New Wave Wealth Advisors LLC Acquires Shares of 6,535 Truist Financial Co. (NYSE:TFC)

New Wave Wealth Advisors LLC acquired a new stake in Truist Financial Co. (NYSE:TFC) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 6,535 shares of the insurance provider’s stock, valued at approximately $254,000.

Other large investors have also recently made changes to their positions in the company. Crewe Advisors LLC bought a new position in shares of Truist Financial during the first quarter valued at about $27,000. Opal Wealth Advisors LLC bought a new position in shares of Truist Financial during the first quarter valued at about $29,000. MFA Wealth Advisors LLC bought a new position in shares of Truist Financial during the second quarter valued at about $30,000. Y.D. More Investments Ltd bought a new position in shares of Truist Financial during the second quarter valued at about $31,000. Finally, Rise Advisors LLC bought a new position in shares of Truist Financial during the first quarter valued at about $32,000. 71.28% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on TFC. 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 research report on Tuesday, July 23rd. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $45.00 to $47.00 in a report on Wednesday, July 24th. Stephens restated an “overweight” rating and set a $50.00 price objective on shares of Truist Financial in a report on Tuesday, September 10th. Baird R W downgraded shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. Finally, Wolfe Research upgraded shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $45.45.

Truist Financial Price Performance

TFC stock opened at $41.72 on Wednesday. The firm has a 50 day moving average of $42.72 and a 200-day moving average of $39.84. 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 firm has a market capitalization of $55.87 billion, a P/E ratio of -31.61, a price-to-earnings-growth ratio of 1.95 and a beta of 1.06.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 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 during the quarter, compared to analyst estimates of $4.83 billion. During the same period last year, the business earned $0.95 earnings per share. Truist Financial’s revenue was down 15.9% compared to the same quarter last year. As a group, sell-side analysts predict that Truist Financial Co. will post 3.55 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders 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 yield of 4.99%. Truist Financial’s payout ratio is presently -157.58%.

Insider Buying and Selling at Truist Financial

In related news, CEO William H. Rogers, Jr. bought 57,300 shares of the company’s stock in a transaction on Tuesday, July 23rd. The stock was acquired at an average cost 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 Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Cynthia B. Powell sold 6,688 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total value of $295,208.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William H. Rogers, Jr. acquired 57,300 shares of the stock in a transaction dated 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 completion of the acquisition, 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 currently owned by company insiders.

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.