NorthRock Partners LLC Grows Stock Position in Truist Financial Corporation $TFC

NorthRock Partners LLC boosted its position in Truist Financial Corporation (NYSE:TFC) by 30.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,038 shares of the insurance provider’s stock after buying an additional 3,489 shares during the quarter. NorthRock Partners LLC’s holdings in Truist Financial were worth $646,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in TFC. Brighton Jones LLC grew its position in shares of Truist Financial by 148.5% in the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after purchasing an additional 14,093 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Truist Financial by 7.9% in the first quarter. GAMMA Investing LLC now owns 28,101 shares of the insurance provider’s stock valued at $1,156,000 after purchasing an additional 2,061 shares in the last quarter. Ritholtz Wealth Management grew its position in Truist Financial by 19.7% during the first quarter. Ritholtz Wealth Management now owns 6,738 shares of the insurance provider’s stock worth $277,000 after buying an additional 1,110 shares in the last quarter. Exchange Traded Concepts LLC grew its position in Truist Financial by 21.7% during the first quarter. Exchange Traded Concepts LLC now owns 2,886 shares of the insurance provider’s stock worth $119,000 after buying an additional 515 shares in the last quarter. Finally, Great Lakes Retirement Inc. grew its position in Truist Financial by 4.1% during the first quarter. Great Lakes Retirement Inc. now owns 25,279 shares of the insurance provider’s stock worth $1,040,000 after buying an additional 986 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the business’s stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value 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. The trade was a 96.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.14% of the company’s stock.

Truist Financial Trading Up 2.2%

Shares of TFC stock opened at $43.89 on Wednesday. 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 price of $45.15 and a two-hundred day moving average price of $42.20. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $49.06. The firm has a market cap of $56.60 billion, a P/E ratio of 11.96, a price-to-earnings-growth ratio of 1.37 and a beta of 0.88.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $5.04 billion. During the same period last year, the firm earned $0.91 EPS. The company’s revenue for the quarter was down 406.0% on a year-over-year basis. Equities analysts anticipate that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial’s payout ratio is 56.68%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on TFC shares. Raymond James Financial restated an “outperform” rating on shares of Truist Financial in a research report on Tuesday, October 7th. Citigroup upgraded 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. Morgan Stanley boosted their target price on Truist Financial from $48.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Monday, September 29th. Wells Fargo & Company restated an “equal weight” rating and set a $47.00 target price on shares of Truist Financial in a research report on Thursday, August 21st. Finally, Evercore ISI boosted 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. Two 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 stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target 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.