First National Bank of Omaha Buys New Holdings in Truist Financial Corporation $TFC

Key Points

• First National Bank of Omaha acquired 160,323 shares of Truist Financial worth approximately $8.1 million during the second quarter. Institutional investors own 71.28% of the company.
• Analysts remain broadly cautious, with Truist carrying an average “Hold” rating and a consensus price target of $54.67. Recent target changes ranged from $54 to $57.
• Truist exceeded quarterly expectations with $1.23 in earnings per share and $5.31 billion in revenue, while announcing a quarterly dividend of $0.52 per share, representing a 4.0% yield.

First National Bank of Omaha purchased a new position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 160,323 shares of the insurance provider's stock, valued at approximately $8,078,000.

A number of other large investors have also bought and sold shares of TFC. Kemnay Advisory Services Inc. purchased a new stake in shares of Truist Financial during the fourth quarter valued at approximately $25,000. Swiss RE Ltd. bought a new position in shares of Truist Financial in the fourth quarter worth approximately $26,000. N.E.W. Advisory Services LLC purchased a new position in shares of Truist Financial in the second quarter worth $30,000. Navigoe LLC purchased a new position in shares of Truist Financial in the second quarter worth $30,000. Finally, McMillan Office Inc. bought a new stake in Truist Financial during the 4th quarter valued at $31,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on TFC. Stephens dropped their price target on shares of Truist Financial from $59.00 to $57.00 and set an "overweight" rating for the company in a research report on Tuesday, July 21st. Bank of America reaffirmed a "neutral" rating and set a $56.00 price objective (up from $54.00) on shares of Truist Financial in a research note on Wednesday, July 8th. 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 report on Monday, July 6th. Evercore reissued an "outperform" rating and issued a $57.00 target price on shares of Truist Financial in a research note on Monday, July 6th. Finally, UBS Group lowered Truist Financial from a "buy" rating to a "neutral" rating and lowered their price target for the company from $58.00 to $55.00 in a research report on Tuesday, July 7th. Seven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Truist Financial currently has an average rating of "Hold" and an average target price of $54.67.

Insider Transactions at Truist Financial

In other news, insider Donta L. Wilson sold 13,280 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $51.85, for a total value of $688,568.00. Following the sale, the insider directly owned 56,009 shares of the company's stock, valued at approximately $2,904,066.65. This represents a 19.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the firm's stock in a transaction on Monday, July 20th. The shares were sold at an average price of $52.36, for a total value of $693,770.00. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 30,516 shares of company stock valued at $1,584,428. Insiders own 0.15% of the company's stock.

Truist Financial Price Performance

Shares of NYSE TFC opened at $52.46 on Wednesday. The company has a 50 day simple moving average of $51.27 and a two-hundred day simple moving average of $49.82. Truist Financial Corporation has a fifty-two week low of $40.78 and a fifty-two week high of $56.19. The company has a market capitalization of $64.08 billion, a price-to-earnings ratio of 12.03, a P/E/G ratio of 1.12 and a beta of 0.89. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, topping analysts' consensus estimates of $1.08 by $0.15. The firm had revenue of $5.31 billion for the quarter, compared to analysts' expectations of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The business's revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.91 EPS. Analysts expect that Truist Financial Corporation will post 4.58 EPS for the current fiscal year.

Truist Financial Announces Dividend

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

Truist Financial Company 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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