Wealthfront Advisers LLC Makes New Investment in Truist Financial Corporation $TFC

Wealthfront Advisers LLC bought a new stake in shares of Truist Financial Corporation (NYSE:TFC) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 294,177 shares of the insurance provider’s stock, valued at approximately $14,656,000.

A number of other institutional investors and hedge funds have also made changes to their positions in TFC. Pinnacle Financial Partners Inc. grew its stake in Truist Financial by 30.0% during the 3rd quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock worth $7,994,000 after buying an additional 40,393 shares during the last quarter. Fifth Third Bancorp raised its stake in Truist Financial by 531.8% in the first quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider’s stock valued at $20,059,000 after buying an additional 367,291 shares during the last quarter. Franklin Street Advisors Inc. NC raised its stake in Truist Financial by 129.1% in the second quarter. Franklin Street Advisors Inc. NC now owns 37,253 shares of the insurance provider’s stock valued at $1,856,000 after buying an additional 20,991 shares during the last quarter. Axxcess Wealth Management LLC boosted its holdings in Truist Financial by 77.2% in the fourth quarter. Axxcess Wealth Management LLC now owns 158,394 shares of the insurance provider’s stock worth $7,795,000 after acquiring an additional 68,990 shares in the last quarter. Finally, Concord Asset Management LLC VA boosted its holdings in Truist Financial by 528.6% in the fourth quarter. Concord Asset Management LLC VA now owns 65,686 shares of the insurance provider’s stock worth $3,232,000 after acquiring an additional 55,237 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on TFC shares. Robert W. Baird upped their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Evercore reiterated an “outperform” rating and issued a $57.00 target price on shares of Truist Financial in a research note on Monday, July 6th. Keefe, Bruyette & Woods boosted their target price on shares of Truist Financial from $53.00 to $55.00 and gave the stock a “market perform” rating in a research report on Monday, July 20th. Stephens cut their price target on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 21st. Finally, Bank of America restated a “neutral” rating and set a $56.00 price target (up from $54.00) on shares of Truist Financial in a research note on Wednesday, July 8th. Seven equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $54.67.

Insider Buying and Selling

In other news, 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 sale, the director owned 10,270 shares in the company, valued at $520,689. This represents a 27.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Donta L. Wilson sold 13,280 shares of the firm’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 transaction, the insider directly owned 56,009 shares of the company’s stock, valued at approximately $2,904,066.65. This trade represents a 19.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 30,516 shares of company stock worth $1,584,428. 0.15% of the stock is owned by company insiders.

Truist Financial Stock Performance

Shares of TFC 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 stock has a 50-day moving average of $51.27 and a two-hundred day moving average of $49.82. The stock has a market cap of $64.08 billion, a P/E ratio of 12.03, a P/E/G ratio of 1.12 and a beta of 0.89. Truist Financial Corporation has a one year low of $40.78 and a one year high of $56.19.

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

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.0%. The ex-dividend date is Friday, August 14th. Truist Financial’s dividend payout ratio is 47.71%.

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.