Cerro Pacific Wealth Advisors LLC Raises Stake in Truist Financial Corporation $TFC

Cerro Pacific Wealth Advisors LLC lifted its position in shares of Truist Financial Corporation (NYSE:TFC) by 3.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 19,537 shares of the insurance provider’s stock after buying an additional 647 shares during the quarter. Cerro Pacific Wealth Advisors LLC’s holdings in Truist Financial were worth $840,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wealth Preservation Advisors LLC acquired a new position in shares of Truist Financial during the 1st quarter worth $25,000. Centennial Bank AR raised its stake 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 worth $30,000 after buying an additional 580 shares during the last quarter. Motco raised its stake in shares of Truist Financial by 435.6% during the 1st quarter. Motco now owns 798 shares of the insurance provider’s stock worth $33,000 after buying an additional 649 shares during the last quarter. Ramirez Asset Management Inc. raised its stake in shares of Truist Financial by 60.0% during the 2nd quarter. Ramirez Asset Management Inc. now owns 800 shares of the insurance provider’s stock worth $34,000 after buying an additional 300 shares during the last quarter. Finally, Meeder Asset Management Inc. raised its stake 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 worth $36,000 after buying an additional 468 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TFC. Evercore ISI lifted their price target on Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a research note on Tuesday, September 30th. Morgan Stanley boosted their target price on shares of Truist Financial from $48.00 to $54.00 and gave the company an “equal weight” rating in a research note on Monday, September 29th. Wells Fargo & Company reissued an “equal weight” rating and issued a $47.00 target price on shares of Truist Financial in a research note on Thursday, August 21st. Raymond James Financial reissued an “outperform” rating on shares of Truist Financial in a research note on Tuesday. Finally, Citigroup raised shares of Truist Financial from a “neutral” rating to a “buy” rating and boosted their target price for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $48.89.

Insider Transactions at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction that occurred on 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 sale, the insider owned 500 shares of the company’s stock, valued at approximately $22,595. This represents a 96.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.17% of the company’s stock.

Truist Financial Trading Down 4.4%

NYSE TFC opened at $42.32 on Friday. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $49.06. The company has a 50-day moving average of $45.16 and a 200-day moving average of $42.17. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market cap of $54.57 billion, a P/E ratio of 11.53, a P/E/G ratio of 1.36 and a beta of 0.88.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.02). The company had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The company’s revenue was down 406.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.91 EPS. As a group, equities analysts predict that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial’s dividend payout ratio is 56.68%.

Truist Financial 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.