Texas Capital Bank Wealth Management Services Inc purchased a new position in shares of Truist Financial Corporation (NYSE:TFC – Free Report) during the second quarter, HoldingsChannel reports. The fund purchased 15,284 shares of the insurance provider’s stock, valued at approximately $761,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. 3Chopt Investment Partners LLC lifted its holdings in Truist Financial by 1.3% during the fourth quarter. 3Chopt Investment Partners LLC now owns 14,713 shares of the insurance provider’s stock worth $724,000 after acquiring an additional 193 shares in the last quarter. IFP Advisors Inc grew its stake in Truist Financial by 2.4% in the fourth quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider’s stock valued at $404,000 after acquiring an additional 194 shares during the period. PCB Capital LLC increased its holdings in shares of Truist Financial by 3.0% in the first quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider’s stock worth $310,000 after acquiring an additional 198 shares in the last quarter. AlphaCore Capital LLC increased its holdings in shares of Truist Financial by 8.3% in the fourth quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider’s stock worth $128,000 after acquiring an additional 199 shares in the last quarter. Finally, CYBER HORNET ETFs LLC raised its position in shares of Truist Financial by 5.5% during the fourth quarter. CYBER HORNET ETFs LLC now owns 3,820 shares of the insurance provider’s stock worth $188,000 after purchasing an additional 199 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.
Truist Financial Stock Performance
Shares of Truist Financial stock opened at $52.58 on Tuesday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market cap of $64.23 billion, a price-to-earnings ratio of 12.06, a price-to-earnings-growth ratio of 1.12 and a beta of 0.89. The stock’s 50-day moving average is $51.21 and its 200-day moving average is $49.81. Truist Financial Corporation has a one year low of $40.78 and a one year high of $56.19.
Truist Financial Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a yield of 4.0%. Truist Financial’s dividend payout ratio is 47.71%.
Insiders Place Their Bets
In other news, insider Donta L. Wilson sold 13,280 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the completion of the transaction, the insider directly owned 56,009 shares of the company’s stock, valued at $2,904,066.65. This trade represents a 19.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $52.36, for a total transaction of $693,770.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 30,516 shares of company stock valued at $1,584,428 in the last quarter. 0.15% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on TFC. Morgan Stanley reiterated an “equal weight” rating and set a $54.00 price objective (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. Royal Bank Of Canada increased their target price on Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a research note on Monday, April 20th. Stephens dropped their target price on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating on the stock in a report on Tuesday, July 21st. Keefe, Bruyette & Woods lifted their price target on shares of Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a research note on Monday, July 20th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Truist Financial from $53.00 to $54.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 29th. Seven analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Truist Financial has an average rating of “Hold” and a consensus price target of $54.67.
Read Our Latest Stock Report on TFC
Truist Financial Profile
Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.
Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.
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