HighTower Advisors LLC Acquires 315,424 Shares of Truist Financial Corporation $TFC

HighTower Advisors LLC boosted its holdings in Truist Financial Corporation (NYSE:TFC) by 21.1% during the 2nd quarter, Holdings Channel reports. The firm owned 1,808,394 shares of the insurance provider’s stock after acquiring an additional 315,424 shares during the period. HighTower Advisors LLC’s holdings in Truist Financial were worth $90,094,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of TFC. 3Chopt Investment Partners LLC increased its stake in shares of Truist Financial by 1.3% during the fourth quarter. 3Chopt Investment Partners LLC now owns 14,713 shares of the insurance provider’s stock valued at $724,000 after purchasing an additional 193 shares in the last quarter. IFP Advisors Inc boosted its position in shares of Truist Financial by 2.4% in the 4th quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider’s stock worth $404,000 after purchasing an additional 194 shares in the last quarter. PCB Capital LLC grew its stake in shares of Truist Financial by 3.0% in the 1st quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider’s stock worth $310,000 after buying an additional 198 shares during the last quarter. AlphaCore Capital LLC increased its position in Truist Financial by 8.3% during the 4th quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider’s stock valued at $128,000 after buying an additional 199 shares in the last quarter. Finally, CYBER HORNET ETFs LLC raised 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 valued at $188,000 after buying an additional 199 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Up 0.1%

TFC opened at $51.68 on Tuesday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73. The firm has a 50 day moving average price of $51.57 and a 200-day moving average price of $49.56. Truist Financial Corporation has a twelve month low of $40.78 and a twelve month high of $56.19. The stock has a market capitalization of $63.13 billion, a price-to-earnings ratio of 11.85, a PEG ratio of 1.09 and a beta of 0.88.

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

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend was Friday, August 14th. Truist Financial’s dividend payout ratio is presently 47.71%.

Analysts Set New Price Targets

TFC has been the topic of a number of recent research reports. Wall Street Zen raised Truist Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Raymond James Financial reaffirmed a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. Weiss Ratings reiterated a “buy (b)” rating on shares of Truist Financial in a research note on Wednesday, July 29th. 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. Finally, Robert W. Baird raised their price objective 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. Seven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $55.12.

Insider Transactions at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. sold 13,250 shares of the stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $52.36, for a total value of $693,770.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Dontá Wilson sold 13,280 shares of the business’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $51.85, for a total value of $688,568.00. Following the sale, the insider owned 56,009 shares of the company’s stock, valued at approximately $2,904,066.65. This represents a 19.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 30,516 shares of company stock worth $1,584,428 in the last ninety days. Insiders own 0.15% of the company’s stock.

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.