Strategic Investment Advisors MI Acquires Shares of 22,282 Truist Financial Corporation $TFC

Strategic Investment Advisors MI bought a new position in Truist Financial Corporation (NYSE:TFC) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 22,282 shares of the insurance provider’s stock, valued at approximately $1,024,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Kemnay Advisory Services Inc. bought a new position in shares of Truist Financial during the fourth quarter worth about $25,000. Swiss RE Ltd. bought a new stake in Truist Financial in the fourth quarter valued at about $26,000. McMillan Office Inc. acquired a new stake in Truist Financial during the fourth quarter valued at approximately $31,000. Maseco LLP raised its stake in Truist Financial by 53.8% during the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock valued at $32,000 after buying an additional 228 shares in the last quarter. Finally, Mowery & Schoenfeld Wealth Management LLC lifted its holdings in Truist Financial by 190.7% during the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock worth $32,000 after buying an additional 431 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Insiders Place Their Bets

In other news, Director K. David Jr. Boyer sold 3,986 shares of the stock in a transaction on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total transaction of $202,090.20. Following the transaction, the director owned 10,270 shares in the company, valued at $520,689. This represents a 27.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the firm’s stock in a transaction on Monday, July 20th. The shares were sold at an average price of $52.36, for a total transaction of $693,770.00. The disclosure for this sale is available in the SEC filing. 0.15% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

TFC has been the subject of a number of research analyst reports. Bank of America reiterated a “neutral” rating and issued a $56.00 price target (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Evercore reiterated an “outperform” rating and set a $57.00 target price on shares of Truist Financial in a research note on Monday, July 6th. Robert W. Baird raised their price target on shares of Truist Financial from $55.00 to $56.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Keefe, Bruyette & Woods boosted their price objective on shares of Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a research report on Monday, July 20th. Finally, Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and cut their target price for the stock from $63.00 to $54.00 in a report on Tuesday, June 30th. Seven research 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.com, the company currently has a consensus rating of “Hold” and a consensus price target of $54.67.

Truist Financial Trading Down 0.6%

Truist Financial stock opened at $51.98 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73. The firm has a 50-day moving average price of $50.21 and a two-hundred day moving average price of $49.60. The firm has a market capitalization of $64.76 billion, a price-to-earnings ratio of 11.92, a PEG ratio of 0.95 and a beta of 0.89. Truist Financial Corporation has a 52-week low of $40.78 and a 52-week high of $56.19.

Truist Financial (NYSE:TFC) last announced its earnings results 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 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 for the quarter was up 5.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.91 EPS. Sell-side analysts expect that Truist Financial Corporation will post 4.59 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be issued 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 payout ratio is presently 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.