SummitTX Capital L.P. Has $774,000 Stock Position in Truist Financial Corporation $TFC

SummitTX Capital L.P. raised its stake in Truist Financial Corporation (NYSE:TFC) by 223.7% during the 1st quarter, Holdings Channel reports. The fund owned 16,835 shares of the insurance provider’s stock after acquiring an additional 11,634 shares during the period. SummitTX Capital L.P.’s holdings in Truist Financial were worth $774,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of TFC. Auto Owners Insurance Co increased its stake in shares of Truist Financial by 4,821.0% during the fourth quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock worth $697,428,000 after purchasing an additional 13,884,480 shares during the period. Wellington Management Group LLP lifted its holdings in Truist Financial by 13,511.7% during the 3rd quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock worth $474,886,000 after purchasing an additional 10,310,523 shares during the last quarter. Norges Bank bought a new stake in Truist Financial in the 4th quarter valued at $502,340,000. American Assets Investment Management LLC boosted its stake in Truist Financial by 781.2% in the 4th quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider’s stock valued at $166,527,000 after purchasing an additional 3,000,000 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Truist Financial by 37.6% in the 4th quarter. Bank of New York Mellon Corp now owns 10,500,542 shares of the insurance provider’s stock valued at $516,732,000 after buying an additional 2,867,449 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO William H. Rogers, Jr. sold 13,250 shares of the company’s 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. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director K. David Jr. Boyer sold 3,986 shares of the stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total transaction of $202,090.20. Following the sale, the director owned 10,270 shares in the company, valued at $520,689. This represents a 27.96% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.15% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on TFC shares. 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 research report on Monday, July 6th. UBS Group downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and decreased their price target for the company from $58.00 to $55.00 in a research note on Tuesday, July 7th. Evercore reaffirmed an “outperform” rating and set a $57.00 price target on shares of Truist Financial in a research report on Monday, July 6th. Wall Street Zen cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Monday, June 29th. Finally, Bank of America reissued a “neutral” rating and issued a $56.00 price objective (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Seven analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $54.67.

Truist Financial Price Performance

Truist Financial stock opened at $51.98 on Friday. The stock’s fifty day moving average price is $50.21 and its two-hundred day moving average price is $49.60. Truist Financial Corporation has a one year low of $40.78 and a one year high of $56.19. 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 $64.76 billion, a PE ratio of 11.92, a price-to-earnings-growth ratio of 0.95 and a beta of 0.89.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.15. The firm had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The company’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.91 EPS. As a group, research analysts expect that Truist Financial Corporation will post 4.59 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date is Friday, August 14th. Truist Financial’s dividend payout ratio is presently 47.71%.

About Truist Financial

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.