294,177 Shares in Truist Financial Corporation $TFC Purchased by Wealthfront Advisers LLC

Wealthfront Advisers LLC purchased a new stake in shares of Truist Financial Corporation (NYSE:TFC) in the 2nd quarter, HoldingsChannel.com reports. The firm purchased 294,177 shares of the insurance provider’s stock, valued at approximately $14,656,000.

Several other hedge funds have also bought and sold shares of TFC. Kemnay Advisory Services Inc. purchased a new position in shares of Truist Financial during the 4th quarter valued at approximately $25,000. Swiss RE Ltd. purchased a new stake in Truist Financial during the fourth quarter worth $26,000. N.E.W. Advisory Services LLC acquired a new stake in Truist Financial during the second quarter valued at $30,000. Navigoe LLC acquired a new stake in Truist Financial during the second quarter valued at $30,000. Finally, McMillan Office Inc. purchased a new position in Truist Financial in the fourth quarter valued at $31,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Buying and Selling

In other Truist Financial news, insider Donta L. Wilson sold 13,280 shares of the stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $51.85, for a total transaction of $688,568.00. Following the completion of the transaction, the insider owned 56,009 shares of the company’s stock, valued at $2,904,066.65. This represents a 19.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director K. David Jr. Boyer sold 3,986 shares of the firm’s stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total value of $202,090.20. Following the completion of the transaction, the director owned 10,270 shares in the company, valued at approximately $520,689. This trade represents a 27.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 30,516 shares of company stock worth $1,584,428. Insiders own 0.15% of the company’s stock.

Truist Financial Stock Performance

NYSE:TFC opened at $52.46 on Wednesday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market capitalization of $64.08 billion, a PE ratio of 12.03, a P/E/G ratio of 1.12 and a beta of 0.89. Truist Financial Corporation has a fifty-two week low of $40.78 and a fifty-two week high of $56.19. The company has a fifty day moving average of $51.27 and a two-hundred day moving average of $49.82.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.15. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.91 earnings per share. As a group, research analysts forecast that Truist Financial Corporation will post 4.58 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a yield of 4.0%. Truist Financial’s dividend payout ratio (DPR) is currently 47.71%.

Analyst Upgrades and Downgrades

TFC has been the topic of several recent analyst reports. Keefe, Bruyette & Woods increased their target price on shares of Truist Financial from $53.00 to $55.00 and gave the stock a “market perform” rating in a research note on Monday, July 20th. Wall Street Zen upgraded Truist Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Evercore reaffirmed an “outperform” rating and issued a $57.00 price target on shares of Truist Financial in a report on Monday, July 6th. Robert W. Baird increased their price target on Truist Financial from $55.00 to $56.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Finally, Bank of America reissued a “neutral” rating and issued a $56.00 price objective (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Seven equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $54.67.

Truist Financial Profile

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.