Cornerstone Wealth Group LLC Boosts Stake in Truist Financial Corporation $TFC

Cornerstone Wealth Group LLC boosted its stake in Truist Financial Corporation (NYSE:TFC) by 1.9% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 140,243 shares of the insurance provider’s stock after buying an additional 2,589 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Truist Financial were worth $6,029,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of TFC. Wealth Preservation Advisors LLC purchased a new stake in Truist Financial in the 1st quarter valued at approximately $25,000. Centennial Bank AR lifted its stake in Truist Financial by 360.2% in the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock valued at $30,000 after buying an additional 580 shares in the last quarter. Motco lifted its stake in Truist Financial by 435.6% in the 1st quarter. Motco now owns 798 shares of the insurance provider’s stock valued at $33,000 after buying an additional 649 shares in the last quarter. Ramirez Asset Management Inc. lifted its stake in Truist Financial by 60.0% in the 2nd quarter. Ramirez Asset Management Inc. now owns 800 shares of the insurance provider’s stock valued at $34,000 after buying an additional 300 shares in the last quarter. Finally, Meeder Asset Management Inc. lifted its stake in Truist Financial by 115.3% in the 1st quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider’s stock valued at $36,000 after buying an additional 468 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Transactions at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction on Tuesday, July 22nd. The stock was 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 represents a 96.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on TFC shares. Citigroup raised Truist Financial from a “neutral” rating to a “buy” rating and increased their price target for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Weiss Ratings reissued a “hold (c+)” rating on shares of Truist Financial in a research note on Wednesday, October 8th. Evercore ISI increased their price target on Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a research note on Tuesday, September 30th. Wells Fargo & Company reissued 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 increased their price target on Truist Financial from $48.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Monday, September 29th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $48.89.

Truist Financial Trading Up 1.4%

TFC stock opened at $42.92 on Tuesday. The company has a market cap of $55.34 billion, a price-to-earnings ratio of 11.69, a PEG ratio of 1.35 and a beta of 0.88. 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 business has a fifty day simple moving average of $45.15 and a 200-day simple moving average of $42.19. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $49.06.

Truist Financial (NYSE:TFC) last announced its quarterly 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 during the quarter, compared to analyst estimates of $5.04 billion. During the same quarter in the prior year, the company posted $0.91 earnings per share. The firm’s revenue for the quarter was down 406.0% on a year-over-year basis. On average, equities research analysts expect 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. Investors of record on Friday, August 8th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.8%. The ex-dividend date was Friday, August 8th. Truist Financial’s dividend payout ratio is currently 56.68%.

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.