Foster & Motley Inc. Makes New $685,000 Investment in Truist Financial Corporation $TFC

Foster & Motley Inc. bought a new position in Truist Financial Corporation (NYSE:TFC) in the 2nd quarter, Holdings Channel.com reports. The fund bought 13,748 shares of the insurance provider’s stock, valued at approximately $685,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Truist Financial by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock worth $5,892,453,000 after purchasing an additional 701,049 shares in the last quarter. Capital International Investors increased its position in Truist Financial by 0.7% during the fourth quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock valued at $5,332,835,000 after acquiring an additional 715,433 shares during the last quarter. BlackRock Inc. bought a new position in Truist Financial during the 2nd quarter valued at about $4,959,834,000. Victory Capital Management Inc. raised its holdings in shares of Truist Financial by 7.5% in the fourth quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock worth $1,572,968,000 after buying an additional 2,226,288 shares during the period. Finally, Morgan Stanley lifted its position in shares of Truist Financial by 2.9% during the fourth quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider’s stock worth $1,030,028,000 after purchasing an additional 597,255 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Insider Activity at Truist Financial

In other news, Director K. David Jr. Boyer sold 3,986 shares of the company’s stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total transaction of $202,090.20. Following the completion of the transaction, the director directly owned 10,270 shares of the company’s stock, valued at $520,689. This represents a 27.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the stock in a transaction on Monday, July 20th. The shares were sold at an average price of $52.36, for a total transaction of $693,770.00. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 30,516 shares of company stock worth $1,584,428 in the last three months. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on TFC. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and decreased their price target for the company from $63.00 to $54.00 in a research note on Tuesday, June 30th. Keefe, Bruyette & Woods lifted their target price on Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a research report on Monday, July 20th. Weiss Ratings reiterated a “buy (b)” rating on shares of Truist Financial in a report on Wednesday, July 29th. Bank of America reissued a “neutral” rating and set a $56.00 price target (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Finally, Raymond James Financial restated a “market perform” rating on shares of Truist Financial in a report on Wednesday, July 1st. Seven analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Truist Financial has an average rating of “Hold” and a consensus target price of $54.67.

Truist Financial Trading Down 2.7%

Truist Financial stock opened at $50.99 on Thursday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market cap of $62.30 billion, a PE ratio of 11.70, a price-to-earnings-growth ratio of 1.10 and a beta of 0.89. The stock has a 50-day moving average of $51.29 and a two-hundred day moving average of $49.82. Truist Financial Corporation has a one year low of $40.78 and a one year high of $56.19.

Truist Financial (NYSE:TFC) last posted its quarterly 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. The business had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The company’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.91 EPS. On average, research analysts anticipate that Truist Financial Corporation will post 4.58 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial’s payout ratio is 47.71%.

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.