Norris Financial Group LLC Purchases New Shares in Truist Financial Corporation $TFC

Norris Financial Group LLC acquired a new stake in shares of Truist Financial Corporation (NYSE:TFC) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 36,177 shares of the insurance provider’s stock, valued at approximately $1,663,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. 3Chopt Investment Partners LLC grew its holdings in shares of Truist Financial by 1.3% during the 4th quarter. 3Chopt Investment Partners LLC now owns 14,713 shares of the insurance provider’s stock worth $724,000 after acquiring an additional 193 shares during the period. IFP Advisors Inc lifted its position in Truist Financial by 2.4% during the 4th quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider’s stock valued at $404,000 after acquiring an additional 194 shares during the period. PCB Capital LLC lifted its position in Truist Financial by 3.0% during the 1st quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider’s stock valued at $310,000 after acquiring an additional 198 shares during the period. AlphaCore Capital LLC boosted its stake in Truist Financial by 8.3% during the fourth quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider’s stock worth $128,000 after acquiring an additional 199 shares in the last quarter. Finally, CYBER HORNET ETFs LLC boosted its stake in Truist Financial by 5.5% during the fourth quarter. CYBER HORNET ETFs LLC now owns 3,820 shares of the insurance provider’s stock worth $188,000 after acquiring an additional 199 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director K. David Jr. Boyer sold 3,986 shares of the company’s stock in a transaction on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total value of $202,090.20. Following the completion of the transaction, the director owned 10,270 shares of the company’s stock, valued at approximately $520,689. This represents a 27.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the business’s stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $52.36, for a total value of $693,770.00. The SEC filing for this sale provides additional information. Corporate insiders own 0.15% of the company’s stock.

Truist Financial Stock Down 0.6%

TFC opened at $51.98 on Friday. The firm’s 50 day simple moving average is $50.21 and its two-hundred day simple moving average is $49.60. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19. The company has a market capitalization of $64.76 billion, a PE ratio of 11.92, a PEG ratio of 0.95 and a beta of 0.89.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.15. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The firm’s revenue was up 5.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.91 EPS. As a group, equities analysts forecast that Truist Financial Corporation will post 4.59 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Friday, August 14th. Truist Financial’s dividend payout ratio is presently 47.71%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TFC. Robert W. Baird raised their target price on shares of Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a research note on Monday, July 20th. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and cut their price objective for the company from $63.00 to $54.00 in a research report on Tuesday, June 30th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $54.00 target price (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. JPMorgan Chase & Co. increased their price target on shares of Truist Financial from $53.00 to $54.00 and gave the company an “underweight” rating in a report on Wednesday. Finally, Jefferies Financial Group reissued a “mixed” rating and set a $45.00 price target on shares of Truist Financial in a research report on Friday, April 17th. Seven research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Truist Financial presently has an average rating of “Hold” and an average price target of $54.67.

Truist Financial Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.