Ascent Group LLC Buys 1,434 Shares of Truist Financial Corporation $TFC

Ascent Group LLC boosted its stake in Truist Financial Corporation (NYSE:TFC) by 7.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,012 shares of the insurance provider’s stock after purchasing an additional 1,434 shares during the quarter. Ascent Group LLC’s holdings in Truist Financial were worth $906,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Klingman & Associates LLC increased its holdings 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 purchasing an additional 248 shares during the last quarter. Haverford Trust Co grew 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 period. Manchester Capital Management LLC grew 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 period. Ballast Inc. grew its stake in Truist Financial by 0.7% in the first quarter. Ballast Inc. now owns 39,348 shares of the insurance provider’s stock valued at $1,619,000 after acquiring an additional 290 shares during the period. Finally, Integrated Advisors Network LLC grew its stake in Truist Financial by 4.8% in the fourth quarter. Integrated Advisors Network LLC now owns 6,316 shares of the insurance provider’s stock valued at $274,000 after acquiring an additional 291 shares during the period. Institutional investors own 71.28% of the company’s stock.

Insider Buying and Selling

In related news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total transaction of $566,682.60. Following the completion of the transaction, the insider directly owned 500 shares of the company’s stock, valued at approximately $22,595. This represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.14% of the company’s stock.

Truist Financial Stock Down 1.6%

TFC stock opened at $45.29 on Wednesday. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market capitalization of $58.40 billion, a P/E ratio of 12.34, a P/E/G ratio of 1.72 and a beta of 0.88. The business has a 50-day moving average of $45.02 and a 200-day moving average of $41.72. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data 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). The firm had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The firm’s quarterly revenue was down 406.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.91 earnings per share. On average, sell-side analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.08 annualized dividend and a yield of 4.6%. Truist Financial’s dividend payout ratio is 56.68%.

Analyst Ratings Changes

A number of research analysts have issued reports on TFC shares. TD Cowen started coverage on Truist Financial in a research note on Thursday, May 15th. They issued a “hold” rating and a $44.00 target price for the company. Keefe, Bruyette & Woods cut Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 target price for the company. in a research note on Wednesday, July 9th. Morgan Stanley reissued a “mixed” rating on shares of Truist Financial in a research note on Monday, July 21st. Citigroup raised Truist Financial from a “neutral” rating to a “buy” rating and boosted their target price for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Finally, Raymond James Financial raised Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 target price for the company in a research note on Tuesday, July 8th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $48.47.

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.