Tandem Investment Advisors Inc. boosted its position in shares of Truist Financial Corporation (NYSE:TFC) by 13.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,985 shares of the insurance provider’s stock after purchasing an additional 1,278 shares during the period. Tandem Investment Advisors Inc.’s holdings in Truist Financial were worth $412,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the stock. CAPROCK Group Inc. grew its position in Truist Financial by 2.9% in the 1st quarter. CAPROCK Group Inc. now owns 10,348 shares of the insurance provider’s stock valued at $319,000 after purchasing an additional 294 shares during the period. Optimum Investment Advisors grew its position in Truist Financial by 1.3% in the 1st quarter. Optimum Investment Advisors now owns 23,132 shares of the insurance provider’s stock valued at $713,000 after purchasing an additional 301 shares during the period. Thompson Investment Management Inc. grew its position in Truist Financial by 1.2% in the 2nd quarter. Thompson Investment Management Inc. now owns 26,268 shares of the insurance provider’s stock valued at $986,000 after purchasing an additional 315 shares during the period. Piedmont Investment Advisors Inc. grew its position in Truist Financial by 1.3% in the 1st quarter. Piedmont Investment Advisors Inc. now owns 25,627 shares of the insurance provider’s stock valued at $790,000 after purchasing an additional 326 shares during the period. Finally, Hallmark Capital Management Inc. grew its position in Truist Financial by 0.5% in the 2nd quarter. Hallmark Capital Management Inc. now owns 60,639 shares of the insurance provider’s stock valued at $2,277,000 after purchasing an additional 326 shares during the period. 72.03% of the stock is owned by hedge funds and other institutional investors.
In other Truist Financial news, Director Nido R. Qubein acquired 10,000 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was bought at an average price of $37.98 per share, with a total value of $379,800.00. Following the completion of the acquisition, the director now owns 65,325 shares of the company’s stock, valued at $2,481,043.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Brantley J. Standridge sold 4,800 shares of the business’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $31.82, for a total value of $152,736.00. Following the transaction, the vice president now directly owns 14,010 shares of the company’s stock, valued at approximately $445,798.20. The disclosure for this sale can be found here. Insiders have sold a total of 101,087 shares of company stock valued at $3,639,169 in the last ninety days. Insiders own 0.35% of the company’s stock.
Truist Financial (NYSE:TFC) last posted its earnings results on Thursday, July 16th. The insurance provider reported $0.82 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.18. The business had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.53 billion. Truist Financial had a return on equity of 8.07% and a net margin of 17.32%. During the same quarter in the previous year, the firm earned $1.09 EPS. As a group, analysts forecast that Truist Financial Corporation will post 3.32 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 4.81%. The ex-dividend date of this dividend is Thursday, August 13th. Truist Financial’s payout ratio is presently 41.19%.
Several brokerages have weighed in on TFC. Raymond James upgraded Truist Financial from a “market perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a research note on Wednesday, June 17th. Credit Suisse Group dropped their price objective on Truist Financial from $55.00 to $42.00 and set a “neutral” rating on the stock in a research note on Monday, April 6th. Janney Montgomery Scott lowered their target price on Truist Financial from $57.00 to $37.00 and set a “neutral” rating on the stock in a research note on Thursday, April 9th. Zacks Investment Research cut Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, UBS Group lifted their target price on Truist Financial to $36.00 and gave the stock a “neutral” rating in a research note on Monday, May 4th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and fourteen have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $46.55.
About Truist Financial
Truist Financial Corp., formerly BB&T, is a bank holding company based in Charlotte, North Carolina. Its bank operates 2,049 branches in 15 states and Washington, DC, and offers consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services.
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