Inverness Counsel LLC NY Purchases 37,085 Shares of Truist Financial Co. (NYSE:TFC)

Inverness Counsel LLC NY grew its holdings in shares of Truist Financial Co. (NYSE:TFC) by 6.5% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 608,485 shares of the insurance provider’s stock after purchasing an additional 37,085 shares during the quarter. Truist Financial comprises approximately 1.2% of Inverness Counsel LLC NY’s portfolio, making the stock its 26th biggest position. Inverness Counsel LLC NY’s holdings in Truist Financial were worth $33,771,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in TFC. Truvestments Capital LLC grew its stake in shares of Truist Financial by 142.3% during the first quarter. Truvestments Capital LLC now owns 487 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 286 shares during the last quarter. Carolina Wealth Advisors LLC purchased a new stake in shares of Truist Financial during the second quarter valued at $29,000. Eukles Asset Management purchased a new stake in Truist Financial during the 2nd quarter valued at about $46,000. Eagle Bay Advisors LLC purchased a new position in shares of Truist Financial in the second quarter worth about $46,000. Finally, Covington Capital Management increased its holdings in Truist Financial by 325.3% in the 1st quarter. Covington Capital Management now owns 825 shares of the insurance provider’s stock worth $48,000 after buying an additional 631 shares during the period. Hedge funds and other institutional investors own 70.76% of the company’s stock.

TFC traded up $0.63 on Wednesday, hitting $55.26. 99,514 shares of the company’s stock were exchanged, compared to its average volume of 5,421,855. Truist Financial Co. has a fifty-two week low of $34.86 and a fifty-two week high of $62.69. The stock has a market cap of $74.32 billion, a price-to-earnings ratio of 14.26, a P/E/G ratio of 1.13 and a beta of 1.34. The firm has a 50-day moving average price of $55.70 and a 200-day moving average price of $57.55. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.62.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Wednesday, July 14th. The insurance provider reported $1.55 EPS for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.38. Truist Financial had a net margin of 23.46% and a return on equity of 11.13%. The company had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.48 billion. During the same quarter in the prior year, the firm earned $0.82 EPS. Truist Financial’s quarterly revenue was up 3.1% on a year-over-year basis. On average, equities analysts predict that Truist Financial Co. will post 5.16 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 1st. Investors of record on Friday, August 13th were given a dividend of $0.48 per share. This is an increase from Truist Financial’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 12th. This represents a $1.92 dividend on an annualized basis and a yield of 3.47%. Truist Financial’s dividend payout ratio (DPR) is presently 50.53%.

In other Truist Financial news, Director K. David Jr. Boyer sold 1,500 shares of the business’s stock in a transaction dated Friday, June 18th. The shares were sold at an average price of $53.11, for a total value of $79,665.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Brantley J. Standridge sold 4,500 shares of the company’s stock in a transaction that occurred on Thursday, August 19th. The shares were sold at an average price of $55.11, for a total value of $247,995.00. Following the completion of the transaction, the executive vice president now owns 11,547 shares in the company, valued at $636,355.17. The disclosure for this sale can be found here. 0.37% of the stock is owned by corporate insiders.

A number of equities analysts have weighed in on TFC shares. Compass Point lifted their price objective on Truist Financial from $65.00 to $67.00 and gave the company a “buy” rating in a research note on Tuesday, May 18th. Zacks Investment Research raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a report on Thursday, July 1st. Finally, Odeon Capital Group cut Truist Financial from a “buy” rating to a “hold” rating in a research report on Monday, July 19th. Eight research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Truist Financial has a consensus rating of “Hold” and a consensus target price of $60.36.

Truist Financial Profile

Truist Financial Corp. operates as a financial holding company, which engages in the provision of banking services to individuals, businesses and municipalities. The firm offers a variety of loans and lease financing to individuals and entities, including insurance premium financing, permanent commercial real estate financing arrangements, loan servicing for third-party investors, direct consumer finance loans to individuals, credit card lending, automobile financing and equipment financing.

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Institutional Ownership by Quarter for Truist Financial (NYSE:TFC)

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