New Century Financial Group LLC Purchases 964 Shares of Truist Financial Corporation $TFC

New Century Financial Group LLC grew its holdings in Truist Financial Corporation (NYSE:TFC) by 3.6% in the 2nd quarter, HoldingsChannel reports. The firm owned 27,969 shares of the insurance provider’s stock after buying an additional 964 shares during the quarter. Truist Financial comprises approximately 1.4% of New Century Financial Group LLC’s holdings, making the stock its 23rd largest holding. New Century Financial Group LLC’s holdings in Truist Financial were worth $1,202,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Ameritas Advisory Services LLC purchased a new stake in Truist Financial during the second quarter worth $182,000. Abundance Wealth Counselors grew its stake in Truist Financial by 1.6% in the second quarter. Abundance Wealth Counselors now owns 45,886 shares of the insurance provider’s stock valued at $1,973,000 after purchasing an additional 723 shares during the last quarter. Hilltop National Bank purchased a new position in shares of Truist Financial in the 2nd quarter worth approximately $543,000. Mirae Asset Global Investments Co. Ltd. lifted its position in Truist Financial by 4.6% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 163,325 shares of the insurance provider’s stock valued at $7,021,000 after acquiring an additional 7,224 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC grew its holdings in Truist Financial by 52.1% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 24,674 shares of the insurance provider’s stock worth $1,061,000 after purchasing an additional 8,456 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Insider Transactions at Truist Financial

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider directly owned 500 shares of the company’s stock, valued at approximately $22,595. The trade was a 96.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.17% of the company’s stock.

Wall Street Analyst Weigh In

TFC has been the subject of a number of recent analyst reports. Morgan Stanley raised their price objective on Truist Financial from $48.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Monday. Keefe, Bruyette & Woods downgraded shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 target price on the stock. in a research report on Wednesday, July 9th. Raymond James Financial upgraded shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a research note on Tuesday, July 8th. Wells Fargo & Company reissued an “equal weight” rating and set a $47.00 price objective on shares of Truist Financial in a report on Thursday, August 21st. Finally, Evercore ISI raised their target price on Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a research note on Tuesday. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $48.89.

Truist Financial Trading Down 0.5%

Shares of Truist Financial stock opened at $45.35 on Friday. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market cap of $58.47 billion, a PE ratio of 12.36, a price-to-earnings-growth ratio of 1.46 and a beta of 0.88. The firm has a fifty day moving average price of $45.15 and a 200 day moving average price of $42.04.

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 company had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.Truist Financial’s revenue for the quarter was down 406.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.91 earnings per share. Equities research analysts predict that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

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

About Truist Financial

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.