Sunpointe LLC Increases Stock Position in Truist Financial Corporation $TFC

Sunpointe LLC increased its position in shares of Truist Financial Corporation (NYSE:TFC) by 109.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 12,737 shares of the insurance provider’s stock after buying an additional 6,646 shares during the period. Sunpointe LLC’s holdings in Truist Financial were worth $548,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the stock. Klingman & Associates LLC raised its position in Truist Financial by 2.2% during the first quarter. Klingman & Associates LLC now owns 11,756 shares of the insurance provider’s stock worth $484,000 after acquiring an additional 248 shares during the period. Haverford Trust Co increased its position in Truist Financial by 3.5% during the first quarter. Haverford Trust Co now owns 7,751 shares of the insurance provider’s stock worth $319,000 after purchasing an additional 262 shares during the last quarter. Manchester Capital Management LLC boosted its stake in Truist Financial by 8.0% during the first quarter. Manchester Capital Management LLC now owns 3,898 shares of the insurance provider’s stock worth $160,000 after buying an additional 288 shares during the period. Ballast Inc. boosted its stake in Truist Financial by 0.7% during the first quarter. Ballast Inc. now owns 39,348 shares of the insurance provider’s stock worth $1,619,000 after buying an additional 290 shares during the period. Finally, Integrated Advisors Network LLC grew its holdings in shares of 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 purchasing an additional 291 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on TFC. Keefe, Bruyette & Woods downgraded 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 note on Wednesday, July 9th. Citigroup upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Raymond James Financial upgraded shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 price objective on the stock in a research report on Tuesday, July 8th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $47.00 price target on shares of Truist Financial in a research note on Thursday, August 21st. Finally, Morgan Stanley reaffirmed a “mixed” rating on shares of Truist Financial in a research note on Monday, July 21st. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $48.47.

Truist Financial Stock Performance

Shares of TFC opened at $44.55 on Wednesday. The business’s fifty day moving average price is $44.99 and its 200 day moving average price is $41.70. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $49.06. The stock has a market capitalization of $57.44 billion, a PE ratio of 12.14, a price-to-earnings-growth ratio of 1.67 and a beta of 0.88. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data 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). The firm had revenue of $5.04 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the business earned $0.91 earnings per share. Equities research analysts forecast that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders 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 was Friday, August 8th. Truist Financial’s dividend payout ratio (DPR) is presently 56.68%.

Insider Activity at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the firm’s stock in a transaction 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 transaction, the insider directly owned 500 shares of the company’s stock, valued at approximately $22,595. This trade represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.14% of the company’s stock.

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.