Coerente Capital Management Increases Stock Holdings in Truist Financial Corporation $TFC

Key Points

• Coerente Capital Management increased its stake in Truist Financial by 5.8% during the 2nd quarter, owning 326,644 shares valued at approximately $14 million.
• Truist Financial announced a quarterly dividend of $0.52 per share, yielding 4.7%, and reported a net margin of 16.82% in its latest quarterly earnings.
• Analysts have issued mixed ratings, with 2 giving a Strong Buy rating, 9 a Buy, and 9 a Hold, maintaining an average target price of $48.89 for the stock.

Coerente Capital Management raised its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 5.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 326,644 shares of the insurance provider's stock after purchasing an additional 17,910 shares during the quarter. Truist Financial accounts for 2.6% of Coerente Capital Management's investment portfolio, making the stock its 19th biggest holding. Coerente Capital Management's holdings in Truist Financial were worth $14,042,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Foster Victor Wealth Advisors LLC boosted its stake in shares of Truist Financial by 0.4% in the second quarter. Foster Victor Wealth Advisors LLC now owns 62,087 shares of the insurance provider's stock valued at $2,804,000 after buying an additional 242 shares in the last quarter. Klingman & Associates LLC boosted its stake in shares of Truist Financial by 2.2% in the first quarter. Klingman & Associates LLC now owns 11,756 shares of the insurance provider's stock valued at $484,000 after buying an additional 248 shares in the last quarter. Haverford Trust Co raised its holdings in Truist Financial by 3.5% during the first quarter. Haverford Trust Co now owns 7,751 shares of the insurance provider's stock worth $319,000 after purchasing an additional 262 shares during the last quarter. Keystone Financial Group Inc. raised its holdings in Truist Financial by 1.3% during the second quarter. Keystone Financial Group Inc. now owns 21,283 shares of the insurance provider's stock worth $942,000 after purchasing an additional 266 shares during the last quarter. Finally, Manchester Capital Management LLC raised its holdings in Truist Financial by 8.0% during the first quarter. Manchester Capital Management LLC now owns 3,898 shares of the insurance provider's stock worth $160,000 after purchasing an additional 288 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Wells Fargo & Company reaffirmed an "equal weight" rating and set a $47.00 price objective on shares of Truist Financial in a report on Thursday, August 21st. Keefe, Bruyette & Woods cut Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective for the company. in a report on Wednesday, July 9th. Morgan Stanley lifted their price objective on Truist Financial from $48.00 to $54.00 and gave the stock an "equal weight" rating in a report on Monday, September 29th. Evercore ISI lifted their price objective on Truist Financial from $48.00 to $50.00 and gave the stock an "in-line" rating in a report on Tuesday, September 30th. Finally, Citigroup raised Truist Financial from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $48.89.

Truist Financial Stock Up 0.2%

Shares of TFC stock opened at $44.22 on Friday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. The firm's 50-day moving average is $45.17 and its 200-day moving average is $42.16. The stock has a market cap of $57.02 billion, a price-to-earnings ratio of 12.05, a PEG ratio of 1.42 and a beta of 0.88. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last issued its earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). The firm had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The firm's revenue for the quarter was down 406.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.91 earnings per share. Sell-side analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial's dividend payout ratio is currently 56.68%.

Insiders Place Their Bets

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the transaction, the insider directly owned 500 shares of the company's stock, valued at $22,595. This represents a 96.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.17% of the stock is currently owned by corporate insiders.

Truist Financial 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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