NEOS Investment Management LLC Buys 22,336 Shares of Truist Financial Corporation $TFC

Key Points

• NEOS Investment Management increased its Truist Financial stake by 12.1% during the second quarter, adding 22,336 shares to own 206,396 shares valued at approximately $10.3 million. Institutional investors collectively own 71.28% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $55.12. Citigroup downgraded the stock to neutral, while Evercore maintained an outperform rating.
• Truist reported second-quarter earnings of $1.23 per share, beating estimates of $1.08, while revenue rose 5.6% year over year to $5.31 billion. The company maintains a quarterly dividend of $0.52 per share, equivalent to a 4.0% annual yield.

NEOS Investment Management LLC raised its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 12.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 206,396 shares of the insurance provider's stock after acquiring an additional 22,336 shares during the quarter. NEOS Investment Management LLC's holdings in Truist Financial were worth $10,283,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Kemnay Advisory Services Inc. acquired a new stake in shares of Truist Financial in the 4th quarter valued at $25,000. Swiss RE Ltd. bought a new stake in Truist Financial during the 4th quarter worth about $26,000. N.E.W. Advisory Services LLC acquired a new position in Truist Financial during the 2nd quarter valued at about $30,000. Navigoe LLC bought a new position in shares of Truist Financial in the 2nd quarter valued at about $30,000. Finally, McMillan Office Inc. bought a new position in shares of Truist Financial in the 4th quarter valued at about $31,000. 71.28% of the stock is owned by institutional investors.

Insider Buying and Selling at Truist Financial

In other news, CEO William Rogers, Jr. sold 13,250 shares of the stock in a transaction on Monday, July 20th. The shares were sold at an average price of $52.36, for a total transaction of $693,770.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Donta L. Wilson sold 13,280 shares of the firm's stock in a transaction on Friday, July 31st. The stock was sold at an average price of $51.85, for a total transaction of $688,568.00. Following the sale, the insider owned 56,009 shares in the company, valued at approximately $2,904,066.65. The trade was a 19.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 30,516 shares of company stock valued at $1,584,428. 0.15% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on TFC. Weiss Ratings reissued a "buy (b)" rating on shares of Truist Financial in a research note on Wednesday, July 29th. Citigroup downgraded Truist Financial from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $63.00 to $54.00 in a report on Tuesday, June 30th. 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. Morgan Stanley restated 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. Finally, Wall Street Zen upgraded Truist Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Seven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Truist Financial currently has a consensus rating of "Hold" and an average price target of $55.12.

Truist Financial Stock Performance

TFC stock opened at $51.68 on Friday. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year 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. The firm has a market cap of $63.13 billion, a PE ratio of 11.85, a P/E/G ratio of 1.09 and a beta of 0.88. The business's 50-day moving average price is $51.55 and its two-hundred day moving average price is $49.58.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping 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 company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. During the same period in the prior year, the company earned $0.91 earnings per share. The company's revenue for the quarter was up 5.6% compared to the same quarter last year. As a group, research analysts forecast that Truist Financial Corporation will post 4.58 earnings per share for the current year.

Truist Financial Announces Dividend

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

Truist Financial 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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