Trust Co. of Vermont Purchases New Holdings in Truist Financial Corporation $TFC

Trust Co. of Vermont acquired a new position in shares of Truist Financial Corporation (NYSE:TFC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 25,445 shares of the insurance provider’s stock, valued at approximately $1,268,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of TFC. Vanguard Group Inc. lifted its holdings in shares of Truist Financial by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock valued at $5,892,453,000 after purchasing an additional 701,049 shares during the last quarter. Capital International Investors grew its stake in shares of Truist Financial by 0.7% in the 4th quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock worth $5,332,835,000 after buying an additional 715,433 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Truist Financial by 7.5% in the 4th quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock worth $1,572,968,000 after buying an additional 2,226,288 shares during the last quarter. Morgan Stanley grew its stake in shares of Truist Financial by 2.9% in the 4th quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider’s stock worth $1,030,028,000 after buying an additional 597,255 shares during the last quarter. Finally, Auto Owners Insurance Co increased its position in Truist Financial by 4,821.0% during the 4th quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock valued at $697,428,000 after buying an additional 13,884,480 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Wall Street Zen upgraded Truist Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. JPMorgan Chase & Co. increased their target price on Truist Financial from $53.00 to $54.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 29th. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $63.00 to $54.00 in a research report on Tuesday, June 30th. Weiss Ratings reissued a “buy (b)” rating on shares of Truist Financial in a research report on Wednesday, July 29th. Finally, Stephens reduced their price objective on Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a research note on Tuesday, July 21st. Seven analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Truist Financial currently has an average rating of “Hold” and a consensus price target of $54.67.

Truist Financial Price Performance

Truist Financial stock opened at $52.46 on Wednesday. Truist Financial Corporation has a 52-week low of $40.78 and a 52-week high of $56.19. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73. The firm’s fifty day moving average is $51.27 and its 200 day moving average is $49.82. The company has a market cap of $64.08 billion, a price-to-earnings ratio of 12.03, a PEG ratio of 1.12 and a beta of 0.89.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The business had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.24 billion. During the same period last year, the company posted $0.91 EPS. The business’s revenue was up 5.6% on a year-over-year basis. Sell-side analysts forecast that Truist Financial Corporation will post 4.58 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial’s payout ratio is presently 47.71%.

Insiders Place Their Bets

In other news, Director K. David Jr. Boyer sold 3,986 shares of the business’s stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total transaction of $202,090.20. Following the transaction, the director owned 10,270 shares of the company’s stock, valued at approximately $520,689. The trade was a 27.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the stock in a transaction on Monday, July 20th. The shares were sold at an average price of $52.36, for a total value of $693,770.00. The disclosure for this sale is available in the SEC filing. Insiders have sold 30,516 shares of company stock valued at $1,584,428 over the last ninety days. 0.15% of the stock is owned by insiders.

Truist Financial Company 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.