GAMMA Investing LLC Raises Stake in Truist Financial Co. (NYSE:TFC)

GAMMA Investing LLC boosted its position in Truist Financial Co. (NYSE:TFC) by 124.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,736 shares of the insurance provider’s stock after buying an additional 10,403 shares during the quarter. GAMMA Investing LLC’s holdings in Truist Financial were worth $728,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of TFC. Valmark Advisers Inc. raised its holdings in Truist Financial by 2.2% in the fourth quarter. Valmark Advisers Inc. now owns 12,965 shares of the insurance provider’s stock worth $479,000 after purchasing an additional 277 shares in the last quarter. Texas Yale Capital Corp. boosted its position in shares of Truist Financial by 2.4% during the first quarter. Texas Yale Capital Corp. now owns 12,118 shares of the insurance provider’s stock valued at $472,000 after buying an additional 280 shares during the last quarter. Whalen Wealth Management Inc. boosted its position in Truist Financial by 4.8% in the first quarter. Whalen Wealth Management Inc. now owns 6,331 shares of the insurance provider’s stock worth $247,000 after purchasing an additional 288 shares during the last quarter. Newbridge Financial Services Group Inc. boosted its position in Truist Financial by 19.3% in the first quarter. Newbridge Financial Services Group Inc. now owns 1,790 shares of the insurance provider’s stock worth $70,000 after purchasing an additional 290 shares during the last quarter. Finally, St. Johns Investment Management Company LLC boosted its position in Truist Financial by 0.9% in the fourth quarter. St. Johns Investment Management Company LLC now owns 32,255 shares of the insurance provider’s stock worth $1,191,000 after purchasing an additional 296 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

TFC has been the topic of several research reports. StockNews.com cut Truist Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, July 23rd. Piper Sandler lifted their price objective on Truist Financial from $38.00 to $41.00 and gave the company a “neutral” rating in a research report on Tuesday, May 14th. Keefe, Bruyette & Woods lifted their price objective on Truist Financial from $46.00 to $48.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Robert W. Baird cut Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price objective on the stock. in a research report on Wednesday, July 17th. Finally, Compass Point raised Truist Financial from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $34.00 to $42.00 in a research report on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, Truist Financial currently has an average rating of “Hold” and an average target price of $45.30.

Truist Financial Trading Down 1.8 %

Shares of TFC traded down $0.77 during midday trading on Monday, hitting $41.35. 5,317,356 shares of the stock were exchanged, compared to its average volume of 8,502,717. The firm has a market cap of $55.33 billion, a P/E ratio of -31.46, a P/E/G ratio of 2.03 and a beta of 1.06. The stock has a fifty day simple moving average of $39.32 and a 200 day simple moving average of $38.01. Truist Financial Co. has a 52-week low of $26.57 and a 52-week high of $45.31. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC) last posted its earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.07. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The business had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $4.83 billion. During the same quarter in the previous year, the firm earned $0.95 earnings per share. The business’s revenue was down 15.9% compared to the same quarter last year. On average, research analysts anticipate that Truist Financial Co. will post 3.55 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Friday, August 9th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.03%. The ex-dividend date of this dividend is Friday, August 9th. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Insider Activity at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. bought 57,300 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were bought at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the transaction, the chief executive officer now owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total transaction of $295,208.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William H. Rogers, Jr. purchased 57,300 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The shares were purchased at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the purchase, the chief executive officer now directly owns 569,271 shares in the company, valued at $25,025,153.16. The disclosure for this purchase can be found here. 0.17% of the stock is currently owned by insiders.

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.