Nicholas Hoffman & Company LLC. Grows Stake in Truist Financial Co. (NYSE:TFC)

Nicholas Hoffman & Company LLC. lifted its stake in shares of Truist Financial Co. (NYSE:TFC) by 5.2% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 64,718 shares of the insurance provider’s stock after purchasing an additional 3,208 shares during the period. Nicholas Hoffman & Company LLC.’s holdings in Truist Financial were worth $2,514,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Foster & Motley Inc. acquired a new position in Truist Financial in the 2nd quarter valued at about $343,000. Impact Partnership Wealth LLC boosted its holdings in Truist Financial by 12.5% in the 2nd quarter. Impact Partnership Wealth LLC now owns 19,572 shares of the insurance provider’s stock valued at $760,000 after purchasing an additional 2,175 shares during the last quarter. TD Asset Management Inc boosted its holdings in Truist Financial by 15.6% in the 2nd quarter. TD Asset Management Inc now owns 686,042 shares of the insurance provider’s stock valued at $26,653,000 after purchasing an additional 92,476 shares during the last quarter. Community Bank & Trust Waco Texas boosted its holdings in Truist Financial by 42.2% in the 2nd quarter. Community Bank & Trust Waco Texas now owns 9,580 shares of the insurance provider’s stock valued at $372,000 after purchasing an additional 2,842 shares during the last quarter. Finally, Larson Financial Group LLC boosted its holdings in Truist Financial by 22.8% in the 2nd quarter. Larson Financial Group LLC now owns 2,454 shares of the insurance provider’s stock valued at $95,000 after purchasing an additional 456 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Down 0.1 %

Shares of NYSE TFC traded down $0.03 during mid-day trading on Thursday, reaching $43.59. The company had a trading volume of 678,617 shares, compared to its average volume of 8,286,336. The stock has a market cap of $58.37 billion, a P/E ratio of -33.05, a PEG ratio of 2.09 and a beta of 1.06. The firm has a 50 day simple moving average of $42.07 and a two-hundred day simple moving average of $38.98. 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 52-week low of $26.57 and a 52-week high of $45.31.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.07. The firm had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $4.83 billion. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. Truist Financial’s quarterly revenue was down 15.9% compared to the same quarter last year. During the same quarter in the prior year, the business 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 company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.77%. The ex-dividend date was Friday, August 9th. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Insider Transactions at Truist Financial

In other news, VP Cynthia B. Powell sold 6,688 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total value of $295,208.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Cynthia B. Powell sold 6,688 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total value of $295,208.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William H. Rogers, Jr. acquired 57,300 shares of Truist Financial stock in a transaction that occurred on Tuesday, July 23rd. The stock was bought at an average price of $43.96 per share, with a total value of $2,518,908.00. Following the purchase, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at $25,025,153.16. The disclosure for this purchase can be found here. Company insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on TFC. Evercore ISI restated an “in-line” rating and issued a $44.00 price objective on shares of Truist Financial in a report on Thursday, May 9th. Wolfe Research upgraded shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. Morgan Stanley upped their price objective on shares of Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Argus upped their price objective on shares of Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Finally, Royal Bank of Canada upped their price objective on shares of Truist Financial from $42.00 to $45.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Truist Financial has a consensus rating of “Hold” and a consensus target price of $45.30.

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.