New Century Financial Group LLC Takes Position in Truist Financial Co. (NYSE:TFC)

New Century Financial Group LLC bought a new position in Truist Financial Co. (NYSE:TFC) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 27,381 shares of the insurance provider’s stock, valued at approximately $1,171,000.

A number of other large investors have also recently added to or reduced their stakes in the stock. Crewe Advisors LLC bought a new stake in Truist Financial during the 1st quarter valued at approximately $27,000. Opal Wealth Advisors LLC bought a new stake in shares of Truist Financial during the first quarter valued at approximately $29,000. MFA Wealth Advisors LLC bought a new stake in shares of Truist Financial in the 2nd quarter valued at approximately $30,000. Y.D. More Investments Ltd bought a new position in Truist Financial during the 2nd quarter valued at about $31,000. Finally, Hobbs Group Advisors LLC acquired a new stake in shares of Truist Financial in the second quarter valued at $38,000. Institutional investors own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Barclays raised their price target on shares of Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. Royal Bank of Canada upped their price target on Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Friday. Keefe, Bruyette & Woods lifted their price objective on Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday. Baird R W cut Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. Finally, Argus raised their target price 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. Twelve investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $46.02.

Truist Financial Stock Up 1.7 %

TFC stock opened at $43.67 on Friday. The business has a 50-day moving average of $42.67 and a 200-day moving average of $40.30. Truist Financial Co. has a fifty-two week low of $26.95 and a fifty-two week high of $45.31. The stock has a market capitalization of $58.43 billion, a P/E ratio of -33.08, a P/E/G ratio of 1.82 and a beta of 1.05. 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 (NYSE:TFC) last posted its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company 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 company earned $0.95 earnings per share. The firm’s revenue was down 15.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Truist Financial Co. will post 3.55 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors 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 4.76%. The ex-dividend date of this dividend was Friday, August 9th. Truist Financial’s dividend payout ratio is currently -157.58%.

Insider Buying and Selling

In other news, VP Cynthia B. Powell sold 6,688 shares of the company’s stock in a transaction that occurred on 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 legal filing with the SEC, which is accessible through this link. In other Truist Financial news, CEO William H. Rogers, Jr. acquired 57,300 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The stock was bought at an average cost of $43.96 per share, with a total value 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. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total value of $295,208.32. The disclosure for this sale can be found here. 0.17% of the stock is currently owned by corporate insiders.

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.