Jupiter Topco LLC Makes New Investment in Truist Financial Corporation $TFC

Jupiter Topco LLC purchased a new stake in shares of Truist Financial Corporation (NYSE:TFC) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 149,844 shares of the insurance provider’s stock, valued at approximately $7,464,000.

Several other institutional investors have also recently modified their holdings of TFC. BlackRock Inc. purchased a new position in shares of Truist Financial during the 2nd quarter valued at about $4,959,834,000. Pinnacle Financial Partners Inc. boosted its stake in shares of Truist Financial by 30.0% in the third quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock worth $7,994,000 after buying an additional 40,393 shares during the last quarter. Fifth Third Bancorp boosted its stake in shares of Truist Financial by 531.8% in the first quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider’s stock worth $20,059,000 after buying an additional 367,291 shares during the last quarter. Franklin Street Advisors Inc. NC grew its holdings in 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 worth $1,856,000 after acquiring an additional 20,991 shares during the period. Finally, First National Bank of Omaha acquired a new stake in Truist Financial during the second quarter worth about $8,078,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Truist Financial

In related news, Director K. David Jr. Boyer sold 3,986 shares of the business’s stock in a transaction dated 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 directly owned 10,270 shares in the company, valued at approximately $520,689. The trade was a 27.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the company’s stock in a transaction dated 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. Over the last three months, insiders have sold 30,516 shares of company stock valued at $1,584,428. Corporate insiders own 0.15% of the company’s stock.

Truist Financial Stock Up 0.1%

TFC stock opened at $50.46 on Monday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73. Truist Financial Corporation has a 52 week low of $40.78 and a 52 week high of $56.19. The stock has a market capitalization of $61.64 billion, a P/E ratio of 11.57, a P/E/G ratio of 1.06 and a beta of 0.89. The firm has a 50-day simple moving average of $51.47 and a 200-day simple moving average of $49.64.

Truist Financial (NYSE:TFC) last released 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. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The business had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. During the same quarter last year, the business posted $0.91 earnings per share. The business’s quarterly revenue was up 5.6% compared to the same quarter last year. Equities analysts forecast that Truist Financial Corporation will post 4.58 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial’s dividend payout ratio (DPR) is currently 47.71%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Evercore reissued an “outperform” rating and issued a $57.00 price target on shares of Truist Financial in a report on Monday, July 6th. Wall Street Zen raised shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. UBS Group cut shares of Truist Financial from a “buy” rating to a “neutral” rating and decreased their target price for the company from $58.00 to $55.00 in a research note on Tuesday, July 7th. Keefe, Bruyette & Woods boosted their target price on shares of Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a research note on Monday, July 20th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $54.00 price target (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. Seven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Truist Financial has an average rating of “Hold” and a consensus price target of $55.12.

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.