Court Place Advisors LLC Acquires New Position in Truist Financial Corporation $TFC

Court Place Advisors LLC bought a new position in Truist Financial Corporation (NYSE:TFC) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 5,822 shares of the insurance provider’s stock, valued at approximately $250,000.

Several other large investors also recently added to or reduced their stakes in the business. Amundi grew its position in Truist Financial by 4.6% in the first quarter. Amundi now owns 24,774,656 shares of the insurance provider’s stock worth $1,019,477,000 after acquiring an additional 1,091,311 shares in the last quarter. Invesco Ltd. grew its position in Truist Financial by 32.0% in the first quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider’s stock worth $540,723,000 after acquiring an additional 3,188,999 shares in the last quarter. American Century Companies Inc. grew its position in Truist Financial by 21.8% in the first quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider’s stock worth $495,509,000 after acquiring an additional 2,158,639 shares in the last quarter. Federated Hermes Inc. grew its position in Truist Financial by 0.9% in the first quarter. Federated Hermes Inc. now owns 9,511,639 shares of the insurance provider’s stock worth $391,404,000 after acquiring an additional 89,373 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Truist Financial by 5.4% in the first quarter. Dimensional Fund Advisors LP now owns 8,030,898 shares of the insurance provider’s stock worth $330,408,000 after acquiring an additional 408,726 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the 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 sale, the insider owned 500 shares of the company’s stock, valued at $22,595. This represents a 96.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.17% of the stock is currently owned by corporate insiders.

Truist Financial Stock Up 0.2%

TFC opened at $44.22 on Friday. The firm’s 50-day simple moving average is $45.17 and its 200-day simple moving average is $42.16. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06. The firm has a market cap of $57.02 billion, a price-to-earnings ratio of 12.05, a PEG ratio of 1.42 and a beta of 0.88.

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

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders 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 4.7%. Truist Financial’s dividend payout ratio is presently 56.68%.

Analysts Set New Price Targets

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

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.