Keystone Financial Group Inc. Grows Stock Position in Truist Financial Corporation $TFC

Keystone Financial Group Inc. lifted its holdings in Truist Financial Corporation (NYSE:TFC) by 1.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,283 shares of the insurance provider’s stock after purchasing an additional 266 shares during the period. Truist Financial comprises about 0.6% of Keystone Financial Group Inc.’s portfolio, making the stock its 27th largest holding. Keystone Financial Group Inc.’s holdings in Truist Financial were worth $942,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. First Hawaiian Bank increased its stake in shares of Truist Financial by 8.6% in the 1st quarter. First Hawaiian Bank now owns 11,991 shares of the insurance provider’s stock valued at $493,000 after purchasing an additional 948 shares in the last quarter. Code Waechter LLC purchased a new position in shares of Truist Financial in the 1st quarter valued at about $365,000. Cantor Fitzgerald Investment Advisors L.P. increased its stake in shares of Truist Financial by 4.6% in the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider’s stock valued at $17,927,000 after purchasing an additional 19,286 shares in the last quarter. Pinnacle Financial Partners Inc increased its stake in shares of Truist Financial by 55.1% in the 1st quarter. Pinnacle Financial Partners Inc now owns 134,363 shares of the insurance provider’s stock valued at $5,530,000 after purchasing an additional 47,717 shares in the last quarter. Finally, Credit Agricole S A increased its stake in shares of Truist Financial by 76.4% in the 1st quarter. Credit Agricole S A now owns 500,384 shares of the insurance provider’s stock valued at $20,591,000 after purchasing an additional 216,672 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Buying and Selling

In related news, insider Bradley D. Bender sold 12,540 shares of the company’s 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 directly owned 500 shares in the company, valued at approximately $22,595. This represents a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

TFC has been the subject of several research reports. Wells Fargo & Company reiterated an “equal weight” rating and set a $47.00 price objective on shares of Truist Financial in a research note on Thursday, August 21st. Weiss Ratings reiterated a “hold (c+)” rating on shares of Truist Financial in a research note on Saturday, September 27th. Evercore ISI boosted their price objective on Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a research note on Tuesday. Raymond James Financial upgraded 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, Morgan Stanley boosted their price objective on Truist Financial from $48.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Monday. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, Truist Financial currently has a consensus rating of “Moderate Buy” and an average target price of $48.89.

Truist Financial Trading Up 0.4%

Shares of Truist Financial stock opened at $45.53 on Friday. The stock has a market cap of $58.71 billion, a P/E ratio of 12.41, a P/E/G ratio of 1.45 and a beta of 0.88. The stock’s 50 day simple moving average is $45.15 and its 200-day simple moving average is $42.07. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC) last issued 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 analyst estimates of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The company’s revenue for the quarter was down 406.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.91 earnings per share. Analysts predict that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors 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 dividend on an annualized basis and a yield of 4.6%. Truist Financial’s dividend payout ratio is currently 56.68%.

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.