Patton Albertson Miller Group LLC Increases Stake in Truist Financial Corporation $TFC

Patton Albertson Miller Group LLC raised its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 4.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,860 shares of the insurance provider’s stock after buying an additional 971 shares during the period. Patton Albertson Miller Group LLC’s holdings in Truist Financial were worth $1,069,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wealth Preservation Advisors LLC purchased a new stake in Truist Financial during the first quarter valued at approximately $25,000. Centennial Bank AR increased its holdings in Truist Financial by 360.2% during 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 last quarter. Motco increased its holdings in Truist Financial by 435.6% during 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 last quarter. Meeder Asset Management Inc. increased its holdings 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 buying an additional 468 shares during the last quarter. Finally, Sierra Ocean LLC increased its holdings in Truist Financial by 64.4% during 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 last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction on Tuesday, July 22nd. The shares were 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 $22,595. This trade represents a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.17% of the stock is owned by company insiders.

Truist Financial Stock Performance

TFC opened at $46.06 on Friday. The stock has a market capitalization of $59.39 billion, a price-to-earnings ratio of 12.55, a PEG ratio of 1.48 and a beta of 0.88. The company has a fifty day moving average of $45.12 and a 200 day moving average of $41.91. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06. 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 (NYSE:TFC) last posted its earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.02). The company had revenue of $5.04 billion for the quarter, compared to analysts’ expectations 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 period in the previous year, the business posted $0.91 earnings per share. As a group, sell-side analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were given a dividend of $0.52 per share. The ex-dividend date was Friday, August 8th. This represents a $2.08 annualized dividend and a yield of 4.5%. Truist Financial’s dividend payout ratio (DPR) is 56.68%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on TFC. Wells Fargo & Company reissued an “equal weight” rating and issued a $47.00 price objective on shares of Truist Financial in a research note on Thursday, August 21st. Citigroup raised shares of Truist Financial from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Morgan Stanley reissued a “mixed” rating on shares of Truist Financial in a research note on Monday, July 21st. Raymond James Financial raised shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a research note on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods cut 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. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $48.47.

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.