Stoneridge Investment Partners LLC Invests $1.04 Million in Truist Financial Corporation $TFC

Stoneridge Investment Partners LLC bought a new position in Truist Financial Corporation (NYSE:TFC) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 20,067 shares of the insurance provider’s stock, valued at approximately $1,040,000.

Several other large investors have also added to or reduced their stakes in the business. Avalon Trust Co bought a new position in Truist Financial in the 2nd quarter valued at about $437,000. One Wealth Advisors LLC bought a new stake in Truist Financial during the 2nd quarter worth approximately $493,000. Family Legacy Inc. bought a new stake in Truist Financial during the 2nd quarter worth approximately $292,000. Clearstead Trust LLC purchased a new stake in shares of Truist Financial in the second quarter worth approximately $62,000. Finally, Bridgewater Advisors Inc. purchased a new stake in shares of Truist Financial in the second quarter worth approximately $322,000. Institutional investors own 71.28% of the company’s stock.

Insider Activity

In other news, insider Donta L. Wilson sold 13,280 shares of the firm’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $51.85, for a total transaction of $688,568.00. Following the completion of the sale, the insider directly owned 56,009 shares of the company’s stock, valued at $2,904,066.65. This trade represents a 19.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial stock in a transaction on Monday, July 20th. The stock was 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. Insiders sold a total of 30,516 shares of company stock valued at $1,584,428 in the last ninety days. 0.15% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on TFC shares. Morgan Stanley reaffirmed an “equal weight” rating and set a $54.00 target price (down from $62.00) on shares of Truist Financial in a research report on Monday, July 6th. Stephens lowered their price target on Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a research report on Tuesday, July 21st. Evercore restated an “outperform” rating and set a $57.00 price objective on shares of Truist Financial in a research note on Monday, July 6th. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $63.00 to $54.00 in a report on Tuesday, June 30th. Finally, UBS Group lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $58.00 to $55.00 in a research note on Tuesday, July 7th. Seven analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $54.67.

Truist Financial Stock Performance

TFC stock opened at $53.08 on Friday. The firm has a market cap of $64.84 billion, a PE ratio of 12.17, a P/E/G ratio of 1.12 and a beta of 0.89. 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 business has a 50 day moving average of $51.13 and a 200-day moving average of $49.80. Truist Financial Corporation has a 12-month low of $40.78 and a 12-month high of $56.19.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.15. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.Truist Financial’s revenue was up 5.6% on a year-over-year basis. During the same period last year, the business posted $0.91 earnings per share. As a group, sell-side analysts expect that Truist Financial Corporation will post 4.58 earnings per share for the current 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 paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Friday, August 14th. Truist Financial’s dividend payout ratio is 47.71%.

Truist Financial Company 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.