Meitav Investment House Ltd. Raises Stock Position in Truist Financial Corporation $TFC

Key Points

• Meitav Investment House Ltd. increased its stake in Truist Financial Corporation by 29.9%, owning 32,146 shares worth $1,382,000, according to a recent SEC filing.
• Several institutional investors, including Victory Capital Management and Invesco Ltd., have significantly lifted their holdings in Truist Financial, indicating strong interest in the stock.
• Analysts have a consensus rating of Moderate Buy for Truist Financial, with price targets ranging from $47.00 to $55.00 based on recent reports.

Meitav Investment House Ltd. boosted its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 29.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 32,146 shares of the insurance provider's stock after purchasing an additional 7,396 shares during the period. Meitav Investment House Ltd.'s holdings in Truist Financial were worth $1,382,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of TFC. Victory Capital Management Inc. lifted its holdings in Truist Financial by 922.9% in the first quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider's stock valued at $274,237,000 after acquiring an additional 6,012,817 shares during the period. Invesco Ltd. lifted its stake in shares of Truist Financial by 32.0% in 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 period. Nuveen LLC purchased a new position in shares of Truist Financial in the first quarter worth approximately $117,929,000. Assenagon Asset Management S.A. grew its position in Truist Financial by 610.8% during the first quarter. Assenagon Asset Management S.A. now owns 2,661,895 shares of the insurance provider's stock valued at $109,537,000 after buying an additional 2,287,410 shares during the period. Finally, American Century Companies Inc. increased its holdings in Truist Financial by 21.8% during the first quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider's stock valued at $495,509,000 after buying an additional 2,158,639 shares during the last quarter. 71.28% of the stock is owned by institutional investors.

Insider Activity at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of the company's stock in a transaction 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 in the company, valued at approximately $22,595. This represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.14% of the company's stock.

Wall Street Analysts Forecast Growth

TFC has been the topic of several analyst reports. Morgan Stanley lifted their price target on shares of Truist Financial from $48.00 to $54.00 and gave the stock an "equal weight" rating in a research note on Monday, September 29th. Evercore ISI lifted their target price on Truist Financial from $48.00 to $50.00 and gave the company an "in-line" rating in a research report on Tuesday, September 30th. Weiss Ratings reissued a "hold (c+)" rating on shares of Truist Financial in a report on Saturday, September 27th. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $47.00 price objective on shares of Truist Financial in a research note on Thursday, August 21st. Finally, Citigroup raised Truist Financial from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $48.89.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $45.39 on Tuesday. The company has a market capitalization of $58.53 billion, a price-to-earnings ratio of 12.37, a PEG ratio of 1.46 and a beta of 0.88. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. The stock's 50-day simple moving average is $45.15 and its 200-day simple moving average is $42.11. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last issued its earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.02). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The business had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $5.04 billion. During the same period last year, the business posted $0.91 EPS. The firm's revenue for the quarter was down 406.0% compared to the same quarter last year. As a group, analysts expect that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial's payout ratio is 56.68%.

Truist Financial Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.