Gradient Investments LLC Purchases 3,998 Shares of Truist Financial Co. (NYSE:TFC)

Gradient Investments LLC boosted its stake in Truist Financial Co. (NYSE:TFC) by 182.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,195 shares of the insurance provider’s stock after purchasing an additional 3,998 shares during the period. Gradient Investments LLC’s holdings in Truist Financial were worth $241,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in TFC. Norges Bank bought a new stake in Truist Financial in the 4th quarter worth approximately $307,787,000. Capital International Investors grew its position in shares of Truist Financial by 93.7% during the 1st quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock valued at $453,854,000 after acquiring an additional 5,632,493 shares during the period. Parnassus Investments LLC bought a new stake in shares of Truist Financial during the 4th quarter valued at $95,049,000. Azora Capital LP bought a new stake in shares of Truist Financial during the 4th quarter valued at $72,498,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Truist Financial by 8.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 19,238,388 shares of the insurance provider’s stock valued at $690,793,000 after acquiring an additional 1,458,248 shares during the period. Institutional investors own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

TFC has been the subject of a number of recent research reports. Wolfe Research raised shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. JPMorgan Chase & Co. boosted their price objective on shares of Truist Financial from $39.50 to $40.50 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. HSBC boosted their price objective on shares of Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday, May 8th. Argus lifted their target price on shares of Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Finally, Barclays lifted their target price on shares of Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $45.30.

Insider Activity

In other Truist Financial news, CEO William H. Rogers, Jr. bought 57,300 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The shares were purchased at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the transaction, the chief executive officer now owns 569,271 shares of the company’s stock, valued at $25,025,153.16. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, VP Cynthia B. Powell sold 6,688 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $44.14, for a total transaction of $295,208.32. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO William H. Rogers, Jr. purchased 57,300 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were purchased at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now directly owns 569,271 shares in the company, valued at approximately $25,025,153.16. The disclosure for this purchase can be found here. Corporate insiders own 0.17% of the company’s stock.

Truist Financial Price Performance

TFC stock traded up $0.16 during mid-day trading on Friday, hitting $42.53. The company had a trading volume of 4,183,517 shares, compared to its average volume of 8,073,381. The company has a market capitalization of $56.95 billion, a price-to-earnings ratio of -32.22, a P/E/G ratio of 1.96 and a beta of 1.06. Truist Financial Co. has a 12-month low of $26.57 and a 12-month high of $45.31. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.61. The company has a 50-day moving average price of $40.23 and a 200 day moving average price of $38.30.

Truist Financial (NYSE:TFC) last announced its earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.07. The firm had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $4.83 billion. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The business’s revenue was down 15.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.95 EPS. On average, research analysts anticipate that Truist Financial Co. will post 3.56 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.89%. The ex-dividend date of this dividend is Friday, August 9th. Truist Financial’s dividend payout ratio is -157.58%.

Truist Financial 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.