Stoneridge Investment Partners LLC Makes New Investment in Truist Financial Corporation $TFC

Stoneridge Investment Partners LLC acquired a new stake in Truist Financial Corporation (NYSE:TFC) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 20,067 shares of the insurance provider’s stock, valued at approximately $1,040,000.

Several other large investors also recently modified their holdings of the company. Avalon Trust Co bought a new position in Truist Financial during the second quarter worth $437,000. One Wealth Advisors LLC bought a new stake in Truist Financial during the second quarter valued at $493,000. Family Legacy Inc. bought a new stake in Truist Financial during the second quarter valued at $292,000. Clearstead Trust LLC acquired a new stake in Truist Financial during the 2nd quarter worth about $62,000. Finally, Bridgewater Advisors Inc. bought a new position in shares of Truist Financial in the 2nd quarter worth about $322,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TFC has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods boosted their price objective on Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a research note on Monday, July 20th. UBS Group cut Truist Financial from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $58.00 to $55.00 in a research note on Tuesday, July 7th. Bank of America reiterated a “neutral” rating and issued a $56.00 target price (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. JPMorgan Chase & Co. boosted their price target on Truist Financial from $53.00 to $54.00 and gave the company an “underweight” rating in a research note on Wednesday, July 29th. Finally, Royal Bank Of Canada boosted their price target on Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. Seven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $54.67.

Truist Financial Trading Up 0.2%

TFC opened at $53.08 on Friday. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. The company has a market cap of $64.84 billion, a P/E ratio of 12.17, a price-to-earnings-growth ratio of 1.12 and a beta of 0.89. The company has a fifty day moving average price of $51.13 and a two-hundred day moving average price of $49.80.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.15. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The business’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.91 earnings per share. Analysts predict that Truist Financial Corporation will post 4.58 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial’s dividend payout ratio is 47.71%.

Insiders Place Their Bets

In other news, 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 transaction of $693,770.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director K. David Jr. Boyer sold 3,986 shares of the company’s stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total value of $202,090.20. Following the transaction, the director directly owned 10,270 shares in the company, valued at $520,689. The trade was a 27.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 30,516 shares of company stock worth $1,584,428. Corporate insiders own 0.15% of the company’s stock.

Truist Financial Company 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.