iA Global Asset Management Inc. Purchases Shares of 15,052 Truist Financial Co. (NYSE:TFC)

iA Global Asset Management Inc. purchased a new stake in Truist Financial Co. (NYSE:TFC) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 15,052 shares of the insurance provider’s stock, valued at approximately $585,000.

Several other institutional investors have also recently modified their holdings of the stock. Norges Bank purchased a new stake in Truist Financial in the 4th quarter worth approximately $307,787,000. Capital International Investors grew its position in shares of Truist Financial by 93.7% in the first quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock valued at $453,854,000 after purchasing an additional 5,632,493 shares during the period. Parnassus Investments LLC acquired a new position in Truist Financial in the fourth quarter valued at $95,049,000. Azora Capital LP purchased a new position in Truist Financial during the fourth quarter worth about $72,498,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in Truist Financial by 8.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 19,238,388 shares of the insurance provider’s stock worth $690,793,000 after buying an additional 1,458,248 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total transaction of $295,208.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO William H. Rogers, Jr. acquired 57,300 shares of Truist Financial stock in a transaction that occurred on 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 purchase, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Cynthia B. Powell sold 6,688 shares of the business’s stock in a transaction on 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. Insiders own 0.17% of the company’s stock.

Truist Financial Stock Performance

Shares of TFC stock opened at $44.46 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.86 and a quick ratio of 0.86. The company’s fifty day moving average price is $41.49 and its two-hundred day moving average price is $38.73. The firm has a market capitalization of $59.54 billion, a P/E ratio of -33.68, a P/E/G ratio of 2.07 and a beta of 1.06. Truist Financial Co. has a 12 month low of $26.57 and a 12 month high of $45.31.

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 business had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $4.83 billion. During the same quarter in the previous year, the firm posted $0.95 earnings per share. The company’s revenue was down 15.9% compared to the same quarter last year. On average, research analysts anticipate that Truist Financial Co. will post 3.56 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 3rd. Stockholders of record on Friday, August 9th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.68%. The ex-dividend date of this dividend is Friday, August 9th. Truist Financial’s payout ratio is currently -157.58%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on TFC. Wolfe Research raised shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. StockNews.com lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Tuesday, July 23rd. Robert W. Baird downgraded Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price objective for the company. in a report on Wednesday, July 17th. Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and lifted their target price for the company from $45.00 to $47.00 in a report on Wednesday, July 24th. Finally, Piper Sandler upped their price target on Truist Financial from $38.00 to $41.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 14th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $45.30.

About Truist Financial

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.