Invst LLC Acquires New Holdings in Truist Financial Co. (NYSE:TFC)

Invst LLC acquired a new stake in shares of Truist Financial Co. (NYSE:TFC) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 19,604 shares of the insurance provider’s stock, valued at approximately $752,000.

Several other institutional investors have also added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of Truist Financial in the fourth quarter worth $307,787,000. Capital International Investors grew its stake in Truist Financial by 93.7% during the first 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 in the last quarter. Parnassus Investments LLC purchased a new position in Truist Financial during the fourth quarter valued at $95,049,000. Azora Capital LP purchased a new position in Truist Financial during the fourth quarter valued at $72,498,000. Finally, Charles Schwab Investment Management Inc. grew its stake in Truist Financial by 8.2% during the fourth 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 in the last quarter. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Stock Down 2.8 %

Shares of Truist Financial stock traded down $1.23 on Friday, reaching $42.12. The stock had a trading volume of 10,710,437 shares, compared to its average volume of 7,670,527. The stock has a market capitalization of $56.36 billion, a P/E ratio of -31.91, a P/E/G ratio of 2.03 and a beta of 1.06. Truist Financial Co. has a 1 year low of $26.57 and a 1 year 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 $39.32 and a 200 day moving average price of $37.98.

Truist Financial (NYSE:TFC) last released its earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.84 by $0.07. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The company had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $4.83 billion. During the same quarter in the previous year, the firm earned $0.95 EPS. Truist Financial’s revenue was down 15.9% compared to the same quarter last year. As a group, equities research analysts forecast that Truist Financial Co. will post 3.55 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.94%. The ex-dividend date is Friday, August 9th. Truist Financial’s payout ratio is -157.58%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on TFC shares. Stephens lifted their price objective on shares of Truist Financial from $43.00 to $47.00 and gave the stock an “overweight” rating in a research note on Thursday, May 16th. Bank of America lifted their price objective on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Keefe, Bruyette & Woods lifted their price objective on shares of Truist Financial from $46.00 to $48.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $45.00 to $47.00 in a research note on Wednesday, July 24th. Finally, Evercore ISI reissued an “in-line” rating and issued a $44.00 price objective on shares of Truist Financial in a research note on Thursday, May 9th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Truist Financial has a consensus rating of “Hold” and an average target price of $45.30.

Insider Buying and Selling at Truist Financial

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

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.