Truist Financial Co. (NYSE:TFC) Shares Acquired by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Truist Financial Co. (NYSE:TFC) by 139.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 573,423 shares of the insurance provider’s stock after buying an additional 333,944 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Truist Financial were worth $22,277,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. GUNN & Co INVESTMENT MANAGEMENT INC. acquired a new stake in shares of Truist Financial in the 4th quarter worth approximately $822,000. Kovack Advisors Inc. boosted its stake in Truist Financial by 4.0% during the 4th quarter. Kovack Advisors Inc. now owns 9,363 shares of the insurance provider’s stock valued at $346,000 after purchasing an additional 361 shares in the last quarter. Silver Oak Securities Incorporated increased its position in shares of Truist Financial by 57.3% during the 4th quarter. Silver Oak Securities Incorporated now owns 11,715 shares of the insurance provider’s stock valued at $433,000 after purchasing an additional 4,269 shares during the period. Choreo LLC raised its stake in shares of Truist Financial by 45.4% in the 4th quarter. Choreo LLC now owns 21,752 shares of the insurance provider’s stock worth $803,000 after buying an additional 6,789 shares in the last quarter. Finally, Certuity LLC acquired a new stake in shares of Truist Financial in the fourth quarter valued at $208,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on TFC shares. StockNews.com cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, July 23rd. Piper Sandler increased their target price on shares of Truist Financial from $38.00 to $41.00 and gave the company a “neutral” rating in a research note on Tuesday, May 14th. Royal Bank of Canada lifted their price target on shares of Truist Financial from $42.00 to $45.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Wolfe Research raised Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Finally, Robert W. Baird downgraded Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 target price for the company. in a report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $45.30.

Insider Activity

In related news, CEO William H. Rogers, Jr. bought 57,300 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was acquired at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the transaction, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at $25,025,153.16. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $44.14, for a total transaction of $295,208.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William H. Rogers, Jr. acquired 57,300 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were purchased at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the acquisition, the chief executive officer now owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The disclosure for this purchase can be found here. Corporate insiders own 0.17% of the company’s stock.

Truist Financial Stock Performance

Shares of NYSE TFC traded up $0.33 during trading hours on Friday, reaching $44.24. The stock had a trading volume of 1,737,731 shares, compared to its average volume of 8,310,536. The company has a market cap of $59.20 billion, a price-to-earnings ratio of -33.43, a PEG ratio of 1.99 and a beta of 1.06. Truist Financial Co. has a twelve month low of $26.57 and a twelve month high of $45.31. The business’s fifty day moving average is $41.35 and its two-hundred day moving average is $38.69. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.86 and a quick ratio of 0.86.

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

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.70%. The ex-dividend date is Friday, August 9th. Truist Financial’s payout ratio is -157.58%.

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.