Cornerstone Wealth Group LLC Increases Position in Truist Financial Corporation $TFC

Cornerstone Wealth Group LLC lifted its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 1.9% during the second quarter, Holdings Channel reports. The fund owned 140,243 shares of the insurance provider’s stock after purchasing an additional 2,589 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Truist Financial were worth $6,029,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wealth Preservation Advisors LLC purchased a new stake in shares of Truist Financial during the first quarter worth about $25,000. Centennial Bank AR increased its position in shares of Truist Financial by 360.2% during the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 580 shares during the last quarter. Motco increased its position in shares of Truist Financial by 435.6% during the first quarter. Motco now owns 798 shares of the insurance provider’s stock worth $33,000 after acquiring an additional 649 shares during the last quarter. Ramirez Asset Management Inc. increased its position in shares of Truist Financial by 60.0% during the second quarter. Ramirez Asset Management Inc. now owns 800 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 300 shares during the last quarter. Finally, Meeder Asset Management Inc. increased its position in shares of Truist Financial by 115.3% during the first quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider’s stock worth $36,000 after acquiring an additional 468 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on TFC. Evercore ISI lifted their target price on Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a research report on Tuesday, September 30th. Morgan Stanley lifted their price target on Truist Financial from $48.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Monday, September 29th. Keefe, Bruyette & Woods downgraded Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price target for the company. in a research note on Wednesday, July 9th. Citigroup upgraded Truist Financial from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Finally, Raymond James Financial reiterated an “outperform” rating on shares of Truist Financial in a research note on Tuesday, October 7th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, Truist Financial currently has an average rating of “Moderate Buy” and an average price target of $48.89.

Truist Financial Stock Performance

Shares of TFC stock opened at $42.92 on Tuesday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. The business has a 50 day moving average of $45.15 and a two-hundred day moving average of $42.19. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $49.06. The company has a market cap of $55.34 billion, a P/E ratio of 11.69, a PEG ratio of 1.35 and a beta of 0.88.

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

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.8%. Truist Financial’s dividend payout ratio is currently 56.68%.

Insider Activity

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the company’s stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the transaction, the insider 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.14% of the company’s stock.

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.