REAP Financial Group LLC Has $70,000 Stake in Truist Financial Corporation $TFC

REAP Financial Group LLC raised its stake in shares of Truist Financial Corporation (NYSE:TFC) by 206.8% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 1,632 shares of the insurance provider’s stock after purchasing an additional 1,100 shares during the period. REAP Financial Group LLC’s holdings in Truist Financial were worth $70,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Foster Victor Wealth Advisors LLC increased its stake in Truist Financial by 0.4% in the second quarter. Foster Victor Wealth Advisors LLC now owns 62,087 shares of the insurance provider’s stock valued at $2,804,000 after acquiring an additional 242 shares during the last quarter. Klingman & Associates LLC increased its stake in Truist Financial by 2.2% in the first quarter. Klingman & Associates LLC now owns 11,756 shares of the insurance provider’s stock valued at $484,000 after acquiring an additional 248 shares during the last quarter. Haverford Trust Co increased its stake in Truist Financial by 3.5% in the first quarter. Haverford Trust Co now owns 7,751 shares of the insurance provider’s stock valued at $319,000 after acquiring an additional 262 shares during the last quarter. Keystone Financial Group Inc. increased its stake in Truist Financial by 1.3% in the second quarter. Keystone Financial Group Inc. now owns 21,283 shares of the insurance provider’s stock valued at $942,000 after acquiring an additional 266 shares during the last quarter. Finally, Manchester Capital Management LLC increased its stake in Truist Financial by 8.0% in the first quarter. Manchester Capital Management LLC now owns 3,898 shares of the insurance provider’s stock valued at $160,000 after acquiring an additional 288 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insider Transactions at Truist Financial

In related 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 value of $566,682.60. Following the completion of the transaction, the insider directly owned 500 shares of the company’s stock, valued at $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 available at this link. 0.17% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

TFC has been the subject of several analyst reports. Wells Fargo & Company restated an “equal weight” rating and set a $47.00 price target on shares of Truist Financial in a research report on Thursday, August 21st. Keefe, Bruyette & Woods lowered shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price target for the company. in a research report on Wednesday, July 9th. Weiss Ratings restated a “hold (c+)” rating on shares of Truist Financial in a research report on Wednesday. Morgan Stanley upped their price target on shares of Truist Financial from $48.00 to $54.00 and gave the company an “equal weight” rating in a research report on Monday, September 29th. Finally, Evercore ISI upped their price target on shares of Truist Financial from $48.00 to $50.00 and gave the company an “in-line” rating in a research report on Tuesday, September 30th. Two equities research 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 MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $48.89.

Truist Financial Stock Performance

Truist Financial stock opened at $44.16 on Thursday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. The firm has a 50-day moving average of $45.16 and a 200-day moving average of $42.15. The firm has a market cap of $56.94 billion, a P/E ratio of 12.03, a P/E/G ratio of 1.45 and a beta of 0.88. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06.

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 analysts’ consensus estimates of $0.93 by ($0.02). The firm had revenue of $5.04 billion for the quarter, compared to analysts’ expectations of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The business’s revenue for the quarter was down 406.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.91 earnings per share. Sell-side analysts expect that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

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

About Truist Financial

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.