Citizens Financial Group Inc. RI Takes Position in Truist Financial Corporation $TFC

Citizens Financial Group Inc. RI bought a new stake in Truist Financial Corporation (NYSE:TFC) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 16,873 shares of the insurance provider’s stock, valued at approximately $841,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. 3Chopt Investment Partners LLC grew its stake in Truist Financial by 1.3% during the 4th quarter. 3Chopt Investment Partners LLC now owns 14,713 shares of the insurance provider’s stock valued at $724,000 after purchasing an additional 193 shares during the last quarter. IFP Advisors Inc raised its stake in shares of Truist Financial by 2.4% in the fourth quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider’s stock worth $404,000 after purchasing an additional 194 shares during the last quarter. PCB Capital LLC raised its stake in shares of Truist Financial by 3.0% in the first quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider’s stock worth $310,000 after purchasing an additional 198 shares during the last quarter. AlphaCore Capital LLC lifted its holdings in shares of Truist Financial by 8.3% during the fourth quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider’s stock worth $128,000 after purchasing an additional 199 shares during the period. Finally, CYBER HORNET ETFs LLC lifted its holdings in shares of Truist Financial by 5.5% during the fourth quarter. CYBER HORNET ETFs LLC now owns 3,820 shares of the insurance provider’s stock worth $188,000 after purchasing an additional 199 shares during the period. 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 the company’s stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total value of $202,090.20. Following the completion of the transaction, the director owned 10,270 shares of the company’s stock, valued at approximately $520,689. This represents a 27.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $52.36, for a total value of $693,770.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 30,516 shares of company stock valued at $1,584,428 in the last ninety days. 0.15% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

TFC has been the topic of several research reports. Stephens cut their price target on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating on the stock in a report on Tuesday, July 21st. Bank of America reaffirmed a “neutral” rating and issued a $56.00 price objective (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Citigroup lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $63.00 to $54.00 in a research note on Tuesday, June 30th. Evercore reissued an “outperform” rating and set a $57.00 target price on shares of Truist Financial in a report on Monday, July 6th. Finally, Morgan Stanley restated an “equal weight” rating and set a $54.00 target price (down from $62.00) on shares of Truist Financial in a research report on Monday, July 6th. Seven investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Truist Financial presently has an average rating of “Hold” and an average price target of $54.67.

Truist Financial Trading Down 0.1%

Shares of NYSE:TFC opened at $52.46 on Wednesday. Truist Financial Corporation has a 12-month low of $40.78 and a 12-month high of $56.19. The company has a market capitalization of $64.08 billion, a PE ratio of 12.03, a PEG ratio of 1.12 and a beta of 0.89. The business has a 50 day moving average of $51.27 and a two-hundred day moving average of $49.82. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The firm had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.24 billion. During the same period in the previous year, the firm earned $0.91 EPS. The business’s quarterly revenue was up 5.6% on a year-over-year basis. As a group, analysts forecast that Truist Financial Corporation will post 4.58 EPS for the current year.

Truist Financial Announces Dividend

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

Truist Financial 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.