1ST Source Bank Grows Position in Truist Financial Co. (NYSE:TFC)

1ST Source Bank boosted its stake in shares of Truist Financial Co. (NYSE:TFC) by 4.5% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 6,987 shares of the insurance provider’s stock after buying an additional 298 shares during the period. 1ST Source Bank’s holdings in Truist Financial were worth $271,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Crewe Advisors LLC acquired a new stake in Truist Financial during the 1st quarter worth about $27,000. Opal Wealth Advisors LLC acquired a new position in shares of Truist Financial during the 1st quarter valued at about $29,000. MFA Wealth Advisors LLC purchased a new stake in shares of Truist Financial during the 2nd quarter valued at approximately $30,000. Y.D. More Investments Ltd purchased a new stake in shares of Truist Financial in the 2nd quarter valued at approximately $31,000. Finally, Missouri Trust & Investment Co boosted its stake in shares of Truist Financial by 227.2% in the 4th quarter. Missouri Trust & Investment Co now owns 854 shares of the insurance provider’s stock valued at $32,000 after buying an additional 593 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO William H. Rogers, Jr. bought 57,300 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were purchased at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now directly owns 569,271 shares in the company, valued at $25,025,153.16. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Cynthia B. Powell sold 6,688 shares of the firm’s 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William H. Rogers, Jr. acquired 57,300 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The stock was purchased at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now directly 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 Stock Up 0.5 %

Shares of Truist Financial stock opened at $41.84 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a 12-month low of $26.57 and a 12-month high of $45.31. The company’s fifty day simple moving average is $42.53 and its two-hundred day simple moving average is $39.31. The company has a market cap of $56.03 billion, a P/E ratio of -31.70, a PEG ratio of 1.95 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 EPS for the quarter, beating 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 firm had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $4.83 billion. During the same period last year, the firm earned $0.95 EPS. The company’s revenue was down 15.9% on a year-over-year basis. Research analysts anticipate that Truist Financial Co. will post 3.55 EPS for the current year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.97%. The ex-dividend date of this dividend was Friday, August 9th. Truist Financial’s payout ratio is currently -157.58%.

Wall Street Analysts Forecast Growth

TFC has been the topic of several recent research reports. Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $45.00 to $47.00 in a research note on Wednesday, July 24th. Royal Bank of Canada lifted their price objective on Truist Financial from $42.00 to $45.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Stephens reissued an “overweight” rating and set a $50.00 price objective on shares of Truist Financial in a research note on Tuesday, September 10th. The Goldman Sachs Group raised their target price on Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Finally, StockNews.com downgraded Truist Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, July 23rd. One investment 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, the company has an average rating of “Hold” and an average target price of $45.45.

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.