Wealth Alliance Purchases 1,334 Shares of Truist Financial Co. (NYSE:TFC)

Wealth Alliance increased its position in shares of Truist Financial Co. (NYSE:TFC) by 3.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 37,842 shares of the insurance provider’s stock after acquiring an additional 1,334 shares during the period. Wealth Alliance’s holdings in Truist Financial were worth $1,470,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Crewe Advisors LLC bought a new stake in Truist Financial during the 1st quarter worth approximately $27,000. Opal Wealth Advisors LLC bought a new stake in Truist Financial during the 1st quarter worth approximately $29,000. MFA Wealth Advisors LLC purchased a new position in Truist Financial in the 2nd quarter worth approximately $30,000. Y.D. More Investments Ltd purchased a new position in Truist Financial in the 2nd quarter worth approximately $31,000. Finally, Rise Advisors LLC purchased a new position in Truist Financial in the 1st quarter worth approximately $32,000. Institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Down 0.6 %

Shares of TFC opened at $41.88 on Wednesday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a twelve month low of $26.57 and a twelve month high of $45.31. The stock has a market capitalization of $56.08 billion, a P/E ratio of -31.73, a PEG ratio of 1.95 and a beta of 1.06. The firm has a fifty day simple moving average of $42.67 and a two-hundred day simple moving average of $39.44.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.84 by $0.07. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The business had revenue of $5.02 billion during the quarter, compared to analyst estimates of $4.83 billion. During the same period in the prior year, the business earned $0.95 EPS. The company’s revenue for the quarter was down 15.9% on a year-over-year basis. On average, research analysts anticipate that Truist Financial Co. will post 3.55 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were issued a $0.52 dividend. The ex-dividend date was Friday, August 9th. This represents a $2.08 annualized dividend and a yield of 4.97%. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on TFC. Morgan Stanley boosted their price target on shares of Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. StockNews.com cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, July 23rd. Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and upped their price objective for the company from $45.00 to $47.00 in a research note on Wednesday, July 24th. Keefe, Bruyette & Woods upped their price objective on shares of Truist Financial from $46.00 to $48.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Finally, Baird R W cut shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $45.45.

Insiders Place Their Bets

In related news, CEO William H. Rogers, Jr. acquired 57,300 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The stock was acquired at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the acquisition, the chief executive officer now owns 569,271 shares of the company’s stock, valued at $25,025,153.16. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Truist Financial news, CEO William H. Rogers, Jr. purchased 57,300 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was bought at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the purchase, the chief executive officer now directly owns 569,271 shares in the company, valued at $25,025,153.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $44.14, for a total transaction of $295,208.32. The disclosure for this sale can be found here. Company insiders own 0.17% of the company’s stock.

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.