Global Retirement Partners LLC Takes Position in Truist Financial Corporation $TFC

Global Retirement Partners LLC acquired a new position in Truist Financial Corporation (NYSE:TFC) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 85,849 shares of the insurance provider’s stock, valued at approximately $4,277,000.

A number of other hedge funds have also recently made changes to their positions in TFC. Kemnay Advisory Services Inc. purchased a new stake in Truist Financial in the fourth quarter valued at approximately $25,000. Swiss RE Ltd. acquired a new position in Truist Financial during the fourth quarter worth $26,000. McMillan Office Inc. acquired a new position in Truist Financial during the fourth quarter worth $31,000. Mowery & Schoenfeld Wealth Management LLC boosted its position in shares of Truist Financial by 190.7% during the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock worth $32,000 after buying an additional 431 shares during the period. Finally, Ancora Advisors LLC boosted its position in shares of Truist Financial by 259.1% during the third quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock worth $32,000 after buying an additional 500 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Activity

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 transaction, the insider directly owned 56,009 shares in the company, valued at approximately $2,904,066.65. This trade represents a 19.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial stock in a transaction on Monday, July 20th. The shares were sold at an average price of $52.36, for a total transaction of $693,770.00. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 30,516 shares of company stock valued at $1,584,428. 0.15% of the stock is currently owned by company insiders.

Truist Financial Stock Down 0.0%

Truist Financial stock opened at $53.08 on Monday. Truist Financial Corporation has a fifty-two week low of $40.78 and a fifty-two week high of $56.19. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market capitalization of $64.84 billion, a P/E ratio of 12.17, a PEG ratio of 1.12 and a beta of 0.89. The stock has a 50-day simple moving average of $51.13 and a 200-day simple moving average of $49.80.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business’s revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 EPS. Equities research analysts expect that Truist Financial Corporation will post 4.58 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial’s dividend payout ratio is presently 47.71%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on TFC shares. Wall Street Zen upgraded Truist Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Morgan Stanley restated an “equal weight” rating and set a $54.00 target price (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. Stephens cut their price target on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 21st. Citigroup lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and cut their price target for the stock from $63.00 to $54.00 in a research note on Tuesday, June 30th. Finally, Robert W. Baird increased their price target on shares of Truist Financial from $55.00 to $56.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Seven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $54.67.

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.