Jones Financial Companies Lllp raised its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 7.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,329,997 shares of the insurance provider's stock after purchasing an additional 164,232 shares during the period. Jones Financial Companies Lllp owned 0.19% of Truist Financial worth $117,632,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Truist Financial in the 2nd quarter valued at about $4,959,834,000. Auto Owners Insurance Co raised its stake in Truist Financial by 4,821.0% during the 4th quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider's stock worth $697,428,000 after buying an additional 13,884,480 shares during the period. 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. Norges Bank bought a new position in Truist Financial in the fourth quarter worth approximately $502,340,000. Finally, Bank of New York Mellon Corp acquired a new stake in Truist Financial in the second quarter valued at approximately $338,855,000. Institutional investors and hedge funds own 71.28% of the company's stock.
Wall Street Analyst Weigh In
Several research firms have recently commented on TFC. UBS Group downgraded Truist Financial from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $58.00 to $55.00 in a report on Tuesday, July 7th. Citigroup downgraded shares of Truist Financial from a "buy" rating to a "neutral" rating and reduced their price target for the company from $63.00 to $54.00 in a research report on Tuesday, June 30th. Keefe, Bruyette & Woods boosted their price target on shares of Truist Financial from $53.00 to $55.00 and gave the company a "market perform" rating in a research note on Monday, July 20th. Weiss Ratings restated a "buy (b)" rating on shares of Truist Financial in a report on Wednesday, July 29th. Finally, Evercore reaffirmed an "outperform" rating and issued a $57.00 price objective on shares of Truist Financial in a research note on Monday, July 6th. Seven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Truist Financial currently has a consensus rating of "Hold" and a consensus target price of $55.12.
View Our Latest Stock Report on Truist Financial
Truist Financial Trading Up 0.8%
Shares of Truist Financial stock opened at $50.81 on Tuesday. The company has a market capitalization of $62.07 billion, a P/E ratio of 11.65, a price-to-earnings-growth ratio of 1.06 and a beta of 0.89. The stock has a fifty day simple moving average of $51.31 and a 200 day simple moving average of $49.78. Truist Financial Corporation has a 12-month low of $40.78 and a 12-month high of $56.19. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73.
Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.15. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The business had revenue of $5.31 billion for the quarter, compared to analysts' expectations of $5.24 billion. During the same period last year, the business earned $0.91 EPS. The business's revenue was up 5.6% on a year-over-year basis. On average, sell-side analysts anticipate that Truist Financial Corporation will post 4.58 earnings per share for the current fiscal year.
Truist Financial Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial's dividend payout ratio is presently 47.71%.
Insiders Place Their Bets
In other Truist Financial news, insider Donta L. Wilson sold 13,280 shares of Truist Financial stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the transaction, the insider owned 56,009 shares of the company's stock, valued at $2,904,066.65. This trade represents a 19.17% decrease in their position. The transaction was disclosed in a 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 company's stock in a transaction that occurred on 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 directly owned 10,270 shares of the company's stock, valued at approximately $520,689. This represents a 27.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 30,516 shares of company stock valued at $1,584,428. Corporate insiders own 0.15% of the company's stock.
Truist Financial Company Profile
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Free Report)
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.
Further Reading
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