Concurrent Investment Advisors LLC Purchases 111,518 Shares of Truist Financial Corporation $TFC

Key Points

• Concurrent Investment Advisors LLC boosted its stake in Truist by 70.9%, buying 111,518 shares to hold 268,702 shares worth about $13.22 million.
• Other institutions made large moves — notably Wellington Management added ~10.31 million shares and Jennison added ~2.63 million — leaving institutional ownership at 71.28%.
• Corporate insiders have been selling: CFO Michael Baron Maguire sold 13,000 shares and CAO Cynthia B. Powell sold 3,500 shares, with insiders now owning just 0.15% of the stock.

Concurrent Investment Advisors LLC lifted its position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 70.9% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 268,702 shares of the insurance provider's stock after purchasing an additional 111,518 shares during the quarter. Concurrent Investment Advisors LLC's holdings in Truist Financial were worth $13,223,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Wellington Management Group LLP boosted its holdings in Truist Financial by 13,511.7% in the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider's stock worth $474,886,000 after acquiring an additional 10,310,523 shares in the last quarter. Jennison Associates LLC boosted its holdings in Truist Financial by 203.1% in the third quarter. Jennison Associates LLC now owns 3,918,994 shares of the insurance provider's stock worth $179,176,000 after acquiring an additional 2,625,847 shares in the last quarter. Azora Capital LP bought a new stake in Truist Financial in the third quarter worth $115,417,000. Skandinaviska Enskilda Banken AB publ boosted its holdings in Truist Financial by 164.0% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 2,308,054 shares of the insurance provider's stock worth $105,490,000 after acquiring an additional 1,433,934 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in Truist Financial by 71.9% in the second quarter. AQR Capital Management LLC now owns 3,165,033 shares of the insurance provider's stock worth $136,065,000 after acquiring an additional 1,323,866 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Michael Baron Maguire sold 13,000 shares of the company's stock in a transaction on Monday, January 26th. The stock was sold at an average price of $50.13, for a total transaction of $651,690.00. Following the transaction, the chief financial officer directly owned 74,323 shares of the company's stock, valued at $3,725,811.99. This represents a 14.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Cynthia B. Powell sold 3,500 shares of the stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $52.49, for a total value of $183,715.00. Following the completion of the transaction, the chief accounting officer directly owned 667 shares in the company, valued at approximately $35,010.83. This represents a 83.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.15% of the company's stock.

Truist Financial Trading Down 1.3%

Shares of NYSE:TFC opened at $50.75 on Friday. The company has a market cap of $62.98 billion, a P/E ratio of 12.59, a PEG ratio of 0.88 and a beta of 0.89. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial Corporation has a 1 year low of $37.47 and a 1 year high of $56.19. The stock's fifty day moving average price is $48.18 and its 200-day moving average price is $48.06.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.00 by $0.09. The firm had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.18 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The company's quarterly revenue was up 5.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.87 earnings per share. Sell-side analysts expect that Truist Financial Corporation will post 4.51 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend was Friday, February 13th. Truist Financial's dividend payout ratio is presently 51.61%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on TFC shares. Royal Bank Of Canada boosted their target price on Truist Financial from $51.00 to $53.00 and gave the stock an "outperform" rating in a report on Monday, April 20th. JPMorgan Chase & Co. dropped their target price on Truist Financial from $57.00 to $51.50 and set a "neutral" rating on the stock in a report on Tuesday, April 7th. TD Cowen boosted their target price on Truist Financial from $59.00 to $60.00 and gave the stock a "buy" rating in a report on Thursday, January 22nd. Argus boosted their target price on Truist Financial from $54.00 to $58.00 and gave the stock a "buy" rating in a report on Friday, January 23rd. Finally, Morgan Stanley dropped their target price on Truist Financial from $63.00 to $62.00 and set an "overweight" rating on the stock in a report on Monday, April 20th. Ten analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $55.41.

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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