Insider Buying: Truist Financial Co. (NYSE:TFC) CEO Buys 34,180 Shares of Stock

Truist Financial Co. (NYSE:TFC) CEO William H. Rogers, Jr. purchased 34,180 shares of the stock in a transaction on Monday, November 25th. The shares were purchased at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the transaction, the chief executive officer now owns 691,451 shares of the company’s stock, valued at $33,576,860.56. This trade represents a 5.20 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Truist Financial Stock Performance

TFC traded up $0.47 during midday trading on Wednesday, reaching $48.17. The company had a trading volume of 941,722 shares, compared to its average volume of 8,283,021. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. The stock has a market cap of $63.95 billion, a PE ratio of -33.36, a P/E/G ratio of 1.97 and a beta of 1.05. Truist Financial Co. has a 12-month low of $31.23 and a 12-month high of $49.06. The business has a 50-day moving average price of $43.91 and a two-hundred day moving average price of $41.66.

Truist Financial (NYSE:TFC) last released its earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. The firm had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. On average, sell-side analysts expect that Truist Financial Co. will post 3.7 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.32%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial’s payout ratio is currently -145.45%.

Analyst Upgrades and Downgrades

TFC has been the topic of a number of research reports. Wells Fargo & Company increased their price target on Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Citigroup increased their price objective on Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a report on Monday. Wolfe Research raised Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. Compass Point raised their price target on shares of Truist Financial from $46.00 to $47.00 in a research note on Wednesday, October 16th. Finally, The Goldman Sachs Group lifted their target price on shares of Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday. Twelve equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Truist Financial presently has a consensus rating of “Hold” and an average target price of $47.17.

Institutional Trading of Truist Financial

A number of institutional investors have recently modified their holdings of the business. Valley Wealth Managers Inc. bought a new position in shares of Truist Financial in the 3rd quarter worth $26,000. MFA Wealth Advisors LLC bought a new position in shares of Truist Financial during the 2nd quarter valued at $30,000. Y.D. More Investments Ltd purchased a new stake in Truist Financial during the 2nd quarter valued at $31,000. MidAtlantic Capital Management Inc. purchased a new stake in Truist Financial during the 3rd quarter valued at $32,000. Finally, Fortitude Family Office LLC boosted its position in Truist Financial by 376.7% during the 3rd quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock valued at $37,000 after buying an additional 678 shares during the period. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

About Truist Financial

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.