60,519 Shares in Truist Financial Corporation $TFC Bought by Hohimer Wealth Management LLC

Hohimer Wealth Management LLC acquired a new stake in Truist Financial Corporation (NYSE:TFC) during the 3rd quarter, Holdings Channel.com reports. The fund acquired 60,519 shares of the insurance provider’s stock, valued at approximately $2,802,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TFC. N.E.W. Advisory Services LLC purchased a new stake in Truist Financial during the 2nd quarter valued at $30,000. Navigoe LLC bought a new stake in shares of Truist Financial in the 2nd quarter worth $30,000. Wilkerson Advisory Group LLC raised its stake in shares of Truist Financial by 104.0% in the first quarter. Wilkerson Advisory Group LLC now owns 826 shares of the insurance provider’s stock worth $38,000 after purchasing an additional 421 shares during the last quarter. Elevation Wealth Partners LLC raised its stake in shares of Truist Financial by 44.6% in the second quarter. Elevation Wealth Partners LLC now owns 892 shares of the insurance provider’s stock worth $44,000 after purchasing an additional 275 shares during the last quarter. Finally, Latitude Advisors LLC purchased a new position in shares of Truist Financial in the third quarter worth $45,000. 71.28% of the stock is owned by institutional investors.

Insider Activity at Truist Financial

In related news, CEO Michael Lyons acquired 25,000 shares of Truist Financial stock in a transaction dated Wednesday, October 28th. The stock was purchased at an average cost of $48.36 per share, for a total transaction of $1,209,000.00. Following the purchase, the chief executive officer directly owned 46,000 shares of the company’s stock, valued at approximately $2,224,560. This trade represents a 119.05% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 0.15% of the stock is owned by company insiders.

Truist Financial Stock Performance

TFC opened at $49.48 on Monday. The company’s 50 day moving average is $48.34 and its 200 day moving average is $49.50. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.95. The company has a market cap of $59.30 billion, a price-to-earnings ratio of 12.75, a PEG ratio of 1.10 and a beta of 0.90. Truist Financial Corporation has a 12-month low of $43.13 and a 12-month high of $56.19.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, October 16th. The insurance provider reported $1.16 EPS for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.01). Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. The business had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.35 billion. During the same period in the prior year, the company posted $1.04 earnings per share. The firm’s quarterly revenue was up 1.3% on a year-over-year basis. On average, equities research analysts predict that Truist Financial Corporation will post 4.66 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 13th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.2%. Truist Financial’s payout ratio is presently 53.61%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on TFC shares. TD Cowen started coverage on Truist Financial in a report on Thursday, October 8th. They set a “hold” rating and a $52.00 price target on the stock. Robert W. Baird lifted their price objective on Truist Financial from $55.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, July 20th. Evercore reissued an “outperform” rating and issued a $55.00 target price (up from $54.00) on shares of Truist Financial in a research report on Tuesday, October 27th. The Goldman Sachs Group decreased their target price on Truist Financial from $59.00 to $58.00 and set a “buy” rating for the company in a research report on Monday, October 19th. Finally, Wall Street Zen cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday, October 31st. Nine analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, Truist Financial currently has a consensus rating of “Hold” and a consensus target price of $54.73.

Truist Financial Profile

Truist Financial Corporation (NYSE: TFC) is a financial services company headquartered in Charlotte, North Carolina. It provides banking and related services to individuals, businesses and institutions, including deposit accounts, loans, credit cards, payment services and treasury management.

The company also offers wealth management, investment and mortgage services, along with commercial banking and capital markets solutions. Its operations are concentrated in the southeastern and mid-Atlantic United States, serving customers through branches, digital channels and other delivery platforms.

Truist was formed in 2019 through the merger of BB&T Corporation and SunTrust Banks.