Gradient Investments LLC Purchases 3,998 Shares of Truist Financial Co. (NYSE:TFC)

Gradient Investments LLC increased its position in shares of Truist Financial Co. (NYSE:TFC) by 182.0% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,195 shares of the insurance provider’s stock after acquiring an additional 3,998 shares during the period. Gradient Investments LLC’s holdings in Truist Financial were worth $241,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Natixis Advisors L.P. grew its position in Truist Financial by 30.9% during the 4th quarter. Natixis Advisors L.P. now owns 373,375 shares of the insurance provider’s stock worth $13,783,000 after acquiring an additional 88,035 shares during the last quarter. Parnassus Investments LLC acquired a new position in Truist Financial during the 4th quarter worth about $95,049,000. Rafferty Asset Management LLC lifted its holdings in Truist Financial by 47.7% during the 4th quarter. Rafferty Asset Management LLC now owns 1,185,259 shares of the insurance provider’s stock worth $43,760,000 after buying an additional 382,976 shares during the period. Treasurer of the State of North Carolina lifted its holdings in Truist Financial by 4.1% during the 4th quarter. Treasurer of the State of North Carolina now owns 624,320 shares of the insurance provider’s stock worth $23,050,000 after buying an additional 24,535 shares during the period. Finally, Norden Group LLC acquired a new position in Truist Financial during the 1st quarter worth about $2,351,000. Institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on TFC. Citigroup downgraded Truist Financial from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $45.00 to $47.00 in a report on Wednesday, July 24th. Bank of America lifted their target price on Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Keefe, Bruyette & Woods boosted their price objective on Truist Financial from $46.00 to $48.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Morgan Stanley boosted their price objective on Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Finally, HSBC boosted their price objective on Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, May 8th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $45.30.

Insider Activity

In related news, VP Cynthia B. Powell sold 6,688 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total value of $295,208.32. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, VP Cynthia B. Powell sold 6,688 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total value of $295,208.32. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO William H. Rogers, Jr. acquired 57,300 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was purchased at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the purchase, the chief executive officer now owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The disclosure for this purchase can be found here. 0.17% of the stock is currently owned by corporate insiders.

Truist Financial Stock Performance

Shares of TFC stock traded up $0.16 during trading on Friday, hitting $42.53. The company’s stock had a trading volume of 4,183,517 shares, compared to its average volume of 8,073,381. The company has a market cap of $56.95 billion, a PE ratio of -32.22, a P/E/G ratio of 1.96 and a beta of 1.06. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61. The business has a fifty day moving average of $40.23 and a 200-day moving average of $38.30. Truist Financial Co. has a 52 week low of $26.57 and a 52 week high of $45.31.

Truist Financial (NYSE:TFC) last released its earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.07. The company had revenue of $5.02 billion during the quarter, compared to analyst estimates of $4.83 billion. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. Truist Financial’s quarterly revenue was down 15.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.95 earnings per share. As a group, research analysts anticipate that Truist Financial Co. will post 3.56 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.89%. The ex-dividend date of this dividend is Friday, August 9th. Truist Financial’s dividend payout ratio is presently -157.58%.

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.