Adapt Wealth Advisors LLC Acquires 1,700 Shares of Truist Financial Co. (NYSE:TFC)

Adapt Wealth Advisors LLC increased its holdings in shares of Truist Financial Co. (NYSE:TFC) by 26.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,050 shares of the insurance provider’s stock after acquiring an additional 1,700 shares during the quarter. Adapt Wealth Advisors LLC’s holdings in Truist Financial were worth $313,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Ballentine Partners LLC grew its position in shares of Truist Financial by 3.1% during the 2nd quarter. Ballentine Partners LLC now owns 24,649 shares of the insurance provider’s stock valued at $958,000 after acquiring an additional 751 shares during the period. Caprock Group LLC grew its holdings in Truist Financial by 22.5% during the second quarter. Caprock Group LLC now owns 39,069 shares of the insurance provider’s stock valued at $1,518,000 after purchasing an additional 7,186 shares during the period. Acadian Asset Management LLC bought a new position in shares of Truist Financial during the 2nd quarter worth $1,111,000. Chris Bulman Inc purchased a new stake in Truist Financial in the 2nd quarter worth about $78,000. Finally, Strategic Financial Concepts LLC bought a new stake in Truist Financial in the 2nd quarter valued at about $569,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Baird R W lowered shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. The Goldman Sachs Group lifted their target price on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Argus upped their price objective on shares of Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Bank of America boosted their target price on Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Finally, Piper Sandler raised their target price on shares of Truist Financial from $38.00 to $41.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 14th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Truist Financial presently has a consensus rating of “Hold” and an average price target of $45.30.

Insider Activity at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. bought 57,300 shares of the company’s stock in a transaction on Tuesday, July 23rd. The stock was acquired at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the transaction, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at $25,025,153.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO William H. Rogers, Jr. purchased 57,300 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The shares were purchased at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now owns 569,271 shares in the company, valued at approximately $25,025,153.16. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction dated Thursday, July 25th. The shares were 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. 0.17% of the stock is currently owned by insiders.

Truist Financial Stock Performance

Truist Financial stock opened at $42.06 on Monday. The firm’s fifty day moving average is $42.24 and its 200 day moving average is $39.10. Truist Financial Co. has a 52-week low of $26.57 and a 52-week high of $45.31. 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 (NYSE:TFC) last released its quarterly earnings results 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 positive return on equity of 9.18% and a negative net margin of 5.63%. The company had revenue of $5.02 billion during the quarter, compared to analyst estimates of $4.83 billion. During the same quarter last year, the business posted $0.95 earnings per share. The firm’s revenue was down 15.9% on a year-over-year basis. As a group, equities research analysts predict that Truist Financial Co. will post 3.55 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.95%. The ex-dividend date was Friday, August 9th. Truist Financial’s dividend payout ratio (DPR) is -157.58%.

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.