Texas Capital Bank Wealth Management Services Inc Takes $761,000 Position in Truist Financial Corporation $TFC

Texas Capital Bank Wealth Management Services Inc purchased a new stake in Truist Financial Corporation (NYSE:TFC) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 15,284 shares of the insurance provider’s stock, valued at approximately $761,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in TFC. Vanguard Group Inc. grew its stake in shares of Truist Financial by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock valued at $5,892,453,000 after purchasing an additional 701,049 shares during the last quarter. Capital International Investors raised its position in Truist Financial by 0.7% in the 4th quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock worth $5,332,835,000 after purchasing an additional 715,433 shares during the last quarter. BlackRock Inc. bought a new position in Truist Financial in the 2nd quarter worth approximately $4,959,834,000. Victory Capital Management Inc. lifted its holdings in Truist Financial by 7.5% during the 4th quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock worth $1,572,968,000 after buying an additional 2,226,288 shares in the last quarter. Finally, Morgan Stanley lifted its holdings in Truist Financial by 2.9% during the 4th quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider’s stock worth $1,030,028,000 after buying an additional 597,255 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Price Performance

Shares of TFC stock opened at $52.58 on Tuesday. Truist Financial Corporation has a 52-week low of $40.78 and a 52-week high of $56.19. The stock has a market cap of $64.23 billion, a PE ratio of 12.06, a PEG ratio of 1.12 and a beta of 0.89. 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’s 50 day moving average price is $51.21 and its two-hundred day moving average price is $49.81.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.15. The firm had revenue of $5.31 billion during 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 previous year, the business earned $0.91 EPS. As a group, analysts forecast that Truist Financial Corporation will post 4.58 EPS for the current year.

Truist Financial Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. Truist Financial’s payout ratio is 47.71%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on TFC shares. Keefe, Bruyette & Woods lifted their target price 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. Wall Street Zen raised Truist Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Robert W. Baird upped their price target on Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a research note on Monday, July 20th. Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and decreased their price target for the company from $63.00 to $54.00 in a report on Tuesday, June 30th. Finally, JPMorgan Chase & Co. lifted their price objective on Truist Financial from $53.00 to $54.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 29th. Seven investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $54.67.

Insider Activity at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 3,986 shares of the firm’s stock in a transaction dated Thursday, July 23rd. The stock was 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 approximately $520,689. This trade represents a 27.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the firm’s 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 SEC filing for this sale provides additional information. Over the last quarter, insiders sold 30,516 shares of company stock worth $1,584,428. 0.15% of the stock is owned by insiders.

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.