Citizens Financial Group Inc. RI Boosts Stock Position in Truist Financial Co. (NYSE:TFC)

Citizens Financial Group Inc. RI increased its stake in Truist Financial Co. (NYSE:TFC) by 33.0% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,610 shares of the insurance provider’s stock after purchasing an additional 2,136 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in Truist Financial were worth $334,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Capital International Investors increased its position in shares of Truist Financial by 93.7% during the first quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock valued at $453,854,000 after buying an additional 5,632,493 shares during the period. Dimensional Fund Advisors LP increased its holdings in Truist Financial by 3.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after acquiring an additional 299,196 shares during the period. Norges Bank purchased a new stake in Truist Financial in the 4th quarter worth approximately $307,787,000. Jennison Associates LLC boosted its holdings in Truist Financial by 48.9% in the 1st quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock valued at $149,698,000 after purchasing an additional 1,261,598 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Truist Financial by 1.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,489,411 shares of the insurance provider’s stock valued at $136,018,000 after purchasing an additional 58,349 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

TFC has been the subject of several research analyst reports. Barclays lifted their price objective on Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. The Goldman Sachs Group raised their target price on shares of Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Argus boosted their price target on shares of Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Stephens reaffirmed an “overweight” rating and set a $50.00 price objective on shares of Truist Financial in a report on Tuesday, September 10th. Finally, Wolfe Research raised Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $45.45.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. purchased 57,300 shares of the stock in a transaction dated 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 approximately $25,025,153.16. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 stock was acquired at an average price of $43.96 per share, with a total value of $2,518,908.00. Following the transaction, the chief executive officer now owns 569,271 shares in the company, valued at $25,025,153.16. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Cynthia B. Powell sold 6,688 shares of the firm’s 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. Company insiders own 0.17% of the company’s stock.

Truist Financial Price Performance

Shares of TFC stock opened at $42.02 on Thursday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.61. The stock has a market cap of $56.27 billion, a price-to-earnings ratio of -31.83, a PEG ratio of 1.95 and a beta of 1.06. The business’s fifty day moving average is $42.73 and its 200 day moving average is $39.46. Truist Financial Co. has a twelve month low of $26.57 and a twelve month high of $45.31.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, beating 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 during the quarter, compared to analyst estimates of $4.83 billion. During the same quarter last year, the company earned $0.95 EPS. The firm’s revenue for the quarter was down 15.9% on a year-over-year basis. Research analysts expect that Truist Financial Co. will post 3.55 EPS for the current fiscal year.

Truist Financial Dividend Announcement

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

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.