Proficio Capital Partners LLC Acquires Shares of 89,782 Truist Financial Co. (NYSE:TFC)

Posted by Defense World Staff on Jul 4th, 2023

Proficio Capital Partners LLC bought a new stake in Truist Financial Co. (NYSE:TFC – Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 89,782 shares of the insurance provider’s stock, valued at approximately $89,000.

Several other hedge funds and other institutional investors also recently modified their holdings of TFC. Fairfield Bush & CO. acquired a new position in Truist Financial during the first quarter worth about $25,000. Elequin Securities LLC bought a new stake in shares of Truist Financial during the fourth quarter worth $26,000. Grey Fox Wealth Advisors LLC acquired a new position in shares of Truist Financial during the fourth quarter worth $28,000. J.Safra Asset Management Corp bought a new position in shares of Truist Financial in the 4th quarter valued at $29,000. Finally, AXS Investments LLC acquired a new stake in shares of Truist Financial during the 4th quarter valued at $31,000. Institutional investors own 71.49% of the company’s stock.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, Director Charles A. Patton acquired 3,668 shares of the company’s stock in a transaction on Tuesday, May 2nd. The shares were purchased at an average cost of $19.00 per share, with a total value of $69,692.00. Following the completion of the purchase, the director now owns 3,668 shares of the company’s stock, valued at $69,692. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.31% of the stock is currently owned by company insiders.

Truist Financial Trading Up 3.4 %

NYSE:TFC opened at $31.37 on Tuesday. Truist Financial Co. has a 12 month low of $25.56 and a 12 month high of $53.34. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.25. The stock has a market capitalization of $41.78 billion, a price-to-earnings ratio of 6.99, a PEG ratio of 1.63 and a beta of 1.04. The firm has a fifty day simple moving average of $30.46 and a two-hundred day simple moving average of $37.76.

Truist Financial (NYSE:TFC – Free Report) last issued its earnings results on Thursday, April 20th. The insurance provider reported $1.09 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.04). Truist Financial had a net margin of 22.81% and a return on equity of 12.37%. The firm had revenue of $6.15 billion during the quarter, compared to analyst estimates of $6.09 billion. During the same quarter in the prior year, the business earned $1.23 earnings per share. The business’s quarterly revenue was up 15.0% on a year-over-year basis. Analysts expect that Truist Financial Co. will post 4.16 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 1st. Investors of record on Friday, May 12th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 6.63%. The ex-dividend date of this dividend was Thursday, May 11th. Truist Financial’s dividend payout ratio is currently 46.33%.

Analysts Set New Price Targets

TFC has been the subject of several research reports. Citigroup dropped their target price on Truist Financial from $46.00 to $43.00 in a research report on Monday, June 26th. Credit Suisse Group cut their target price on shares of Truist Financial from $52.00 to $40.00 and set a “neutral” rating on the stock in a research report on Friday, April 21st. Royal Bank of Canada decreased their price target on shares of Truist Financial from $46.00 to $43.00 in a research report on Tuesday, June 13th. StockNews.com upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Wednesday, June 28th. Finally, The Goldman Sachs Group decreased their price objective on Truist Financial from $55.00 to $39.00 and set a “buy” rating for the company in a report on Thursday, March 30th. Eleven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $44.81.

Truist Financial Company Profile

(Free Report)

Truist Financial Corporation, a holding 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.