Insider Buying: Truist Financial Co. (NYSE:TFC) CEO Acquires $1,659,780.80 in Stock

Truist Financial Co. (NYSE:TFC) CEO William H. Rogers, Jr. bought 34,180 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was bought at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the completion of the acquisition, the chief executive officer now owns 691,451 shares in the company, valued at $33,576,860.56. This represents a 5.20 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Truist Financial Stock Performance

Shares of NYSE:TFC opened at $47.68 on Friday. The firm’s 50 day simple moving average is $44.23 and its 200 day simple moving average is $41.81. Truist Financial Co. has a fifty-two week low of $31.96 and a fifty-two week high of $49.06. The company has a market capitalization of $63.30 billion, a price-to-earnings ratio of -33.34, a P/E/G ratio of 1.96 and a beta of 1.05. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.89 by $0.08. The company had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. As a group, sell-side analysts forecast that Truist Financial Co. will post 3.7 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.36%. Truist Financial’s payout ratio is presently -145.45%.

Hedge Funds Weigh In On Truist Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of TFC. B. Riley Wealth Advisors Inc. grew its holdings in shares of Truist Financial by 0.7% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 91,666 shares of the insurance provider’s stock worth $3,573,000 after purchasing an additional 656 shares in the last quarter. Beacon Capital Management LLC grew its holdings in Truist Financial by 57.4% in the first quarter. Beacon Capital Management LLC now owns 1,015 shares of the insurance provider’s stock worth $40,000 after purchasing an additional 370 shares during the period. Plato Investment Management Ltd raised its stake in Truist Financial by 54.5% during the 1st quarter. Plato Investment Management Ltd now owns 4,412 shares of the insurance provider’s stock worth $172,000 after buying an additional 1,556 shares during the period. Montchanin Asset Management LLC acquired a new position in Truist Financial during the first quarter worth $467,000. Finally, Citizens Financial Group Inc. RI raised its stake in shares of Truist Financial by 8.6% in the first quarter. Citizens Financial Group Inc. RI now owns 6,474 shares of the insurance provider’s stock worth $252,000 after purchasing an additional 512 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Wolfe Research upgraded shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. Keefe, Bruyette & Woods boosted their target price on Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Compass Point raised their price target on Truist Financial from $46.00 to $47.00 in a report on Wednesday, October 16th. JPMorgan Chase & Co. increased their target price on Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. Finally, StockNews.com upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Twelve investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $47.17.

About Truist Financial

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.