Quadrature Capital Ltd increased its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 355.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,043 shares of the insurance provider’s stock after acquiring an additional 23,443 shares during the period. Quadrature Capital Ltd’s holdings in Truist Financial were worth $1,128,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of TFC. First National Bank of South Miami bought a new position in Truist Financial during the 1st quarter worth about $29,000. Sound Income Strategies LLC boosted its holdings in shares of Truist Financial by 164.5% in the 2nd quarter. Sound Income Strategies LLC now owns 804 shares of the insurance provider’s stock valued at $30,000 after buying an additional 500 shares in the last quarter. Harwood Advisory Group LLC bought a new stake in shares of Truist Financial in the 1st quarter valued at about $31,000. NuWave Investment Management LLC bought a new stake in shares of Truist Financial in the 2nd quarter valued at about $44,000. Finally, CVA Family Office LLC bought a new stake in shares of Truist Financial in the 1st quarter valued at about $46,000. 73.36% of the stock is currently owned by institutional investors and hedge funds.
TFC traded up $0.55 during trading on Friday, reaching $39.16. 8,359,568 shares of the company’s stock were exchanged, compared to its average volume of 4,466,987. Truist Financial Corporation has a 1 year low of $24.01 and a 1 year high of $56.92. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.95 and a quick ratio of 0.93. The company’s fifty day simple moving average is $38.16 and its 200-day simple moving average is $37.54. The stock has a market capitalization of $52.77 billion, a P/E ratio of 12.63, a price-to-earnings-growth ratio of 1.50 and a beta of 1.41.
Truist Financial (NYSE:TFC) last announced its earnings results on Thursday, July 16th. The insurance provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.18. Truist Financial had a net margin of 17.32% and a return on equity of 8.07%. The company had revenue of $5.87 billion for the quarter, compared to analysts’ expectations of $5.53 billion. During the same quarter in the previous year, the company posted $1.09 EPS. Equities analysts forecast that Truist Financial Corporation will post 3.18 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were given a dividend of $0.45 per share. The ex-dividend date was Thursday, August 13th. This represents a $1.80 annualized dividend and a dividend yield of 4.60%. Truist Financial’s payout ratio is 41.19%.
A number of analysts have recently weighed in on TFC shares. BMO Capital Markets raised their price target on shares of Truist Financial from $42.00 to $47.00 in a report on Friday, July 17th. Raymond James upgraded shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a report on Wednesday, June 17th. Wells Fargo & Co raised their price target on shares of Truist Financial from $40.00 to $51.00 in a report on Friday, June 5th. Morgan Stanley raised their price target on shares of Truist Financial from $37.00 to $39.00 and gave the company an “equal weight” rating in a report on Thursday, June 25th. Finally, ValuEngine upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Monday, August 3rd. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $45.40.
In other news, Director Nido R. Qubein purchased 10,000 shares of the stock in a transaction dated Friday, June 12th. The shares were purchased at an average price of $37.98 per share, with a total value of $379,800.00. Following the transaction, the director now owns 65,325 shares in the company, valued at approximately $2,481,043.50. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Thomas Nichols Thompson purchased 6,000 shares of the stock in a transaction dated Thursday, July 30th. The shares were purchased at an average cost of $25.00 per share, for a total transaction of $150,000.00. Following the transaction, the director now owns 10,000 shares in the company, valued at approximately $250,000. The disclosure for this purchase can be found here. Insiders own 0.35% of the company’s stock.
Truist Financial Profile
Truist Financial Corp., formerly BB&T, is a bank holding company based in Charlotte, North Carolina. Its bank operates 2,049 branches in 15 states and Washington, DC, and offers consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services.
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