Truist Financial Corporation $TFC Shares Purchased by Salem Investment Counselors Inc.

Salem Investment Counselors Inc. increased its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 2.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 277,549 shares of the insurance provider’s stock after acquiring an additional 6,837 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Truist Financial were worth $11,932,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in TFC. Brighton Jones LLC increased its stake in shares of Truist Financial by 148.5% in the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after purchasing an additional 14,093 shares during the period. Janus Henderson Group PLC boosted its holdings in Truist Financial by 1.7% during the fourth quarter. Janus Henderson Group PLC now owns 179,859 shares of the insurance provider’s stock worth $7,805,000 after buying an additional 3,042 shares in the last quarter. Lazard Asset Management LLC boosted its holdings in Truist Financial by 101.1% during the fourth quarter. Lazard Asset Management LLC now owns 14,316 shares of the insurance provider’s stock worth $620,000 after buying an additional 7,197 shares in the last quarter. Nomura Holdings Inc. purchased a new position in Truist Financial during the 4th quarter worth approximately $2,466,000. Finally, Quantinno Capital Management LP grew its position in Truist Financial by 34.9% during the 4th quarter. Quantinno Capital Management LP now owns 98,013 shares of the insurance provider’s stock worth $4,252,000 after purchasing an additional 25,366 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insider Activity

In other news, insider Bradley D. Bender sold 12,540 shares of the company’s stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the transaction, the insider directly owned 500 shares in the company, valued at approximately $22,595. This represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.17% of the company’s stock.

Analyst Upgrades and Downgrades

TFC has been the topic of several research analyst reports. Citigroup upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Morgan Stanley reaffirmed a “mixed” rating on shares of Truist Financial in a research note on Monday, July 21st. 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 report on Wednesday, July 9th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $47.00 target price on shares of Truist Financial in a report on Thursday, August 21st. Finally, Raymond James Financial raised 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 report on Tuesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $48.47.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $45.22 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $58.30 billion, a price-to-earnings ratio of 12.32, a P/E/G ratio of 1.69 and a beta of 0.88. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. The firm’s 50-day moving average price is $45.02 and its two-hundred day moving average price is $41.72.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data 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 return on equity of 8.69% and a net margin of 16.82%.Truist Financial’s quarterly revenue was down 406.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.91 earnings per share. On average, equities analysts predict that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

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

Truist Financial Company 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.