SteelPeak Wealth LLC Purchases 15,800 Shares of Truist Financial Corporation $TFC

SteelPeak Wealth LLC raised its position in Truist Financial Corporation (NYSE:TFC) by 17.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 105,698 shares of the insurance provider’s stock after purchasing an additional 15,800 shares during the quarter. SteelPeak Wealth LLC’s holdings in Truist Financial were worth $4,544,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wealth Preservation Advisors LLC acquired a new stake in shares of Truist Financial in the first quarter valued at about $25,000. Centennial Bank AR increased its stake in shares of Truist Financial by 360.2% in the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock valued at $30,000 after buying an additional 580 shares during the period. Motco increased its stake in shares of Truist Financial by 435.6% in the first quarter. Motco now owns 798 shares of the insurance provider’s stock valued at $33,000 after buying an additional 649 shares during the period. Meeder Asset Management Inc. increased its stake in shares of Truist Financial by 115.3% in the first quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider’s stock valued at $36,000 after buying an additional 468 shares during the period. Finally, Sierra Ocean LLC increased its stake in shares of Truist Financial by 64.4% in the first quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider’s stock valued at $37,000 after buying an additional 352 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insider Transactions at Truist Financial

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the transaction, the insider owned 500 shares in the company, valued at approximately $22,595. This represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.14% of the company’s stock.

Truist Financial Stock Down 0.3%

Shares of NYSE:TFC opened at $45.39 on Tuesday. The business’s 50 day simple moving average is $45.15 and its two-hundred day simple moving average is $42.11. The firm has a market cap of $58.53 billion, a P/E ratio of 12.37, a PEG ratio of 1.46 and a beta of 0.88. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $49.06.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.02). The firm had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The firm’s revenue was down 406.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.91 EPS. As a group, research analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were issued a $0.52 dividend. The ex-dividend date was Friday, August 8th. This represents a $2.08 annualized dividend and a yield of 4.6%. Truist Financial’s dividend payout ratio is presently 56.68%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Citigroup raised Truist Financial from a “neutral” rating to a “buy” rating and increased their price target for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Keefe, Bruyette & Woods cut Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price target for the company. in a research note on Wednesday, July 9th. Raymond James Financial raised Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 target price for the company in a research note on Tuesday, July 8th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $47.00 target price on shares of Truist Financial in a research note on Thursday, August 21st. Finally, Evercore ISI raised their target price on Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a research note on Tuesday, September 30th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, Truist Financial has an average rating of “Moderate Buy” and a consensus target price of $48.89.

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.