Grant Private Wealth Management Inc Buys New Position in Truist Financial Corporation $TFC

Grant Private Wealth Management Inc bought a new stake in shares of Truist Financial Corporation (NYSE:TFC) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 124,663 shares of the insurance provider’s stock, valued at approximately $5,359,000. Truist Financial accounts for 3.0% of Grant Private Wealth Management Inc’s holdings, making the stock its 12th biggest holding.

Several other large investors also recently added to or reduced their stakes in TFC. Victory Capital Management Inc. grew its position in Truist Financial by 922.9% during the first quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider’s stock valued at $274,237,000 after buying an additional 6,012,817 shares during the period. Invesco Ltd. boosted its position in shares of Truist Financial by 32.0% in the first quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider’s stock worth $540,723,000 after purchasing an additional 3,188,999 shares during the period. Nuveen LLC bought a new position in shares of Truist Financial in the first quarter worth approximately $117,929,000. Assenagon Asset Management S.A. boosted its position in shares of Truist Financial by 610.8% in the first quarter. Assenagon Asset Management S.A. now owns 2,661,895 shares of the insurance provider’s stock worth $109,537,000 after purchasing an additional 2,287,410 shares during the period. Finally, American Century Companies Inc. boosted its position in shares of Truist Financial by 21.8% in the first quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider’s stock worth $495,509,000 after purchasing an additional 2,158,639 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Bradley D. Bender sold 12,540 shares of the firm’s 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 sale, the insider owned 500 shares in the company, valued at approximately $22,595. This trade represents a 96.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on TFC. Morgan Stanley reiterated a “mixed” rating on shares of Truist Financial in a research report on Monday, July 21st. Raymond James Financial upgraded shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 price target for the company in a research report on Tuesday, July 8th. 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. Citigroup upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and upped their price target for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Finally, Wells Fargo & Company reissued an “equal weight” rating and issued a $47.00 target price on shares of Truist Financial in a report on Thursday, August 21st. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $48.47.

Truist Financial Price Performance

Truist Financial stock opened at $45.97 on Friday. The firm has a 50-day moving average price of $45.02 and a 200-day moving average price of $41.74. The firm has a market capitalization of $59.28 billion, a PE ratio of 12.53, a price-to-earnings-growth ratio of 1.72 and a beta of 0.88. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $49.06.

Truist Financial (NYSE:TFC) last released its 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). The firm had revenue of $5.04 billion during 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%.Truist Financial’s revenue was down 406.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.91 EPS. As a group, equities research analysts forecast that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.5%. The ex-dividend date was Friday, August 8th. Truist Financial’s dividend payout ratio (DPR) is 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.