CacheTech Inc. Takes Position in Truist Financial Corporation $TFC

CacheTech Inc. purchased a new stake in shares of Truist Financial Corporation (NYSE:TFC) in the 2nd quarter, Holdings Channel reports. The fund purchased 13,812 shares of the insurance provider’s stock, valued at approximately $594,000.

A number of other hedge funds also recently added to or reduced their stakes in the company. Adams Wealth Management purchased a new stake in Truist Financial during the 2nd quarter valued at $594,000. Caldwell Trust Co bought a new position in shares of Truist Financial during the second quarter valued at $293,000. Valeo Financial Advisors LLC boosted its position in shares of Truist Financial by 20.7% during the second quarter. Valeo Financial Advisors LLC now owns 21,952 shares of the insurance provider’s stock valued at $944,000 after buying an additional 3,771 shares during the last quarter. V. M. Manning & CO. Inc. bought a new stake in Truist Financial in the 2nd quarter worth about $1,383,000. Finally, Osaic Holdings Inc. increased its holdings in Truist Financial by 23.8% in the 2nd quarter. Osaic Holdings Inc. now owns 407,736 shares of the insurance provider’s stock worth $17,448,000 after buying an additional 78,458 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Stock Performance

NYSE:TFC opened at $49.89 on Monday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a 50-day simple moving average of $45.12 and a two-hundred day simple moving average of $44.36. The firm has a market capitalization of $63.82 billion, a PE ratio of 13.41, a P/E/G ratio of 1.08 and a beta of 0.90. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $50.26.

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

Truist Financial Dividend Announcement

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

Insider Buying and Selling at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 5,160 shares of the company’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 completion of the transaction, the director directly owned 10,153 shares in the company, valued at $471,606.85. This represents a 33.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.14% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on TFC shares. Morgan Stanley upped their target price on shares of Truist Financial from $54.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, October 20th. Keefe, Bruyette & Woods increased their price objective on shares of Truist Financial from $48.00 to $49.00 and gave the company a “market perform” rating in a research report on Monday, October 20th. Raymond James Financial restated an “outperform” rating on shares of Truist Financial in a report on Tuesday, October 7th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Truist Financial in a research report on Monday, December 8th. Finally, TD Cowen raised Truist Financial from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a report on Tuesday, October 21st. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $49.60.

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.