Truist Financial (TFC) stock gained about 1% in the pre-market trading session today. The positive momentum followed the announcement by CEO William H. Rogers Jr., who bought TFC stock valued at $2.52 million, signaling his confidence in the company’s future.
The insider bought 57,300 shares on July 23, at an average price of $43.96 each. The total value of TFC stock in Rogers’ portfolio currently stands at $49.67 million.
TFC’s Financial Performance
Insider buying is often seen as a bullish indicator, and Rogers’ large purchase could boost investor confidence in Truist’s growth potential.
Last week, Truist reported impressive results, exceeding expectations for both earnings and revenue. The company has also authorized a $5 billion share repurchase program. Further, it provided positive guidance for the third quarter of 2024, expecting revenue to increase between 1% and 2%.
Insider’s Track Record
Interestingly, Rogers’ performance track record shows a 67% success rate over the past year and an average return of 6.1% per transaction.
Investors may benefit from keeping an eye on transactions made by key insiders, as these transactions typically reflect their confidence in the company’s prospects. Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is TFC a Good Stock to Buy?
Overall, on TipRanks, TFC has a Moderate Buy consensus rating based on nine Buy and seven Hold recommendations assigned in the past three months. The analysts’ average price target on Truist stock of $43.63 implies a 1.11% downside potential from current levels. Shares of the company have gained over 17% in the past three months.
