Schaper Benz & Wise Investment Counsel Inc. WI Purchases 861 Shares of Truist Financial Co. (NYSE:TFC)

20 Oct 2024, 16:44 by Renee Jackson · The Cerbat Gem

Schaper Benz & Wise Investment Counsel Inc. WI grew its holdings in Truist Financial Co. (NYSE:TFC – Free Report) by 0.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 263,351 shares of the insurance provider’s stock after purchasing an additional 861 shares during the period. Schaper Benz & Wise Investment Counsel Inc. WI’s holdings in Truist Financial were worth $11,264,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of TFC. Crewe Advisors LLC acquired a new position in Truist Financial during the first quarter worth about $27,000. Opal Wealth Advisors LLC acquired a new position in Truist Financial during the 1st quarter worth approximately $29,000. MFA Wealth Advisors LLC bought a new position in Truist Financial in the 2nd quarter valued at approximately $30,000. Y.D. More Investments Ltd acquired a new stake in Truist Financial in the second quarter valued at approximately $31,000. Finally, Hobbs Group Advisors LLC bought a new stake in shares of Truist Financial during the second quarter worth $38,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on TFC. Morgan Stanley raised their price objective on Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday. Keefe, Bruyette & Woods upped their price objective on Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday. Royal Bank of Canada lifted their target price on shares of Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Baird R W lowered shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. Twelve research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $46.02.

Check Out Our Latest Stock Report on TFC

Truist Financial Price Performance

Shares of NYSE:TFC opened at $43.67 on Friday. Truist Financial Co. has a twelve month low of $26.95 and a twelve month high of $45.31. The stock’s 50 day moving average is $42.67 and its 200-day moving average is $40.30. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $58.43 billion, a price-to-earnings ratio of -33.08, a PEG ratio of 1.82 and a beta of 1.05.

Truist Financial (NYSE:TFC – Get Free Report) last released its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.07. The firm had revenue of $5.02 billion for the quarter, compared to analyst estimates of $4.83 billion. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The business’s quarterly revenue was down 15.9% compared to the same quarter last year. During the same period last year, the firm earned $0.95 earnings per share. Sell-side analysts forecast that Truist Financial Co. will post 3.55 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.76%. The ex-dividend date of this dividend was Friday, August 9th. Truist Financial’s dividend payout ratio is currently -157.58%.

Insider Transactions at Truist Financial

In related news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction that occurred on Thursday, July 25th. The stock was 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 is accessible through this hyperlink. In other news, CEO William H. Rogers, Jr. purchased 57,300 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were acquired at an average cost 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. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Cynthia B. Powell sold 6,688 shares of the 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 disclosure for this sale can be found here. Company insiders own 0.17% of the company’s stock.

About Truist Financial

(Free Report)

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.