79,088 Shares in Truist Financial Corporation $TFC Purchased by SCS Capital Management LLC

Key Points

• SCS Capital Management LLC acquired a new stake in Truist Financial Corporation, purchasing 79,088 shares valued at approximately $3.25 million in the first quarter.
• Truist Financial's stock currently has a consensus rating of "Moderate Buy" from analysts, with a target price averaging $48.47.
• The company recently declared a quarterly dividend of $0.52 per share, representing a dividend yield of 4.6%.

SCS Capital Management LLC purchased a new stake in Truist Financial Corporation (NYSE:TFC - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 79,088 shares of the insurance provider's stock, valued at approximately $3,254,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wealth Preservation Advisors LLC acquired a new position in shares of Truist Financial in the 1st quarter valued at $25,000. Centennial Bank AR boosted its position in shares of Truist Financial by 360.2% in the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock valued at $30,000 after purchasing an additional 580 shares during the period. Motco boosted its position in shares of Truist Financial by 435.6% in the 1st quarter. Motco now owns 798 shares of the insurance provider's stock valued at $33,000 after purchasing an additional 649 shares during the period. Meeder Asset Management Inc. boosted its position in shares of Truist Financial by 115.3% in the 1st quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider's stock valued at $36,000 after purchasing an additional 468 shares during the period. Finally, Sierra Ocean LLC boosted its position in shares of Truist Financial by 64.4% in the 1st quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock valued at $37,000 after purchasing an additional 352 shares during the period. Institutional investors and hedge funds own 71.28% of the company's stock.

Wall Street Analyst Weigh In

TFC has been the subject of a number of recent analyst reports. Wells Fargo & Company reiterated an "equal weight" rating and issued a $47.00 price target on shares of Truist Financial in a research report on Thursday, August 21st. Morgan Stanley reiterated a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. Raymond James Financial upgraded Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price objective for the company in a research report on Tuesday, July 8th. TD Cowen initiated coverage on Truist Financial in a research report on Thursday, May 15th. They set a "hold" rating and a $44.00 price objective for the company. Finally, Keefe, Bruyette & Woods lowered Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective for the company. in a research report on Wednesday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.47.

Truist Financial Stock Down 1.6%

Shares of Truist Financial stock opened at $45.29 on Wednesday. The firm has a market cap of $58.40 billion, a price-to-earnings ratio of 12.34, a P/E/G ratio of 1.72 and a beta of 0.88. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $49.06. The stock has a 50-day simple moving average of $45.02 and a 200-day simple moving average of $41.72.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.02). The firm had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The firm's quarterly revenue was down 406.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.91 earnings per share. On average, equities research analysts expect that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.6%. The ex-dividend date was Friday, August 8th. Truist Financial's payout ratio is currently 56.68%.

Insider Activity

In other news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total transaction of $566,682.60. Following the completion of the sale, the insider directly owned 500 shares in the company, valued at $22,595. The trade was a 96.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.14% of the stock is currently owned by corporate insiders.

Truist Financial Company 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.

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