SteelPeak Wealth LLC Purchases 15,800 Shares of Truist Financial Corporation $TFC

SteelPeak Wealth LLC boosted its position in Truist Financial Corporation (NYSE:TFC) by 17.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 105,698 shares of the insurance provider’s stock after purchasing an additional 15,800 shares during the quarter. SteelPeak Wealth LLC’s holdings in Truist Financial were worth $4,544,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. First Hawaiian Bank boosted its stake in 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 during the period. Code Waechter LLC bought a new stake in Truist Financial in the 1st quarter valued at $365,000. Cantor Fitzgerald Investment Advisors L.P. boosted its stake in 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 during the period. Pinnacle Financial Partners Inc boosted its stake in 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 during the period. Finally, Credit Agricole S A boosted its stake in 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 during the period. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Price Performance

Shares of TFC stock opened at $45.39 on Tuesday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06. The company has a market cap of $58.53 billion, a P/E ratio of 12.37, a P/E/G ratio of 1.46 and a beta of 0.88. The business has a fifty day simple moving average of $45.15 and a 200 day simple moving average of $42.11.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data 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). Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The business had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $5.04 billion. During the same quarter in the prior year, the company earned $0.91 earnings per share. Truist Financial’s quarterly revenue was down 406.0% compared to the same quarter last year. On average, sell-side analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were given a $0.52 dividend. The ex-dividend date was Friday, August 8th. This represents a $2.08 annualized dividend and a yield of 4.6%. Truist Financial’s dividend payout ratio (DPR) is currently 56.68%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Keefe, Bruyette & Woods cut Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price objective for the company. in a report on Wednesday, July 9th. Evercore ISI lifted their price objective on Truist Financial from $48.00 to $50.00 and gave the company an “in-line” rating in a report on Tuesday, September 30th. Raymond James Financial raised Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a report on Tuesday, July 8th. Citigroup raised Truist Financial from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $44.00 to $55.00 in a report on Thursday, June 26th. Finally, Morgan Stanley lifted their price objective on Truist Financial from $48.00 to $54.00 and gave the company an “equal weight” rating in a report on Monday, September 29th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, Truist Financial presently has an average rating of “Moderate Buy” and an average target price of $48.89.

Insider Buying and Selling

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the transaction, the insider directly owned 500 shares in the company, valued at approximately $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 can be accessed through this link. Corporate insiders own 0.14% of the company’s stock.

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.