Hobbs Group Advisors LLC Acquires New Holdings in Truist Financial Co. (NYSE:TFC)

Hobbs Group Advisors LLC purchased a new position in Truist Financial Co. (NYSE:TFC) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 970 shares of the insurance provider’s stock, valued at approximately $38,000.

Other hedge funds have also recently bought and sold shares of the company. Crewe Advisors LLC bought a new position in shares of Truist Financial in the first quarter valued at about $27,000. Opal Wealth Advisors LLC acquired a new stake in shares of Truist Financial in the 1st quarter valued at approximately $29,000. Missouri Trust & Investment Co lifted its stake in shares of Truist Financial by 227.2% in the 4th quarter. Missouri Trust & Investment Co now owns 854 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 593 shares during the last quarter. Rise Advisors LLC acquired a new position in shares of Truist Financial in the first quarter valued at approximately $32,000. Finally, Northwest Financial Advisors acquired a new position in shares of Truist Financial during the fourth quarter worth $34,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on TFC shares. Stephens increased their price target on Truist Financial from $43.00 to $47.00 and gave the stock an “overweight” rating in a report on Thursday, May 16th. Evercore ISI reaffirmed an “in-line” rating and issued a $44.00 price objective on shares of Truist Financial in a report on Thursday, May 9th. Argus increased their price target 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. Royal Bank of Canada upped their target price 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. Finally, Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $45.30.

Truist Financial Stock Down 1.5 %

TFC stock traded down $0.63 on Wednesday, reaching $41.63. 1,596,784 shares of the company traded hands, compared to its average volume of 8,319,518. 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 firm has a fifty day simple moving average of $40.50 and a 200-day simple moving average of $38.40. Truist Financial Co. has a one year low of $26.57 and a one year high of $45.31. The company has a market cap of $55.70 billion, a P/E ratio of -32.02, a price-to-earnings-growth ratio of 1.96 and a beta of 1.06.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.07. The company had revenue of $5.02 billion for 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 revenue was down 15.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.95 EPS. Research analysts anticipate that Truist Financial Co. will post 3.56 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Friday, August 9th will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 9th. This represents a $2.08 annualized dividend and a yield of 5.00%. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. purchased 57,300 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The stock was purchased at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the purchase, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at $25,025,153.16. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total transaction of $295,208.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William H. Rogers, Jr. purchased 57,300 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was purchased at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the purchase, the chief executive officer now owns 569,271 shares in the company, 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.

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.