Franklin Street Advisors Inc. NC Has $1.86 Million Stock Position in Truist Financial Corporation $TFC

Franklin Street Advisors Inc. NC lifted its position in Truist Financial Corporation (NYSE:TFC) by 129.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 37,253 shares of the insurance provider’s stock after acquiring an additional 20,991 shares during the period. Franklin Street Advisors Inc. NC’s holdings in Truist Financial were worth $1,856,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Kemnay Advisory Services Inc. acquired a new position in Truist Financial during the fourth quarter valued at $25,000. Swiss RE Ltd. purchased a new position in Truist Financial during the 4th quarter valued at about $26,000. McMillan Office Inc. acquired a new position in shares of Truist Financial in the 4th quarter valued at about $31,000. Ancora Advisors LLC lifted its position in shares of Truist Financial by 259.1% in the third quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 500 shares in the last quarter. Finally, Mowery & Schoenfeld Wealth Management LLC boosted its holdings in shares of Truist Financial by 190.7% during the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 431 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insiders Place Their Bets

In other Truist Financial news, CEO William H. Rogers, Jr. sold 13,250 shares of the firm’s stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $52.36, for a total transaction of $693,770.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Donta L. Wilson sold 13,280 shares of the business’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $51.85, for a total value of $688,568.00. Following the completion of the sale, the insider directly owned 56,009 shares of the company’s stock, valued at $2,904,066.65. This represents a 19.17% decrease in their position. 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 three months. 0.15% of the stock is currently owned by insiders.

Truist Financial Price Performance

Shares of TFC opened at $52.35 on Monday. The firm has a market cap of $63.95 billion, a PE ratio of 12.01, a PEG ratio of 0.95 and a beta of 0.89. The firm’s 50 day moving average price is $50.69 and its 200 day moving average price is $49.70. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial Corporation has a twelve month low of $40.78 and a twelve month high of $56.19.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, topping 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 company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. During the same period in the previous year, the firm posted $0.91 earnings per share. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. As a group, research analysts expect that Truist Financial Corporation will post 4.59 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be given 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 dividend payout ratio is presently 47.71%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on TFC shares. JPMorgan Chase & Co. boosted their price objective on shares of Truist Financial from $53.00 to $54.00 and gave the company an “underweight” rating in a research report on Wednesday, July 29th. Raymond James Financial reiterated a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. Morgan Stanley reissued an “equal weight” rating and set a $54.00 target price (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. Wall Street Zen upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Jefferies Financial Group reaffirmed a “mixed” rating and issued a $45.00 price target on shares of Truist Financial in a research note on Friday, April 17th. Seven research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $54.67.

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.