Focus Financial Network Inc. Invests $499,000 in Truist Financial Corporation $TFC

Focus Financial Network Inc. purchased a new stake in Truist Financial Corporation (NYSE:TFC) in the 2nd quarter, Holdings Channel.com reports. The firm purchased 10,026 shares of the insurance provider’s stock, valued at approximately $499,000.

A number of other institutional investors have also modified their holdings of the business. Kemnay Advisory Services Inc. acquired a new position in Truist Financial in the fourth quarter valued at approximately $25,000. Swiss RE Ltd. acquired a new stake in shares of Truist Financial during the 4th quarter worth approximately $26,000. McMillan Office Inc. acquired a new stake in shares of Truist Financial during the 4th quarter worth approximately $31,000. Mowery & Schoenfeld Wealth Management LLC lifted its holdings in shares of Truist Financial by 190.7% in the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 431 shares during the last quarter. Finally, Ancora Advisors LLC lifted its holdings in shares of Truist Financial by 259.1% in the 3rd quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 500 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Insider Activity at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. sold 13,250 shares of the firm’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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Donta L. Wilson sold 13,280 shares of the firm’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the transaction, the insider directly owned 56,009 shares in the company, valued at approximately $2,904,066.65. The trade was a 19.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 30,516 shares of company stock worth $1,584,428 over the last ninety days. 0.15% of the stock is currently owned by corporate insiders.

Truist Financial Stock Performance

Shares of TFC stock opened at $52.67 on Thursday. Truist Financial Corporation has a 12-month low of $40.78 and a 12-month high of $56.19. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market capitalization of $64.34 billion, a price-to-earnings ratio of 12.08, a price-to-earnings-growth ratio of 0.95 and a beta of 0.89. The business has a 50 day simple moving average of $50.98 and a 200 day simple moving average of $49.75.

Truist Financial (NYSE:TFC) last announced 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 firm had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. During the same quarter in the previous year, the business earned $0.91 EPS. The firm’s revenue for the quarter was up 5.6% on a year-over-year basis. On average, equities research analysts anticipate that Truist Financial Corporation will post 4.59 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date is Friday, August 14th. Truist Financial’s payout ratio is currently 47.71%.

Analyst Upgrades and Downgrades

TFC has been the subject of a number of analyst reports. Jefferies Financial Group restated a “mixed” rating and set a $45.00 price objective on shares of Truist Financial in a research report on Friday, April 17th. Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and cut their target price for the company from $63.00 to $54.00 in a research note on Tuesday, June 30th. Wall Street Zen raised shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Raymond James Financial restated a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. Finally, UBS Group cut shares of Truist Financial from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $58.00 to $55.00 in a report on Tuesday, July 7th. Seven investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Truist Financial currently has an average rating of “Hold” and a consensus price target of $54.67.

About Truist Financial

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.