Morningstar Investment Management LLC Raises Stock Position in Truist Financial Corporation $TFC

Morningstar Investment Management LLC grew its holdings in Truist Financial Corporation (NYSE:TFC) by 23.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,728 shares of the insurance provider’s stock after acquiring an additional 2,948 shares during the period. Morningstar Investment Management LLC’s holdings in Truist Financial were worth $676,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Wealth Preservation Advisors LLC purchased a new position in shares of Truist Financial in the 1st quarter valued at $25,000. Centennial Bank AR raised its stake in shares of 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 acquiring an additional 580 shares during the period. Motco raised its stake in shares of 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 acquiring an additional 649 shares during the period. Ramirez Asset Management Inc. raised its stake in shares of 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 acquiring an additional 300 shares during the period. Finally, Meeder Asset Management Inc. raised its stake in shares of 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 acquiring an additional 468 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Raymond James Financial reissued an “outperform” rating on shares of Truist Financial in a research note on Tuesday, October 7th. Citigroup upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. Keefe, Bruyette & Woods lowered shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price objective on the stock. in a report on Wednesday, July 9th. Evercore ISI boosted their price objective on shares of Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Truist Financial in a report on Wednesday, October 8th. Two 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’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.89.

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 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 of the company’s stock, valued at approximately $22,595. The trade was a 96.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.14% of the company’s stock.

Truist Financial Price Performance

TFC opened at $42.92 on Tuesday. The company has a 50-day moving average of $45.15 and a 200-day moving average of $42.19. The company has a market capitalization of $55.34 billion, a P/E ratio of 11.69, a PEG ratio of 1.35 and a beta of 0.88. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC) last released its earnings results 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). The company 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 for the quarter was down 406.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.91 EPS. Equities analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were given a $0.52 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.8%. Truist Financial’s payout ratio is presently 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.