Commonwealth Equity Services LLC Boosts Position in Truist Financial Co. (NYSE:TFC)

Commonwealth Equity Services LLC increased its holdings in shares of Truist Financial Co. (NYSE:TFC) by 26.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 697,968 shares of the insurance provider’s stock after purchasing an additional 144,402 shares during the quarter. Commonwealth Equity Services LLC owned approximately 0.05% of Truist Financial worth $21,183,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Fairfield Bush & CO. purchased a new stake in Truist Financial during the first quarter worth approximately $25,000. Winch Advisory Services LLC purchased a new stake in Truist Financial in the first quarter valued at approximately $26,000. JFS Wealth Advisors LLC lifted its stake in Truist Financial by 617.0% in the second quarter. JFS Wealth Advisors LLC now owns 968 shares of the insurance provider’s stock valued at $29,000 after buying an additional 833 shares during the last quarter. GW&K Investment Management LLC purchased a new stake in Truist Financial in the first quarter valued at approximately $31,000. Finally, Quarry LP purchased a new stake in Truist Financial in the first quarter valued at approximately $32,000. Hedge funds and other institutional investors own 71.11% of the company’s stock.

Truist Financial Stock Up 0.2 %

TFC opened at $32.04 on Tuesday. The business’s fifty day moving average is $28.93 and its two-hundred day moving average is $30.26. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82. The company has a market cap of $42.73 billion, a price-to-earnings ratio of 8.07, a PEG ratio of 1.87 and a beta of 1.09. Truist Financial Co. has a one year low of $25.56 and a one year high of $53.34.

Truist Financial (NYSE:TFC) last posted its earnings results on Thursday, October 19th. The insurance provider reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.02). The firm had revenue of $5.73 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a return on equity of 10.74% and a net margin of 17.59%. The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.24 earnings per share. Analysts anticipate that Truist Financial Co. will post 3.76 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a special dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 10th will be given a dividend of $0.52 per share. The ex-dividend date is Thursday, November 9th. This represents a yield of 7.4%. Truist Financial’s payout ratio is 52.39%.

Insiders Place Their Bets

In other news, CEO William H. Rogers, Jr. bought 10,000 shares of the firm’s stock in a transaction on Friday, October 20th. The shares were bought at an average cost of $28.05 per share, for a total transaction of $280,500.00. Following the completion of the transaction, the chief executive officer now owns 412,924 shares in the company, valued at $11,582,518.20. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.31% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on TFC. Piper Sandler reduced their price objective on Truist Financial from $32.00 to $31.00 and set a “neutral” rating for the company in a research note on Friday, October 20th. Morgan Stanley reduced their price objective on Truist Financial from $41.00 to $40.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 3rd. StockNews.com started coverage on Truist Financial in a research note on Thursday, October 5th. They issued a “hold” rating for the company. HSBC started coverage on Truist Financial in a report on Thursday, September 7th. They issued a “hold” rating and a $29.00 target price on the stock. Finally, Evercore ISI boosted their target price on Truist Financial from $31.00 to $33.00 and gave the company an “in-line” rating in a report on Monday. Eleven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Truist Financial currently has a consensus rating of “Hold” and an average price target of $37.51.

Truist Financial Profile

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.