Perigon Wealth Management LLC Takes Position in Truist Financial Corporation $TFC

Perigon Wealth Management LLC acquired a new stake in shares of Truist Financial Corporation (NYSE:TFC) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 16,075 shares of the insurance provider’s stock, valued at approximately $801,000.

Other institutional investors have also bought and sold shares of the company. Kemnay Advisory Services Inc. bought a new stake in shares of Truist Financial during the 4th quarter worth about $25,000. Swiss RE Ltd. bought a new position in shares of Truist Financial in the fourth quarter valued at approximately $26,000. N.E.W. Advisory Services LLC bought a new position in shares of Truist Financial in the second quarter valued at approximately $30,000. McMillan Office Inc. acquired a new position in shares of Truist Financial during the fourth quarter valued at approximately $31,000. Finally, Mowery & Schoenfeld Wealth Management LLC increased its stake 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 valued at $32,000 after acquiring an additional 431 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on TFC. UBS Group downgraded Truist Financial from a “buy” rating to a “neutral” rating and cut their target price for the stock from $58.00 to $55.00 in a research report on Tuesday, July 7th. JPMorgan Chase & Co. boosted their price objective on Truist Financial from $53.00 to $54.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 29th. Robert W. Baird upped their price objective on Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and decreased their target price for the company from $63.00 to $54.00 in a research note on Tuesday, June 30th. Finally, Raymond James Financial reaffirmed a “market perform” rating on shares of Truist Financial in a report on Wednesday, July 1st. Seven analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Truist Financial currently has an average rating of “Hold” and an average target price of $54.67.

Truist Financial Trading Down 0.1%

Truist Financial stock opened at $52.46 on Wednesday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market cap of $64.08 billion, a price-to-earnings ratio of 12.03, a price-to-earnings-growth ratio of 1.12 and a beta of 0.89. Truist Financial Corporation has a 1 year low of $40.78 and a 1 year high of $56.19. The firm’s 50 day moving average price is $51.27 and its two-hundred day moving average price is $49.82.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.15. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The company’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.91 EPS. On average, research analysts predict that Truist Financial Corporation will post 4.58 EPS for the current fiscal year.

Truist Financial Dividend Announcement

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

Insider Activity

In other news, insider Donta L. Wilson sold 13,280 shares of the company’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $51.85, for a total transaction 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director K. David Jr. Boyer sold 3,986 shares of the stock in a transaction on Thursday, July 23rd. The shares were 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 $520,689. This trade represents a 27.96% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 30,516 shares of company stock valued at $1,584,428 over the last three months. Insiders own 0.15% of the company’s stock.

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.