Community Bank N.A. Purchases 8,245 Shares of Truist Financial Corporation $TFC

Community Bank N.A. grew its position in shares of Truist Financial Corporation (NYSE:TFC) by 9.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 92,254 shares of the insurance provider’s stock after acquiring an additional 8,245 shares during the period. Community Bank N.A.’s holdings in Truist Financial were worth $3,965,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Victory Capital Management Inc. raised its stake in Truist Financial by 922.9% in the first quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider’s stock worth $274,237,000 after buying an additional 6,012,817 shares in the last quarter. Invesco Ltd. raised its stake in Truist Financial by 32.0% in the first quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider’s stock worth $540,723,000 after buying an additional 3,188,999 shares in the last quarter. Nuveen LLC bought a new position in Truist Financial in the first quarter worth about $117,929,000. American Century Companies Inc. raised its stake in Truist Financial by 21.8% in the first quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider’s stock worth $495,509,000 after buying an additional 2,158,639 shares in the last quarter. Finally, National Bank of Canada FI raised its stake in Truist Financial by 178.0% in the first quarter. National Bank of Canada FI now owns 2,289,868 shares of the insurance provider’s stock worth $94,228,000 after buying an additional 1,466,236 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

Truist Financial Price Performance

Shares of NYSE TFC opened at $42.92 on Tuesday. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06. The company has a 50 day simple moving average of $45.15 and a two-hundred day simple moving average of $42.19. The company has a market capitalization of $55.34 billion, a price-to-earnings ratio of 11.69, a P/E/G ratio of 1.35 and a beta of 0.88. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results 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 firm had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. Truist Financial’s revenue was down 406.0% on a year-over-year basis. During the same period last year, the business earned $0.91 EPS. Analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial’s dividend payout ratio is presently 56.68%.

Wall Street Analysts Forecast Growth

TFC has been the subject of a number of research reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Truist Financial in a research note on Wednesday, October 8th. Morgan Stanley increased their price target on shares of Truist Financial from $48.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Monday, September 29th. Evercore ISI increased their price target on shares of Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a research note on Tuesday, September 30th. Raymond James Financial reaffirmed an “outperform” rating on shares of Truist Financial in a research note on Tuesday, October 7th. Finally, Keefe, Bruyette & Woods downgraded shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 target price for the company. in a research note on Wednesday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, Truist Financial currently has a consensus rating of “Moderate Buy” and an average price target of $48.89.

Insider Activity at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the sale, the insider directly owned 500 shares in the company, valued at approximately $22,595. This trade represents a 96.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.14% of the stock is owned by company insiders.

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.