QRG Capital Management Inc. Purchases 12,932 Shares of Truist Financial Corporation $TFC

QRG Capital Management Inc. raised its position in Truist Financial Corporation (NYSE:TFC) by 8.5% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 164,849 shares of the insurance provider’s stock after purchasing an additional 12,932 shares during the period. QRG Capital Management Inc.’s holdings in Truist Financial were worth $8,213,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Kemnay Advisory Services Inc. acquired a new position in shares of Truist Financial during the fourth quarter worth about $25,000. Swiss RE Ltd. acquired a new stake in Truist Financial in the 4th quarter valued at approximately $26,000. McMillan Office Inc. acquired a new stake in Truist Financial in the 4th quarter valued at approximately $31,000. Mowery & Schoenfeld Wealth Management LLC lifted its stake in Truist Financial by 190.7% in the 4th 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 in the last quarter. Finally, Ancora Advisors LLC lifted its stake in Truist Financial by 259.1% in the 3rd quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 500 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Stock Up 0.7%

NYSE:TFC opened at $52.67 on Thursday. The firm has a market capitalization of $64.34 billion, a price-to-earnings ratio of 12.08, a price-to-earnings-growth ratio of 0.95 and a beta of 0.89. Truist Financial Corporation has a twelve month low of $40.78 and a twelve month high of $56.19. The stock’s 50 day moving average price is $50.98 and its two-hundred day moving average price is $49.75. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, beating the consensus estimate of $1.08 by $0.15. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. During the same quarter in the prior year, the firm posted $0.91 EPS. The firm’s revenue for the quarter was up 5.6% compared to the same quarter last year. Equities research analysts expect that Truist Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be paid a $0.52 dividend. The ex-dividend date is Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a yield of 3.9%. Truist Financial’s dividend payout ratio (DPR) is currently 47.71%.

Insider Buying and Selling at Truist Financial

In other news, Director K. David Jr. Boyer sold 3,986 shares of Truist Financial stock in a transaction dated 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the company’s stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $52.36, for a total transaction of $693,770.00. The SEC filing for this sale provides additional information. Insiders sold a total of 30,516 shares of company stock worth $1,584,428 over the last quarter. 0.15% of the stock is currently owned by insiders.

Analysts Set New Price Targets

TFC has been the subject of several research reports. UBS Group cut shares of Truist Financial from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $58.00 to $55.00 in a research note on Tuesday, July 7th. Evercore reissued an “outperform” rating and issued a $57.00 price objective on shares of Truist Financial in a research report on Monday, July 6th. Bank of America restated a “neutral” rating and set a $56.00 target price (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Wall Street Zen upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Jefferies Financial Group reissued a “mixed” rating and set a $45.00 price target on shares of Truist Financial in a research report on Friday, April 17th. Seven equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $54.67.

About Truist Financial

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.