8,679 Shares in Truist Financial Co. (NYSE:TFC) Purchased by Ted Buchan & Co

Ted Buchan & Co acquired a new position in Truist Financial Co. (NYSE:TFC) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 8,679 shares of the insurance provider’s stock, valued at approximately $337,000.

Several other hedge funds have also recently bought and sold shares of TFC. Parallel Advisors LLC raised its stake in shares of Truist Financial by 42.2% during the 4th quarter. Parallel Advisors LLC now owns 7,699 shares of the insurance provider’s stock worth $284,000 after purchasing an additional 2,286 shares in the last quarter. Focus Financial Network Inc. ADV purchased a new stake in shares of Truist Financial during the 4th quarter worth about $385,000. Scotia Capital Inc. purchased a new stake in shares of Truist Financial during the 4th quarter worth about $227,000. Alberta Investment Management Corp raised its stake in shares of Truist Financial by 75.8% during the 4th quarter. Alberta Investment Management Corp now owns 50,625 shares of the insurance provider’s stock worth $1,869,000 after purchasing an additional 21,825 shares in the last quarter. Finally, California State Teachers Retirement System raised its stake in shares of Truist Financial by 1.5% during the 4th quarter. California State Teachers Retirement System now owns 2,188,175 shares of the insurance provider’s stock worth $80,787,000 after purchasing an additional 33,057 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $42.77 on Tuesday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $57.23 billion, a PE ratio of -32.40, a PEG ratio of 1.93 and a beta of 1.06. Truist Financial Co. has a 1-year low of $26.57 and a 1-year high of $45.31. The business’s 50 day moving average is $42.77 and its 200-day moving average is $39.79.

Truist Financial (NYSE:TFC) last posted its 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. The business had revenue of $5.02 billion during the quarter, compared to the consensus estimate of $4.83 billion. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. Truist Financial’s revenue was down 15.9% on a year-over-year basis. During the same quarter last year, the company earned $0.95 EPS. Sell-side analysts predict that Truist Financial Co. will post 3.55 earnings per share for the current year.

Truist Financial Dividend Announcement

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 dividend of $0.52 per share. The ex-dividend date was Friday, August 9th. This represents a $2.08 annualized dividend and a dividend yield of 4.86%. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Insider Buying and Selling

In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total value of $295,208.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total value of $295,208.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William H. Rogers, Jr. acquired 57,300 shares of the business’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 approximately $25,025,153.16. The disclosure for this purchase can be found here. 0.17% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

TFC has been the subject of a number of recent research reports. Bank of America raised their price target on Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Argus raised their price target on Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Stephens reissued an “overweight” rating and set a $50.00 price objective on shares of Truist Financial in a report on Tuesday, September 10th. StockNews.com lowered Truist Financial from a “hold” rating to a “sell” rating in a report on Tuesday, July 23rd. Finally, The Goldman Sachs Group increased their price objective on Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target 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.