Perigon Wealth Management LLC Buys Shares of 16,075 Truist Financial Corporation $TFC

Perigon Wealth Management LLC bought a new stake in Truist Financial Corporation (NYSE:TFC) in the second quarter, Holdings Channel.com reports. The institutional investor bought 16,075 shares of the insurance provider’s stock, valued at approximately $801,000.

Several other hedge funds and other institutional investors have also modified their holdings of TFC. Vanguard Group Inc. grew its holdings in shares of Truist Financial by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock valued at $5,892,453,000 after buying an additional 701,049 shares in the last quarter. Capital International Investors lifted its stake in Truist Financial by 0.7% in the 4th quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock worth $5,332,835,000 after acquiring an additional 715,433 shares in the last quarter. Victory Capital Management Inc. boosted its position in Truist Financial by 7.5% during the 4th quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock worth $1,572,968,000 after acquiring an additional 2,226,288 shares during the period. Morgan Stanley boosted its position in Truist Financial by 2.9% during the 4th quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider’s stock worth $1,030,028,000 after acquiring an additional 597,255 shares during the period. Finally, Auto Owners Insurance Co grew its stake in Truist Financial by 4,821.0% during the 4th quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock valued at $697,428,000 after acquiring an additional 13,884,480 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Down 0.1%

Shares of Truist Financial stock opened at $52.46 on Wednesday. The firm has a market cap of $64.08 billion, a price-to-earnings ratio of 12.03, a P/E/G ratio of 1.12 and a beta of 0.89. The stock has a 50-day simple moving average of $51.27 and a 200-day simple moving average of $49.82. Truist Financial Corporation has a 52-week low of $40.78 and a 52-week high of $56.19. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.15. The firm 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 firm’s revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.91 earnings per share. On average, equities research analysts expect that Truist Financial Corporation will post 4.58 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, August 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.0%. Truist Financial’s dividend payout ratio is 47.71%.

Wall Street Analysts Forecast Growth

TFC has been the topic of a number of research reports. JPMorgan Chase & Co. upped their target price on Truist Financial from $53.00 to $54.00 and gave the company an “underweight” rating in a report on Wednesday, July 29th. Evercore reaffirmed an “outperform” rating and set a $57.00 price objective on shares of Truist Financial in a research report on Monday, July 6th. Raymond James Financial reiterated a “market perform” rating on shares of Truist Financial in a research note on Wednesday, July 1st. UBS Group downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and cut their target price for the stock from $58.00 to $55.00 in a research report on Tuesday, July 7th. Finally, Stephens lowered their price target on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating on the stock in a report on Tuesday, July 21st. Seven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $54.67.

Insider Activity

In other Truist Financial news, 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director K. David Jr. Boyer sold 3,986 shares of the stock in a transaction 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 transaction, the director directly owned 10,270 shares in the company, valued at $520,689. The trade was a 27.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 30,516 shares of company stock worth $1,584,428. 0.15% of the stock is owned by corporate insiders.

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.