Wealth Alliance Buys 1,334 Shares of Truist Financial Co. (NYSE:TFC)

Wealth Alliance lifted its stake in shares of Truist Financial Co. (NYSE:TFC) by 3.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 37,842 shares of the insurance provider’s stock after acquiring an additional 1,334 shares during the period. Wealth Alliance’s holdings in Truist Financial were worth $1,470,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in TFC. Capital Investment Counsel Inc grew its holdings in Truist Financial by 0.4% during the 2nd quarter. Capital Investment Counsel Inc now owns 62,111 shares of the insurance provider’s stock worth $2,413,000 after acquiring an additional 244 shares during the last quarter. Verum Partners LLC lifted its position in shares of Truist Financial by 2.5% in the 2nd quarter. Verum Partners LLC now owns 10,573 shares of the insurance provider’s stock worth $411,000 after purchasing an additional 261 shares during the period. CX Institutional lifted its position in shares of Truist Financial by 3.4% in the 2nd quarter. CX Institutional now owns 8,050 shares of the insurance provider’s stock worth $313,000 after purchasing an additional 263 shares during the period. Coldstream Capital Management Inc. lifted its position in shares of Truist Financial by 1.5% in the 2nd quarter. Coldstream Capital Management Inc. now owns 18,593 shares of the insurance provider’s stock worth $722,000 after purchasing an additional 274 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC lifted its position in shares of Truist Financial by 2.0% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 14,339 shares of the insurance provider’s stock worth $557,000 after purchasing an additional 275 shares during the period. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

NYSE TFC opened at $41.88 on Wednesday. Truist Financial Co. has a 1 year low of $26.57 and a 1 year high of $45.31. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market cap of $56.08 billion, a price-to-earnings ratio of -31.73, a PEG ratio of 1.95 and a beta of 1.06. The company has a fifty day moving average price of $42.67 and a 200-day moving average price of $39.44.

Truist Financial (NYSE:TFC) last posted its earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.07. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The firm had revenue of $5.02 billion during the quarter, compared to analyst estimates of $4.83 billion. During the same quarter in the prior year, the business posted $0.95 EPS. The business’s revenue was down 15.9% compared to the same quarter last year. As a group, equities research analysts predict that Truist Financial Co. will post 3.55 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 9th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.08 annualized dividend and a yield of 4.97%. Truist Financial’s payout ratio is currently -157.58%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on TFC. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $45.00 to $47.00 in a research report on Wednesday, July 24th. Bank of America boosted their target price on shares of Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Barclays boosted their target price on shares of Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. Robert W. Baird downgraded shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 target price on the stock. in a research report on Wednesday, July 17th. Finally, Wolfe Research upgraded shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Truist Financial presently has a consensus rating of “Hold” and an average price target of $45.45.

Insider Activity at Truist Financial

In related news, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $44.14, for a total transaction of $295,208.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO William H. Rogers, Jr. purchased 57,300 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The stock was purchased at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at $25,025,153.16. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Cynthia B. Powell sold 6,688 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total value of $295,208.32. The disclosure for this sale can be found here. 0.17% of the stock is owned by company insiders.

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.