Iron Horse Wealth Management LLC Buys 670 Shares of Truist Financial Corporation $TFC

Iron Horse Wealth Management LLC grew its stake in shares of Truist Financial Corporation (NYSE:TFC) by 192.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,018 shares of the insurance provider’s stock after buying an additional 670 shares during the quarter. Iron Horse Wealth Management LLC’s holdings in Truist Financial were worth $44,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Simplicity Wealth LLC bought a new stake in shares of Truist Financial during the second quarter worth $627,000. OLD National Bancorp IN grew its stake in shares of Truist Financial by 1.7% during the second quarter. OLD National Bancorp IN now owns 257,322 shares of the insurance provider’s stock worth $11,062,000 after buying an additional 4,205 shares during the last quarter. Apexium Financial LP grew its stake in shares of Truist Financial by 10.8% during the second quarter. Apexium Financial LP now owns 6,018 shares of the insurance provider’s stock worth $259,000 after buying an additional 587 shares during the last quarter. Hennessy Advisors Inc. grew its stake in shares of Truist Financial by 12.3% during the second quarter. Hennessy Advisors Inc. now owns 36,500 shares of the insurance provider’s stock worth $1,569,000 after buying an additional 4,000 shares during the last quarter. Finally, Keystone Financial Group Inc. grew its stake in shares of Truist Financial by 1.3% during the second quarter. Keystone Financial Group Inc. now owns 21,283 shares of the insurance provider’s stock worth $942,000 after buying an additional 266 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on TFC shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Truist Financial in a research note on Saturday, September 27th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $47.00 target price on shares of Truist Financial in a research note on Thursday, August 21st. Evercore ISI boosted their target price on shares of Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a research note on Tuesday. Citigroup raised 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 research note on Thursday, June 26th. Finally, Morgan Stanley boosted their price objective on shares of Truist Financial from $48.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Monday, September 29th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.89.

Truist Financial Stock Performance

Shares of Truist Financial stock opened at $45.53 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06. The stock has a market cap of $58.71 billion, a price-to-earnings ratio of 12.41, a P/E/G ratio of 1.46 and a beta of 0.88. The company’s fifty day moving average is $45.15 and its 200 day moving average is $42.08.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.02). The firm had revenue of $5.04 billion during the quarter, compared to analyst estimates of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. Truist Financial’s quarterly revenue was down 406.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.91 EPS. Sell-side analysts forecast that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were issued a $0.52 dividend. The ex-dividend date was Friday, August 8th. This represents a $2.08 annualized dividend and a yield of 4.6%. Truist Financial’s payout ratio is presently 56.68%.

Insider Transactions at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of the business’s stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the transaction, the insider owned 500 shares in the company, valued at $22,595. The trade was a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.17% of the stock is currently owned by insiders.

Truist Financial Company 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.