Financial Partners Group LLC Boosts Stake in Truist Financial Corporation $TFC

Key Points

• Financial Partners Group LLC increased its stake in Truist Financial by 29.9%, acquiring an additional 10,596 shares during the 2nd quarter, bringing their total holdings to 45,982 shares valued at approximately $1.98 million.
• Despite a miss on earnings for the latest quarter, where Truist reported $0.91 EPS against expectations of $0.93, the company achieved revenues of $5.04 billion, matching analyst estimates.
• Truist Financial declared a quarterly dividend of $0.52 per share, representing an annualized total of $2.08 per share and a dividend yield of 4.5%.

Financial Partners Group LLC lifted its position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 29.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 45,982 shares of the insurance provider's stock after acquiring an additional 10,596 shares during the quarter. Financial Partners Group LLC's holdings in Truist Financial were worth $1,977,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Victory Capital Management Inc. raised its position in shares of Truist Financial by 922.9% during the 1st quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider's stock worth $274,237,000 after purchasing an additional 6,012,817 shares during the last quarter. Invesco Ltd. raised its position in shares of Truist Financial by 32.0% during the 1st quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider's stock worth $540,723,000 after purchasing an additional 3,188,999 shares during the last quarter. Nuveen LLC acquired a new position in shares of Truist Financial during the 1st quarter worth about $117,929,000. Assenagon Asset Management S.A. raised its position in shares of Truist Financial by 610.8% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,661,895 shares of the insurance provider's stock worth $109,537,000 after purchasing an additional 2,287,410 shares during the last quarter. Finally, American Century Companies Inc. raised its position in shares of Truist Financial by 21.8% during the 1st quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider's stock worth $495,509,000 after purchasing an additional 2,158,639 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Stock Up 0.7%

Shares of NYSE TFC opened at $46.06 on Friday. The company has a 50 day simple moving average of $45.12 and a 200-day simple moving average of $41.91. The company has a market capitalization of $59.39 billion, a P/E ratio of 12.55, a P/E/G ratio of 1.48 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 1 year low of $33.56 and a 1 year high of $49.06.

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 analysts' consensus estimates 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 return on equity of 8.69% and a net margin of 16.82%.The firm's quarterly revenue was down 406.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.91 EPS. On average, equities research analysts predict that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.5%. Truist Financial's dividend payout ratio (DPR) is presently 56.68%.

Insider Buying and Selling at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the completion of the transaction, the insider owned 500 shares of the company's stock, valued at approximately $22,595. This trade represents a 96.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.17% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on TFC. Raymond James Financial upgraded shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price target for the company in a research report on Tuesday, July 8th. Citigroup upgraded shares of Truist Financial from a "neutral" rating to a "buy" rating and upped their price target for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $47.00 price objective on shares of Truist Financial in a report on Thursday, August 21st. Keefe, Bruyette & Woods downgraded shares of 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. Finally, Morgan Stanley reiterated a "mixed" rating on shares of Truist Financial in a report on Monday, July 21st. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Truist Financial currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.47.

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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