Meeder Advisory Services Inc. acquired a new stake in Truist Financial Corporation (NYSE:TFC - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 24,313 shares of the insurance provider's stock, valued at approximately $1,211,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Kemnay Advisory Services Inc. bought a new stake in Truist Financial during the fourth quarter worth $25,000. Swiss RE Ltd. bought a new position in shares of Truist Financial in the 4th quarter valued at about $26,000. N.E.W. Advisory Services LLC acquired a new position in shares of Truist Financial during the 2nd quarter worth about $30,000. McMillan Office Inc. acquired a new position in shares of Truist Financial during the 4th quarter worth about $31,000. Finally, Mowery & Schoenfeld Wealth Management LLC raised its holdings in shares of Truist Financial by 190.7% in the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider's stock valued at $32,000 after purchasing an additional 431 shares during the period. 71.28% of the stock is owned by institutional investors.
Truist Financial Stock Performance
Shares of TFC stock opened at $50.99 on Thursday. The company has a market capitalization of $62.30 billion, a price-to-earnings ratio of 11.70, a PEG ratio of 1.10 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. The company has a 50-day simple moving average of $51.29 and a 200 day simple moving average of $49.82. Truist Financial Corporation has a 52 week low of $40.78 and a 52 week high of $56.19.
Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings results 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. The firm had revenue of $5.31 billion for the quarter, compared to analysts' expectations of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The business's revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 EPS. On average, sell-side analysts predict that Truist Financial Corporation will post 4.58 earnings per share for the current year.
Truist Financial Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. Truist Financial's dividend payout ratio is presently 47.71%.
Insider Transactions at Truist Financial
In other Truist Financial news, insider Donta L. Wilson sold 13,280 shares of the company's 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 transaction, the insider directly owned 56,009 shares of the company's stock, valued at $2,904,066.65. This represents a 19.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the stock in a transaction on Monday, July 20th. The stock was sold at an average price of $52.36, for a total value of $693,770.00. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 30,516 shares of company stock worth $1,584,428. Company insiders own 0.15% of the company's stock.
Analysts Set New Price Targets
A number of equities analysts recently commented on the company. Wall Street Zen upgraded Truist Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Bank of America restated a "neutral" rating and issued a $56.00 price objective (up from $54.00) on shares of Truist Financial in a research note on Wednesday, July 8th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Truist Financial in a research report on Wednesday, July 29th. Stephens cut their price objective on Truist Financial from $59.00 to $57.00 and set an "overweight" rating for the company in a research report on Tuesday, July 21st. Finally, Keefe, Bruyette & Woods lifted their target price on Truist Financial from $53.00 to $55.00 and gave the stock a "market perform" rating in a research note on Monday, July 20th. Seven investment 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's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $54.67.
Read Our Latest Research Report on TFC
About Truist Financial
(
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
Want to see what other hedge funds are holding TFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Truist Financial Corporation (NYSE:TFC - Free Report).
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