Axxcess Wealth Management LLC Acquires 8,851 Shares of Truist Financial Co. (NYSE:TFC)

Axxcess Wealth Management LLC grew its holdings in shares of Truist Financial Co. (NYSE:TFC) by 12.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 82,595 shares of the insurance provider’s stock after purchasing an additional 8,851 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Truist Financial were worth $3,220,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. CreativeOne Wealth LLC acquired a new position in shares of Truist Financial during the 1st quarter valued at about $516,000. Delap Wealth Advisory LLC bought a new stake in Truist Financial during the first quarter worth approximately $202,000. EntryPoint Capital LLC acquired a new position in Truist Financial during the first quarter valued at approximately $110,000. Stieven Capital Advisors L.P. bought a new position in shares of Truist Financial in the first quarter valued at approximately $9,901,000. Finally, Crewe Advisors LLC acquired a new stake in shares of Truist Financial in the first quarter worth $27,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TFC has been the topic of several recent analyst reports. Argus lifted their target price on shares of Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday. Compass Point upgraded Truist Financial from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $34.00 to $42.00 in a research note on Tuesday, April 23rd. Evercore ISI restated an “in-line” rating and set a $44.00 target price on shares of Truist Financial in a research note on Thursday, May 9th. Piper Sandler lifted their price target on Truist Financial from $38.00 to $41.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 14th. Finally, Baird R W lowered Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $45.05.

Truist Financial Price Performance

Shares of Truist Financial stock traded up $0.30 during midday trading on Friday, reaching $44.42. The company had a trading volume of 7,272,787 shares, compared to its average volume of 8,527,139. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 0.61. The stock has a fifty day simple moving average of $38.72 and a 200 day simple moving average of $37.70. Truist Financial Co. has a 1-year low of $26.57 and a 1-year high of $44.78. The company has a market capitalization of $59.44 billion, a price-to-earnings ratio of -33.61, a price-to-earnings-growth ratio of 2.07 and a beta of 1.07.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.07. The business had revenue of $5.02 billion for the quarter, compared to analyst estimates of $4.83 billion. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The firm’s revenue for the quarter was down 15.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.95 earnings per share. As a group, equities research analysts forecast that Truist Financial Co. will post 3.56 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Friday, August 9th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.68%. The ex-dividend date is Friday, August 9th. Truist Financial’s dividend payout ratio (DPR) is -157.58%.

Insider Activity at Truist Financial

In other news, CEO William H. Rogers, Jr. acquired 57,300 shares of the firm’s stock in a transaction that occurred on 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 acquisition, the chief executive officer now owns 569,271 shares in the company, valued at $25,025,153.16. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.17% of the stock is currently owned by company insiders.

Truist Financial 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.