City Center Advisors LLC Takes $213,000 Position in Truist Financial Corporation $TFC

City Center Advisors LLC purchased a new stake in Truist Financial Corporation (NYSE:TFC) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 4,950 shares of the insurance provider’s stock, valued at approximately $213,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wealth Preservation Advisors LLC purchased a new stake in shares of Truist Financial in the 1st quarter valued at approximately $25,000. Centennial Bank AR grew its holdings in shares of Truist Financial by 360.2% in the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 580 shares in the last quarter. Motco grew its holdings in shares of Truist Financial by 435.6% in the first quarter. Motco now owns 798 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 649 shares in the last quarter. Meeder Asset Management Inc. grew its holdings in shares of Truist Financial by 115.3% in the first quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 468 shares in the last quarter. Finally, Sierra Ocean LLC grew its holdings in shares of Truist Financial by 64.4% in the first quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 352 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Bradley D. Bender sold 12,540 shares of the company’s stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the sale, the insider owned 500 shares in the company, valued at $22,595. This represents a 96.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.17% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on TFC. Citigroup upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $44.00 to $55.00 in a report on Thursday, June 26th. Morgan Stanley restated a “mixed” rating on shares of Truist Financial in a report on Monday, July 21st. Keefe, Bruyette & Woods cut shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price objective for the company. in a report on Wednesday, July 9th. Wells Fargo & Company reiterated an “equal weight” rating and set a $47.00 price target on shares of Truist Financial in a report on Thursday, August 21st. Finally, Raymond James Financial upgraded shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 price target for the company in a report on Tuesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.47.

Truist Financial Stock Down 0.2%

Shares of NYSE:TFC opened at $45.22 on Friday. The company has a market capitalization of $58.30 billion, a PE ratio of 12.32, a P/E/G ratio of 1.69 and a beta of 0.88. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06. The firm has a 50 day simple moving average of $45.02 and a 200-day simple moving average of $41.72.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.02). The company had revenue of $5.04 billion for the quarter, compared to analysts’ expectations of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The firm’s quarterly revenue was down 406.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.91 EPS. On average, equities analysts predict that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were given a $0.52 dividend. The ex-dividend date was Friday, August 8th. This represents a $2.08 annualized dividend and a yield of 4.6%. Truist Financial’s dividend payout ratio is 56.68%.

Truist Financial Profile

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.