Argyle Capital Management LLC Acquires 2,400 Shares of Truist Financial Corporation $TFC

Argyle Capital Management LLC raised its position in Truist Financial Corporation (NYSE:TFC) by 5.1% in the second quarter, HoldingsChannel.com reports. The fund owned 49,366 shares of the insurance provider’s stock after purchasing an additional 2,400 shares during the quarter. Argyle Capital Management LLC’s holdings in Truist Financial were worth $2,122,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of TFC. Wealth Preservation Advisors LLC acquired a new stake in shares of Truist Financial during the 1st quarter worth about $25,000. Centennial Bank AR grew its holdings in shares of Truist Financial by 360.2% during the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 580 shares during the last quarter. Motco grew its holdings in Truist Financial by 435.6% during the 1st quarter. Motco now owns 798 shares of the insurance provider’s stock worth $33,000 after acquiring an additional 649 shares during the last quarter. Ramirez Asset Management Inc. grew its holdings in Truist Financial by 60.0% during the 2nd quarter. Ramirez Asset Management Inc. now owns 800 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 300 shares during the last quarter. Finally, Meeder Asset Management Inc. grew its holdings in Truist Financial by 115.3% during the 1st quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider’s stock worth $36,000 after acquiring an additional 468 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Trading Up 0.2%

Shares of Truist Financial stock opened at $44.22 on Friday. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06. The firm has a market cap of $57.02 billion, a PE ratio of 12.05, a PEG ratio of 1.42 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. The company has a 50 day simple moving average of $45.17 and a two-hundred day simple moving average of $42.16.

Truist Financial (NYSE:TFC) last announced 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). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The company had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $5.04 billion. During the same quarter in the previous year, the firm earned $0.91 earnings per share. The company’s revenue for the quarter was down 406.0% compared to the same quarter last year. Analysts expect that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date was Friday, August 8th. Truist Financial’s payout ratio is presently 56.68%.

Insider Buying and Selling at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the business’s stock in a transaction that occurred 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. The trade was a 96.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.17% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on TFC shares. Citigroup upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Raymond James Financial restated an “outperform” rating on shares of Truist Financial in a report on Tuesday. Morgan Stanley increased their target price on shares of Truist Financial from $48.00 to $54.00 and gave the company an “equal weight” rating in a report on Monday, September 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Truist Financial in a report on Wednesday. Finally, Evercore ISI increased 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 report on Tuesday, September 30th. Two investment 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 company. According to data from MarketBeat.com, Truist Financial currently has a consensus rating of “Moderate Buy” and an average price target of $48.89.

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.