Hobbs Group Advisors LLC Takes $38,000 Position in Truist Financial Co. (NYSE:TFC)

Hobbs Group Advisors LLC purchased a new position in Truist Financial Co. (NYSE:TFC) in the second quarter, Holdings Channel reports. The fund purchased 970 shares of the insurance provider’s stock, valued at approximately $38,000.

Other institutional investors have also modified their holdings of the company. Natixis Advisors L.P. lifted its stake in Truist Financial by 30.9% during the fourth quarter. Natixis Advisors L.P. now owns 373,375 shares of the insurance provider’s stock valued at $13,783,000 after purchasing an additional 88,035 shares during the last quarter. Parnassus Investments LLC bought a new stake in shares of Truist Financial in the fourth quarter valued at about $95,049,000. Rafferty Asset Management LLC lifted its position in shares of Truist Financial by 47.7% in the 4th quarter. Rafferty Asset Management LLC now owns 1,185,259 shares of the insurance provider’s stock worth $43,760,000 after acquiring an additional 382,976 shares during the period. Treasurer of the State of North Carolina grew its holdings in shares of Truist Financial by 4.1% during the 4th quarter. Treasurer of the State of North Carolina now owns 624,320 shares of the insurance provider’s stock worth $23,050,000 after purchasing an additional 24,535 shares in the last quarter. Finally, Norden Group LLC bought a new stake in shares of Truist Financial during the first quarter valued at approximately $2,351,000. Institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on TFC shares. JPMorgan Chase & Co. upped their target price on shares of Truist Financial from $39.50 to $40.50 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. The Goldman Sachs Group increased their target price on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Morgan Stanley increased their price target on Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Argus lifted their price objective on Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Finally, Compass Point raised Truist Financial from a “neutral” rating to a “buy” rating and lifted their target price for the company from $34.00 to $42.00 in a research note on Tuesday, April 23rd. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $45.30.

Truist Financial Stock Down 1.5 %

TFC stock traded down $0.63 during midday trading on Wednesday, hitting $41.63. The company’s stock had a trading volume of 1,596,784 shares, compared to its average volume of 8,319,518. The company’s fifty day moving average price is $40.50 and its 200 day moving average price is $38.40. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.86 and a quick ratio of 0.86. 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 $55.70 billion, a P/E ratio of -32.02, a PEG ratio of 1.96 and a beta of 1.06.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $4.83 billion. During the same quarter in the prior year, the business posted $0.95 EPS. The business’s revenue was down 15.9% compared to the same quarter last year. As a group, equities research analysts predict that Truist Financial Co. will post 3.56 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.00%. The ex-dividend date is Friday, August 9th. Truist Financial’s dividend payout ratio is currently -157.58%.

Insider Buying and Selling

In other Truist Financial news, CEO William H. Rogers, Jr. bought 57,300 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The shares were purchased 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 in the company, valued at approximately $25,025,153.16. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, 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 transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO William H. Rogers, Jr. acquired 57,300 shares of the stock in a transaction on Tuesday, July 23rd. The shares were acquired at an average price 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 approximately $25,025,153.16. The disclosure for this purchase can be found here. 0.17% of the stock is owned by company insiders.

Truist Financial 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.