Longfellow Investment Management Co. LLC Makes New Investment in Truist Financial Corporation $TFC

Longfellow Investment Management Co. LLC acquired a new position in shares of Truist Financial Corporation (NYSE:TFC) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 11,083 shares of the insurance provider’s stock, valued at approximately $552,000.

A number of other institutional investors and hedge funds also recently modified their holdings of TFC. Pinnacle Financial Partners Inc. raised its stake in Truist Financial by 30.0% during the third quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock worth $7,994,000 after acquiring an additional 40,393 shares during the period. Fifth Third Bancorp boosted its stake in Truist Financial by 531.8% in the first quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider’s stock valued at $20,059,000 after acquiring an additional 367,291 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Truist Financial by 21.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 225,702 shares of the insurance provider’s stock valued at $11,107,000 after purchasing an additional 39,924 shares during the last quarter. Franklin Street Advisors Inc. NC grew its holdings in shares of Truist Financial by 129.1% during the second quarter. Franklin Street Advisors Inc. NC now owns 37,253 shares of the insurance provider’s stock valued at $1,856,000 after purchasing an additional 20,991 shares during the last quarter. Finally, Axxcess Wealth Management LLC raised its position in shares of Truist Financial by 77.2% during the 4th quarter. Axxcess Wealth Management LLC now owns 158,394 shares of the insurance provider’s stock worth $7,795,000 after purchasing an additional 68,990 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TFC has been the subject of several recent research reports. Wall Street Zen upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings reissued a “buy (b)” rating on shares of Truist Financial in a research note on Wednesday, July 29th. Royal Bank Of Canada upped their target price on shares of Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a research report on Monday, April 20th. Morgan Stanley restated an “equal weight” rating and issued a $54.00 price target (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. Finally, Evercore reaffirmed an “outperform” rating and set a $57.00 price target on shares of Truist Financial in a report on Monday, July 6th. Seven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Truist Financial presently has a consensus rating of “Hold” and a consensus target price of $54.67.

Insider Transactions at Truist Financial

In other news, CEO William H. Rogers, Jr. sold 13,250 shares of the stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $52.36, for a total value of $693,770.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Donta L. Wilson sold 13,280 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the transaction, the insider owned 56,009 shares in the company, valued at $2,904,066.65. This represents a 19.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 30,516 shares of company stock valued at $1,584,428. Company insiders own 0.15% of the company’s stock.

Truist Financial Price Performance

Shares of TFC opened at $53.08 on Monday. Truist Financial Corporation has a one year low of $40.78 and a one year high of $56.19. The stock’s fifty day moving average is $51.13 and its 200-day moving average is $49.80. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market capitalization of $64.84 billion, a price-to-earnings ratio of 12.17, a price-to-earnings-growth ratio of 1.12 and a beta of 0.89.

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

Truist Financial Announces Dividend

The business 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 dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date is Friday, August 14th. Truist Financial’s payout ratio is 47.71%.

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.