OLD National Bancorp IN Has $11.06 Million Stock Holdings in Truist Financial Corporation $TFC

OLD National Bancorp IN boosted its stake in Truist Financial Corporation (NYSE:TFC) by 1.7% in the 2nd quarter, Holdings Channel.com reports. The firm owned 257,322 shares of the insurance provider’s stock after acquiring an additional 4,205 shares during the quarter. OLD National Bancorp IN’s holdings in Truist Financial were worth $11,062,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. First Hawaiian Bank lifted its stake in Truist Financial by 8.6% in the 1st quarter. First Hawaiian Bank now owns 11,991 shares of the insurance provider’s stock valued at $493,000 after purchasing an additional 948 shares during the last quarter. Code Waechter LLC bought a new position in Truist Financial in the 1st quarter valued at approximately $365,000. Cantor Fitzgerald Investment Advisors L.P. lifted its stake in Truist Financial by 4.6% in the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider’s stock valued at $17,927,000 after purchasing an additional 19,286 shares during the last quarter. Pinnacle Financial Partners Inc lifted its stake in Truist Financial by 55.1% in the 1st quarter. Pinnacle Financial Partners Inc now owns 134,363 shares of the insurance provider’s stock valued at $5,530,000 after purchasing an additional 47,717 shares during the last quarter. Finally, Credit Agricole S A lifted its stake in Truist Financial by 76.4% in the 1st quarter. Credit Agricole S A now owns 500,384 shares of the insurance provider’s stock valued at $20,591,000 after purchasing an additional 216,672 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Up 0.4%

TFC opened at $45.53 on Friday. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. The company has a fifty day moving average of $45.15 and a 200-day moving average of $42.08. The stock has a market cap of $58.71 billion, a PE ratio of 12.41, a price-to-earnings-growth ratio of 1.46 and a beta of 0.88.

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). Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The firm had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. During the same quarter last year, the company earned $0.91 earnings per share. The company’s quarterly revenue was down 406.0% compared to the same quarter last year. On average, sell-side analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date was Friday, August 8th. Truist Financial’s dividend payout ratio (DPR) is presently 56.68%.

Wall Street Analysts Forecast Growth

TFC has been the subject of several research reports. Wells Fargo & Company reissued an “equal weight” rating and issued a $47.00 price objective on shares of Truist Financial in a research note on Thursday, August 21st. Citigroup raised shares of Truist Financial from a “neutral” rating to a “buy” rating and raised their price target for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. 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. Morgan Stanley raised 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 note on Monday, September 29th. Finally, Evercore ISI raised 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 note on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $48.89.

Insider Buying and Selling

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the firm’s stock in a transaction on 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 directly owned 500 shares in the company, valued at approximately $22,595. This trade represents a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.17% of the company’s stock.

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.