Glenmede Trust Co. NA Buys 9,635 Shares of Truist Financial Corporation $TFC

Glenmede Trust Co. NA grew its stake in Truist Financial Corporation (NYSE:TFC) by 20.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,199 shares of the insurance provider’s stock after purchasing an additional 9,635 shares during the period. Glenmede Trust Co. NA’s holdings in Truist Financial were worth $2,629,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the stock. 3Chopt Investment Partners LLC increased its position in shares of Truist Financial by 1.3% during the fourth quarter. 3Chopt Investment Partners LLC now owns 14,713 shares of the insurance provider’s stock valued at $724,000 after purchasing an additional 193 shares during the period. IFP Advisors Inc boosted its stake in Truist Financial by 2.4% during the fourth quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider’s stock worth $404,000 after buying an additional 194 shares in the last quarter. PCB Capital LLC increased its holdings in Truist Financial by 3.0% in the 1st quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider’s stock valued at $310,000 after buying an additional 198 shares during the period. AlphaCore Capital LLC increased its holdings in Truist Financial by 8.3% in the 4th quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider’s stock valued at $128,000 after buying an additional 199 shares during the period. Finally, CYBER HORNET ETFs LLC raised its stake in shares of Truist Financial by 5.5% in the 4th quarter. CYBER HORNET ETFs LLC now owns 3,820 shares of the insurance provider’s stock valued at $188,000 after buying an additional 199 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

TFC has been the subject of a number of analyst reports. UBS Group downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $58.00 to $55.00 in a report on Tuesday, July 7th. Stephens dropped their price target on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a research report on Tuesday, July 21st. JPMorgan Chase & Co. raised their price target on shares of Truist Financial from $53.00 to $54.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 29th. Evercore restated an “outperform” rating and issued a $57.00 target price on shares of Truist Financial in a research note on Monday, July 6th. Finally, Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $63.00 to $54.00 in a research report on Tuesday, June 30th. Seven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $54.67.

Insider Buying and Selling at Truist Financial

In other news, Director K. David Jr. Boyer sold 3,986 shares of the business’s stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total transaction of $202,090.20. Following the completion of the sale, the director owned 10,270 shares in the company, valued at $520,689. The trade was a 27.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the company’s stock in a transaction on Monday, July 20th. The shares were sold at an average price of $52.36, for a total value of $693,770.00. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 30,516 shares of company stock worth $1,584,428. Insiders own 0.15% of the company’s stock.

Truist Financial Stock Up 1.4%

Shares of NYSE:TFC opened at $52.64 on Wednesday. Truist Financial Corporation has a 12 month low of $40.78 and a 12 month high of $56.19. The company’s 50-day moving average price is $50.42 and its two-hundred day moving average price is $49.65. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73. The firm has a market cap of $64.30 billion, a P/E ratio of 12.07, a P/E/G ratio of 0.94 and a beta of 0.89.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.15. The firm had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The company’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.91 EPS. As a group, research analysts forecast that Truist Financial Corporation will post 4.59 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.08 annualized dividend and a yield of 4.0%. Truist Financial’s dividend payout ratio is currently 47.71%.

Truist Financial Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.