Norris Financial Group LLC Purchases New Position in Truist Financial Corporation $TFC

Norris Financial Group LLC purchased a new position in Truist Financial Corporation (NYSE:TFC) in the 1st quarter, HoldingsChannel reports. The firm purchased 36,177 shares of the insurance provider’s stock, valued at approximately $1,663,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Pinnacle Financial Partners Inc. grew its position in shares of Truist Financial by 30.0% during the 3rd quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock valued at $7,994,000 after purchasing an additional 40,393 shares in the last quarter. Ritholtz Wealth Management raised its position in shares of Truist Financial by 91.9% in the fourth quarter. Ritholtz Wealth Management now owns 45,749 shares of the insurance provider’s stock worth $2,251,000 after buying an additional 21,903 shares in the last quarter. Fifth Third Bancorp boosted its stake in Truist Financial by 531.8% during the first quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider’s stock valued at $20,059,000 after buying an additional 367,291 shares during the period. LBP AM SA bought a new stake in Truist Financial during the fourth quarter valued at $10,836,000. Finally, Carnegie Investment Counsel grew its position in Truist Financial by 57.8% during the fourth quarter. Carnegie Investment Counsel now owns 105,792 shares of the insurance provider’s stock worth $5,206,000 after buying an additional 38,750 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director K. David Jr. Boyer sold 3,986 shares of the business’s stock in a transaction that occurred 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 transaction, the director directly owned 10,270 shares of the company’s stock, valued at approximately $520,689. The trade was a 27.96% 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. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the business’s stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $52.36, for a total value of $693,770.00. The SEC filing for this sale provides additional information. 0.15% of the stock is currently owned by company insiders.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $51.98 on Friday. The stock has a market cap of $64.76 billion, a price-to-earnings ratio of 11.92, a P/E/G ratio of 0.95 and a beta of 0.89. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19. The stock’s 50-day moving average is $50.21 and its 200 day moving average is $49.60.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.15. The company had revenue of $5.31 billion for 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 firm’s revenue was up 5.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.91 EPS. On average, sell-side analysts anticipate that Truist Financial Corporation will post 4.59 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm 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 $0.52 dividend. The ex-dividend date is Friday, August 14th. This represents a $2.08 annualized dividend and a yield of 4.0%. Truist Financial’s dividend payout ratio (DPR) is 47.71%.

Wall Street Analyst Weigh In

Several analysts have weighed in on TFC shares. Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and lowered their price target for the company from $63.00 to $54.00 in a report on Tuesday, June 30th. Bank of America restated a “neutral” rating and issued a $56.00 price objective (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. UBS Group downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and lowered their target price for the company from $58.00 to $55.00 in a research note on Tuesday, July 7th. Royal Bank Of Canada lifted their target price on shares of Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research report on Monday, April 20th. Finally, Wall Street Zen cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Monday, June 29th. Seven analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $54.67.

About Truist Financial

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.