Hennessy Advisors Inc. Grows Stake in Truist Financial Corporation $TFC

Hennessy Advisors Inc. grew its position in shares of Truist Financial Corporation (NYSE:TFC) by 12.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,500 shares of the insurance provider’s stock after purchasing an additional 4,000 shares during the period. Hennessy Advisors Inc.’s holdings in Truist Financial were worth $1,569,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in TFC. Wealth Preservation Advisors LLC purchased a new position in shares of Truist Financial during the 1st quarter valued at $25,000. Centennial Bank AR grew its position in shares of Truist Financial by 360.2% during the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 580 shares in the last quarter. Motco grew its position in shares of Truist Financial by 435.6% during the 1st quarter. Motco now owns 798 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 649 shares in the last quarter. Meeder Asset Management Inc. grew its position in shares of Truist Financial by 115.3% during the 1st quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 468 shares in the last quarter. Finally, Sierra Ocean LLC grew its position in shares of Truist Financial by 64.4% during the 1st quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 352 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on TFC shares. Morgan Stanley upped their target price on shares of Truist Financial from $48.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Monday, September 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Truist Financial in a research report on Saturday, September 27th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $47.00 target price on shares of Truist Financial in a research report on Thursday, August 21st. Citigroup upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and upped their target price for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Finally, Evercore ISI upped their target price on shares of Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, Truist Financial has an average rating of “Moderate Buy” and a consensus target price of $48.89.

Truist Financial Stock Performance

NYSE TFC opened at $45.53 on Friday. The company has a 50-day simple moving average of $45.15 and a two-hundred day simple moving average of $42.08. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $49.06. The firm has a market cap of $58.71 billion, a price-to-earnings ratio of 12.41, a PEG ratio of 1.46 and a beta of 0.88.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.02). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The business had revenue of $5.04 billion for the quarter, compared to analysts’ expectations of $5.04 billion. During the same quarter in the previous year, the company earned $0.91 earnings per share. The business’s quarterly revenue was down 406.0% on a year-over-year basis. On average, equities analysts forecast that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

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

Insider Activity at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the company’s stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the completion of the transaction, the insider directly owned 500 shares of the company’s stock, valued at approximately $22,595. This represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.17% of the company’s stock.

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.