Montchanin Asset Management LLC Purchases Shares of 11,975 Truist Financial Co. (NYSE:TFC)

Montchanin Asset Management LLC acquired a new position in shares of Truist Financial Co. (NYSE:TFC) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 11,975 shares of the insurance provider’s stock, valued at approximately $467,000.

Several other large investors also recently made changes to their positions in the stock. Bridge Creek Capital Management LLC boosted its position in shares of Truist Financial by 0.9% during the fourth quarter. Bridge Creek Capital Management LLC now owns 118,921 shares of the insurance provider’s stock worth $4,391,000 after buying an additional 1,040 shares during the period. Silverlake Wealth Management LLC acquired a new stake in shares of Truist Financial in the fourth quarter valued at approximately $237,000. Country Club Bank GFN acquired a new position in Truist Financial during the fourth quarter worth $207,000. Oak Thistle LLC bought a new position in Truist Financial in the fourth quarter valued at $551,000. Finally, State of Michigan Retirement System increased its stake in Truist Financial by 0.8% in the 4th quarter. State of Michigan Retirement System now owns 394,043 shares of the insurance provider’s stock valued at $14,548,000 after buying an additional 3,300 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

NYSE:TFC traded down $1.34 during trading hours on Thursday, reaching $43.35. 9,159,110 shares of the company were exchanged, compared to its average volume of 8,509,348. The company has a market capitalization of $58.01 billion, a P/E ratio of -32.84, a P/E/G ratio of 2.10 and a beta of 1.07. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.86 and a quick ratio of 0.86. The business has a 50 day moving average of $39.24 and a 200 day moving average of $37.94. Truist Financial Co. has a 1-year low of $26.57 and a 1-year high of $45.31.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $4.83 billion. During the same quarter last year, the business earned $0.95 earnings per share. Truist Financial’s revenue was down 15.9% on a year-over-year basis. Research analysts forecast that Truist Financial Co. will post 3.57 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Friday, August 9th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, August 9th. This represents a $2.08 annualized dividend and a dividend yield of 4.80%. Truist Financial’s dividend payout ratio is -157.58%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Piper Sandler raised their price objective on Truist Financial from $38.00 to $41.00 and gave the company a “neutral” rating in a report on Tuesday, May 14th. UBS Group upped their price objective on Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. 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. Evercore ISI reaffirmed an “in-line” rating and set a $44.00 price target on shares of Truist Financial in a research report on Thursday, May 9th. Finally, Barclays lifted their price objective 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. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $45.30.

Insider Activity at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. bought 57,300 shares of Truist Financial stock in a transaction on Tuesday, July 23rd. The shares were purchased at an average price of $43.96 per share, with a total value of $2,518,908.00. Following the acquisition, the chief executive officer now owns 569,271 shares in the company, valued at approximately $25,025,153.16. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO William H. Rogers, Jr. purchased 57,300 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were bought at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the acquisition, the chief executive officer now owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction that occurred on 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. 0.17% of the stock is currently owned by 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.