NewEdge Advisors LLC Increases Stock Holdings in Truist Financial Corporation $TFC

Key Points

• NewEdge Advisors increased its Truist Financial stake by 11.4% in the second quarter, ending with 253,065 shares valued at approximately $12.6 million. Institutional investors collectively own 71.28% of the company.
• Truist reported quarterly 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, equivalent to an annualized $2.08 payout and a 4.1% yield; analysts’ consensus rating is “Hold,” with an average price target of $55.12.

NewEdge Advisors LLC increased its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 11.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 253,065 shares of the insurance provider's stock after acquiring an additional 25,995 shares during the quarter. NewEdge Advisors LLC's holdings in Truist Financial were worth $12,608,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Capital International Investors raised its stake in Truist Financial by 0.7% during the 4th quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider's stock valued at $5,332,835,000 after acquiring an additional 715,433 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of Truist Financial during the second quarter worth $4,959,834,000. California State Teachers Retirement System grew its position in Truist Financial by 4,694.8% in the 2nd quarter. California State Teachers Retirement System now owns 97,097,187 shares of the insurance provider's stock valued at $4,837,382,000 after buying an additional 95,072,155 shares during the last quarter. Victory Capital Management Inc. grew its position in Truist Financial by 7.5% in the 4th quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider's stock valued at $1,572,968,000 after buying an additional 2,226,288 shares during the last quarter. Finally, Morgan Stanley increased its stake in Truist Financial by 2.9% in the 4th quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider's stock valued at $1,030,028,000 after buying an additional 597,255 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Donta L. Wilson sold 13,280 shares of the stock in a transaction dated Friday, July 31st. The shares were 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director K. Boyer, Jr. sold 3,986 shares of the firm's stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total transaction of $202,090.20. Following the transaction, the director owned 10,270 shares of the company's stock, valued at $520,689. This trade represents a 27.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 30,516 shares of company stock worth $1,584,428 in the last three months. Corporate insiders own 0.15% of the company's stock.

Truist Financial Stock Up 0.2%

Shares of NYSE TFC opened at $50.43 on Friday. The stock has a market capitalization of $61.61 billion, a price-to-earnings ratio of 11.57, a price-to-earnings-growth ratio of 1.06 and a beta of 0.88. Truist Financial Corporation has a 52 week low of $40.78 and a 52 week high of $56.19. The firm has a 50-day moving average price of $51.55 and a 200 day moving average price of $49.52. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73.

Truist Financial (NYSE:TFC - Get Free Report) last released 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. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.Truist Financial's quarterly revenue was up 5.6% on a year-over-year basis. During the same period last year, the business posted $0.91 EPS. Equities research analysts anticipate that Truist Financial Corporation will post 4.58 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were given a $0.52 dividend. The ex-dividend date was Friday, August 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. Truist Financial's payout ratio is currently 47.71%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on TFC shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Truist Financial in a report on Wednesday, July 29th. Keefe, Bruyette & Woods increased their price target on shares of Truist Financial from $53.00 to $55.00 and gave the stock a "market perform" rating in a report on Monday, July 20th. Stephens reduced their price objective 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. Evercore reaffirmed an "outperform" rating and issued a $57.00 price objective on shares of Truist Financial in a report on Monday, July 6th. Finally, JPMorgan Chase & Co. boosted their target price on Truist Financial from $53.00 to $54.00 and gave the stock an "underweight" rating in a research report on Wednesday, July 29th. Seven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $55.12.

Truist Financial Company Profile

Truist Financial Corporation NYSE: TFC is a financial services company formed through the 2019 merger of BB&T Corporation and SunTrust Banks. Headquartered in Charlotte, North Carolina, Truist operates as a major commercial bank serving consumers, businesses, and institutions primarily across the United States.

Through its consumer and business banking operations, Truist provides checking and savings accounts, credit cards, mortgages, home equity lending, personal loans, commercial lending, treasury management, and payment services.

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