Assenagon Asset Management S.A. Increases Stock Holdings in Truist Financial Corporation $TFC

Key Points

• Assenagon Asset Management increased its Truist Financial stake by 187.8% in the second quarter, adding 1.96 million shares to reach 3.01 million shares valued at approximately $149.8 million. Institutional investors collectively own 71.28% of the company.
• Truist reported stronger-than-expected quarterly results, with earnings of $1.23 per share and revenue of $5.31 billion; revenue rose 5.6% year over year. The company declared a quarterly dividend of $0.52 per share, representing a 4.0% annualized yield.
• Analysts remain broadly cautious, with seven Buy, nine Hold, and two Sell ratings. Truist shares opened at $52.57, while the average analyst price target stood at $54.67.

Assenagon Asset Management S.A. raised its position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 187.8% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,007,121 shares of the insurance provider's stock after purchasing an additional 1,962,089 shares during the quarter. Assenagon Asset Management S.A. owned 0.24% of Truist Financial worth $149,815,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Kemnay Advisory Services Inc. purchased a new position in shares of Truist Financial in the fourth quarter worth approximately $25,000. Swiss RE Ltd. purchased a new stake in Truist Financial during the fourth quarter valued at approximately $26,000. McMillan Office Inc. purchased a new stake in Truist Financial during the fourth quarter valued at approximately $31,000. Maseco LLP raised its position in Truist Financial by 53.8% in the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider's stock worth $32,000 after acquiring an additional 228 shares during the period. Finally, Mowery & Schoenfeld Wealth Management LLC raised its position in Truist Financial by 190.7% in the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider's stock worth $32,000 after acquiring an additional 431 shares during the period. Hedge funds and other institutional investors own 71.28% of the company's stock.

Insiders Place Their Bets

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

Truist Financial Stock Performance

TFC opened at $52.57 on Friday. The firm has a market cap of $64.22 billion, a P/E ratio of 12.06, a PEG ratio of 0.96 and a beta of 0.89. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19. The company has a 50 day simple moving average of $50.61 and a two-hundred day simple moving average of $49.69. 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 announced its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The firm had revenue of $5.31 billion during the quarter, compared to analysts' expectations of $5.24 billion. During the same period in the prior year, the company posted $0.91 earnings per share. The company's revenue for the quarter was up 5.6% compared to the same quarter last year. Equities analysts forecast that Truist Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date is Friday, August 14th. Truist Financial's dividend payout ratio is presently 47.71%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on TFC. Keefe, Bruyette & Woods lifted their price target on shares of Truist Financial from $53.00 to $55.00 and gave the stock a "market perform" rating in a research note on Monday, July 20th. Robert W. Baird raised 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. Morgan Stanley reiterated an "equal weight" rating and set a $54.00 target price (down from $62.00) on shares of Truist Financial in a research report on Monday, July 6th. Raymond James Financial reissued a "market perform" rating on shares of Truist Financial in a report on Wednesday, July 1st. Finally, Bank of America restated a "neutral" rating and issued a $56.00 price target (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Seven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, Truist Financial currently has an average 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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