PARK CIRCLE Co Acquires 12,600 Shares of Truist Financial Corporation $TFC

PARK CIRCLE Co grew its stake in Truist Financial Corporation (NYSE:TFC) by 60.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,530 shares of the insurance provider’s stock after buying an additional 12,600 shares during the quarter. Truist Financial makes up 1.2% of PARK CIRCLE Co’s portfolio, making the stock its 23rd biggest holding. PARK CIRCLE Co’s holdings in Truist Financial were worth $1,441,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wealth Preservation Advisors LLC purchased a new position in shares of Truist Financial in the first quarter valued at about $25,000. Centennial Bank AR grew its holdings 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 purchasing an additional 580 shares in the last quarter. Motco increased its holdings in shares of Truist Financial by 435.6% in the 1st quarter. Motco now owns 798 shares of the insurance provider’s stock worth $33,000 after buying an additional 649 shares during the last quarter. Meeder Asset Management Inc. raised its position in Truist Financial by 115.3% during the first quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 468 shares during the period. Finally, Sierra Ocean LLC lifted its position in Truist Financial by 64.4% in the first quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider’s stock worth $37,000 after buying an additional 352 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TFC has been the subject of several analyst reports. Citigroup raised shares of Truist Financial from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Evercore ISI raised their target price on shares of Truist Financial from $48.00 to $50.00 and gave the company an “in-line” rating in a research report on Tuesday, September 30th. Wells Fargo & Company reissued an “equal weight” rating and issued a $47.00 price target on shares of Truist Financial in a research report on Thursday, August 21st. Keefe, Bruyette & Woods lowered shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price objective for the company. in a research note on Wednesday, July 9th. Finally, Morgan Stanley lifted their price target on shares of Truist Financial from $48.00 to $54.00 and gave the stock an “equal weight” rating in a report on Monday, September 29th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.89.

Insiders Place Their Bets

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total transaction of $566,682.60. Following the completion of the transaction, the insider owned 500 shares in the company, valued at approximately $22,595. This trade represents a 96.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.17% of the company’s stock.

Truist Financial Price Performance

Shares of NYSE TFC opened at $44.16 on Thursday. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $49.06. The business’s 50 day moving average price is $45.16 and its 200 day moving average price is $42.15. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. The firm has a market cap of $56.94 billion, a P/E ratio of 12.03, a P/E/G ratio of 1.45 and a beta of 0.88.

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

Truist Financial Dividend Announcement

The firm 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. This represents a $2.08 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial’s dividend payout ratio is presently 56.68%.

About Truist Financial

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.