports. Raymond James Financial upgraded shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a research note on Tuesday, July 8th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $47.00 price target on shares of Truist Financial in a research note on Thursday, August 21st. 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 note on Wednesday, July 9th. Morgan Stanley upped their price target on shares of Truist Financial from $48.00 to $54.00 and gave the company an “equal weight” rating in a research note on Monday, September 29th. Finally, Evercore ISI upped their price target on shares of Truist Financial from $48.00 to $50.00 and gave the company an “in-line” rating in a research note on Tuesday. Two 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. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $48.89.

Insider Activity

In related news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the sale, the insider owned 500 shares in the company, valued at approximately $22,595. This trade represents a 96.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.17% of the company’s stock.

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.