Adams Wealth Management Purchases New Stake in Truist Financial Corporation $TFC

Adams Wealth Management acquired a new position in shares of Truist Financial Corporation (NYSE:TFC) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,812 shares of the insurance provider’s stock, valued at approximately $594,000.

Several other hedge funds have also recently bought and sold shares of TFC. Norges Bank bought a new stake in shares of Truist Financial during the 2nd quarter worth approximately $487,401,000. Laurel Wealth Advisors LLC increased its stake in Truist Financial by 4,121.3% in the second quarter. Laurel Wealth Advisors LLC now owns 2,335,991 shares of the insurance provider’s stock valued at $100,424,000 after acquiring an additional 2,280,653 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in Truist Financial by 811.0% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,018,457 shares of the insurance provider’s stock valued at $86,773,000 after purchasing an additional 1,796,884 shares in the last quarter. Vanguard Group Inc. lifted its stake in Truist Financial by 1.3% during the second quarter. Vanguard Group Inc. now owns 120,440,153 shares of the insurance provider’s stock worth $5,177,722,000 after purchasing an additional 1,529,478 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of Truist Financial by 71.9% in the 2nd quarter. AQR Capital Management LLC now owns 3,165,033 shares of the insurance provider’s stock valued at $136,065,000 after purchasing an additional 1,323,866 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

Insider Transactions at Truist Financial

In other news, Director K. David Jr. Boyer sold 5,160 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total value of $239,682.00. Following the transaction, the director owned 10,153 shares in the company, valued at approximately $471,606.85. The trade was a 33.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.14% of the company’s stock.

Analyst Ratings Changes

TFC has been the subject of a number of research analyst reports. Piper Sandler set a $48.00 price target on Truist Financial in a report on Monday, October 20th. Baird R W downgraded Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Thursday. Keefe, Bruyette & Woods raised their price target on shares of Truist Financial from $48.00 to $49.00 and gave the company a “market perform” rating in a research note on Monday, October 20th. Evercore ISI lifted their price target on shares of Truist Financial from $48.00 to $50.00 and gave the company an “in-line” rating in a report on Tuesday, September 30th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $52.00 price objective on shares of Truist Financial in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, Truist Financial currently has an average rating of “Moderate Buy” and a consensus price target of $49.60.

Truist Financial Stock Up 0.4%

Shares of NYSE:TFC opened at $49.89 on Monday. The firm has a market cap of $63.82 billion, a P/E ratio of 13.41, a P/E/G ratio of 1.08 and a beta of 0.90. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $50.26. The business has a fifty day simple moving average of $45.12 and a 200 day simple moving average of $44.36. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, October 17th. The insurance provider reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.05. Truist Financial had a return on equity of 8.73% and a net margin of 16.84%.The company had revenue of $5.24 billion during the quarter, compared to analysts’ expectations of $5.20 billion. During the same quarter in the prior year, the firm posted $0.97 earnings per share. The business’s quarterly revenue was up 1.9% on a year-over-year basis. Analysts predict that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 14th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend was Friday, November 14th. Truist Financial’s dividend payout ratio is currently 55.91%.

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.