60,771 Shares in Truist Financial Corporation $TFC Purchased by Plato Investment Management Ltd

Key Points

• Plato Investment Management purchased 60,771 Truist Financial shares worth approximately $3.01 million, while institutional investors collectively own 71.28% of the company.
• Truist reported quarterly EPS of $1.23, exceeding estimates of $1.08, while revenue reached $5.31 billion, up 5.6% year over year.
• The company declared a quarterly dividend of $0.52 per share, equivalent to an annualized $2.08 payout and a 3.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $54.67.

Plato Investment Management Ltd purchased a new stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 60,771 shares of the insurance provider's stock, valued at approximately $3,010,000.

Several other institutional investors and hedge funds have also bought and sold shares of TFC. Pinnacle Financial Partners Inc. boosted its holdings in Truist Financial by 30.0% in the third quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider's stock valued at $7,994,000 after acquiring an additional 40,393 shares in the last quarter. Fifth Third Bancorp increased its position in Truist Financial by 531.8% during the 1st quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider's stock valued at $20,059,000 after purchasing an additional 367,291 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in Truist Financial by 21.5% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 225,702 shares of the insurance provider's stock worth $11,107,000 after purchasing an additional 39,924 shares in the last quarter. Franklin Street Advisors Inc. NC raised its holdings in Truist Financial by 129.1% in the 2nd quarter. Franklin Street Advisors Inc. NC now owns 37,253 shares of the insurance provider's stock worth $1,856,000 after purchasing an additional 20,991 shares in the last quarter. Finally, Axxcess Wealth Management LLC lifted its position in shares of Truist Financial by 77.2% in the 4th quarter. Axxcess Wealth Management LLC now owns 158,394 shares of the insurance provider's stock worth $7,795,000 after purchasing an additional 68,990 shares during the period. Hedge funds and other institutional investors own 71.28% of the company's stock.

Truist Financial Trading Down 0.0%

Shares of NYSE TFC opened at $53.08 on Monday. Truist Financial Corporation has a 1 year low of $40.78 and a 1 year high of $56.19. The stock has a market cap of $64.84 billion, a P/E ratio of 12.17, a price-to-earnings-growth ratio of 1.12 and a beta of 0.89. The firm has a 50-day moving average of $51.13 and a 200 day moving average of $49.80. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.15. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. During the same quarter in the prior year, the business posted $0.91 EPS. The firm's quarterly revenue was up 5.6% compared to the same quarter last year. As a group, sell-side analysts expect that Truist Financial Corporation will post 4.58 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial's dividend payout ratio is 47.71%.

Insider Buying and Selling at Truist Financial

In other news, insider Donta L. Wilson sold 13,280 shares of the stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the sale, the insider owned 56,009 shares in the company, valued at $2,904,066.65. This represents a 19.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director K. David Jr. Boyer sold 3,986 shares of the firm's stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total transaction of $202,090.20. Following the sale, the director directly owned 10,270 shares of the company's stock, valued at $520,689. This trade represents a 27.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 30,516 shares of company stock worth $1,584,428. 0.15% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

TFC has been the topic of several research analyst reports. Bank of America reiterated a "neutral" rating and set a $56.00 price target (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Morgan Stanley reaffirmed an "equal weight" rating and set a $54.00 price objective (down from $62.00) on shares of Truist Financial in a research report on Monday, July 6th. Weiss Ratings reiterated a "buy (b)" rating on shares of Truist Financial in a report on Wednesday, July 29th. Robert W. Baird upped their target price on Truist Financial from $55.00 to $56.00 and gave the stock a "neutral" rating in a report on Monday, July 20th. Finally, Evercore reissued an "outperform" rating and issued a $57.00 target price on shares of Truist Financial in a research report on Monday, July 6th. Seven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $54.67.

Truist Financial Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.

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