Jupiter Topco LLC Buys Shares of 149,844 Truist Financial Corporation $TFC

Jupiter Topco LLC purchased a new stake in Truist Financial Corporation (NYSE:TFC) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 149,844 shares of the insurance provider’s stock, valued at approximately $7,464,000.

Other hedge funds have also recently modified their holdings of the company. Canada Pension Plan Investment Board boosted its stake in shares of Truist Financial by 190.8% during the second quarter. Canada Pension Plan Investment Board now owns 1,134,330 shares of the insurance provider’s stock valued at $56,512,000 after purchasing an additional 744,226 shares in the last quarter. Legal & General Group Plc lifted its holdings in Truist Financial by 0.6% during the second quarter. Legal & General Group Plc now owns 7,853,887 shares of the insurance provider’s stock worth $391,281,000 after buying an additional 44,215 shares during the period. Jones Financial Companies Lllp lifted its holdings in Truist Financial by 7.6% during the second quarter. Jones Financial Companies Lllp now owns 2,329,997 shares of the insurance provider’s stock worth $117,632,000 after buying an additional 164,232 shares during the period. Veratis Advisors Inc. bought a new stake in Truist Financial during the 2nd quarter valued at $2,617,000. Finally, Paradigm Capital Management LLC NV boosted its position in Truist Financial by 23.1% during the 2nd quarter. Paradigm Capital Management LLC NV now owns 27,084 shares of the insurance provider’s stock valued at $1,349,000 after acquiring an additional 5,084 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Transactions at Truist Financial

In related news, Director K. David Jr. Boyer sold 3,986 shares of Truist Financial stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total value of $202,090.20. Following the completion of the sale, the director directly owned 10,270 shares in the company, valued at $520,689. This trade represents a 27.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Donta L. Wilson sold 13,280 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $51.85, for a total transaction of $688,568.00. Following the sale, the insider directly owned 56,009 shares in the company, valued at approximately $2,904,066.65. This represents a 19.17% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 30,516 shares of company stock worth $1,584,428. Insiders own 0.15% of the company’s stock.

Truist Financial Stock Performance

Shares of TFC opened at $50.46 on Monday. Truist Financial Corporation has a 12 month low of $40.78 and a 12 month high of $56.19. The stock has a fifty day moving average price of $51.47 and a 200-day moving average price of $49.64. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. The firm has a market cap of $61.64 billion, a PE ratio of 11.57, a P/E/G ratio of 1.06 and a beta of 0.89.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.15. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The firm had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. During the same period in the previous year, the business earned $0.91 EPS. The firm’s revenue for the quarter was up 5.6% on a year-over-year basis. Equities research analysts predict that Truist Financial Corporation will post 4.58 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 Tuesday, September 1st. Stockholders of record on Friday, August 14th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. Truist Financial’s payout ratio is presently 47.71%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on TFC. Morgan Stanley reissued an “equal weight” rating and issued a $54.00 price target (down from $62.00) on shares of Truist Financial in a research report on Monday, July 6th. Raymond James Financial reaffirmed a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. Bank of America reiterated a “neutral” rating and issued a $56.00 target price (up from $54.00) on shares of Truist Financial in a research note on Wednesday, July 8th. Wall Street Zen upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Finally, Evercore reissued an “outperform” rating and set a $57.00 price target on shares of Truist Financial in a research report on Monday, July 6th. Seven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Truist Financial currently has a consensus rating of “Hold” and an average target price of $55.12.

About Truist Financial

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.