Arete Wealth Advisors LLC raised its position in Truist Financial Co. (NYSE:TFC – Get Rating) by 14.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,064 shares of the insurance provider’s stock after buying an additional 877 shares during the quarter. Arete Wealth Advisors LLC’s holdings in Truist Financial were worth $401,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TFC. Elmwood Wealth Management Inc. acquired a new position in Truist Financial in the 4th quarter valued at $25,000. Fairfield Bush & CO. bought a new stake in shares of Truist Financial during the 1st quarter valued at $25,000. Carolina Wealth Advisors LLC bought a new stake in shares of Truist Financial during the 1st quarter valued at $26,000. Cyrus J. Lawrence LLC bought a new stake in shares of Truist Financial during the 1st quarter valued at $27,000. Finally, Delos Wealth Advisors LLC lifted its position in shares of Truist Financial by 108.9% during the 4th quarter. Delos Wealth Advisors LLC now owns 518 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 270 shares during the period. 72.79% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research firms have recently weighed in on TFC. Morgan Stanley cut their target price on Truist Financial from $63.00 to $56.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 12th. Stephens cut their target price on Truist Financial from $74.00 to $64.00 and set an “overweight” rating for the company in a research report on Tuesday, June 7th. Jefferies Financial Group cut their target price on Truist Financial from $56.00 to $51.00 in a research report on Monday, July 11th. Wells Fargo & Company dropped their price objective on Truist Financial from $69.00 to $59.00 and set an “overweight” rating for the company in a research report on Friday, July 1st. Finally, Piper Sandler dropped their price objective on Truist Financial to $52.00 in a research report on Friday, July 22nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $57.58.
Truist Financial Price Performance
Truist Financial (NYSE:TFC – Get Rating) last posted its earnings results on Tuesday, July 19th. The insurance provider reported $1.20 EPS for the quarter, beating the consensus estimate of $1.17 by $0.03. The firm had revenue of $5.66 billion during the quarter, compared to the consensus estimate of $5.65 billion. Truist Financial had a return on equity of 12.14% and a net margin of 27.25%. The business’s quarterly revenue was up .1% on a year-over-year basis. During the same period last year, the company earned $1.55 earnings per share. Analysts expect that Truist Financial Co. will post 4.96 EPS for the current year.
Truist Financial Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 1st. Stockholders of record on Friday, August 12th will be paid a $0.52 dividend. This is a boost from Truist Financial’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend is Thursday, August 11th. This represents a $2.08 annualized dividend and a dividend yield of 4.15%. Truist Financial’s dividend payout ratio is presently 43.54%.
In other news, CEO William H. Rogers, Jr. sold 142,606 shares of the stock in a transaction dated Wednesday, July 20th. The stock was sold at an average price of $47.78, for a total value of $6,813,714.68. Following the completion of the sale, the chief executive officer now owns 862,590 shares of the company’s stock, valued at $41,214,550.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.31% of the company’s stock.
About Truist Financial
Truist Financial Corporation, a holding 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.
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