Simplicity Wealth LLC Makes New $627,000 Investment in Truist Financial Corporation $TFC

Key Points

• Simplicity Wealth LLC has invested approximately $627,000 in Truist Financial Corporation, acquiring 14,594 shares of their stock in the second quarter.
• Research firms have given mixed ratings for Truist Financial, with Citigroup upgrading the stock from "neutral" to "buy" and raising its target price from $44 to $55.
• The company recently declared a quarterly dividend of $0.52, yielding 4.6% annually, with a payout ratio of 56.68%.

Simplicity Wealth LLC acquired a new position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 14,594 shares of the insurance provider's stock, valued at approximately $627,000.

Several other large investors also recently added to or reduced their stakes in the stock. Amundi increased its stake in Truist Financial by 4.6% during the first quarter. Amundi now owns 24,774,656 shares of the insurance provider's stock worth $1,019,477,000 after acquiring an additional 1,091,311 shares during the last quarter. Invesco Ltd. grew its stake in shares of Truist Financial by 32.0% during the first quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider's stock valued at $540,723,000 after buying an additional 3,188,999 shares during the last quarter. American Century Companies Inc. grew its stake in shares of 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. Federated Hermes Inc. grew its stake in shares of Truist Financial by 0.9% during the first quarter. Federated Hermes Inc. now owns 9,511,639 shares of the insurance provider's stock valued at $391,404,000 after buying an additional 89,373 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Truist Financial by 5.4% during the first quarter. Dimensional Fund Advisors LP now owns 8,030,898 shares of the insurance provider's stock valued at $330,408,000 after buying an additional 408,726 shares during the last quarter. 71.28% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on TFC. Morgan Stanley upped their target price on Truist Financial from $48.00 to $54.00 and gave the company an "equal weight" rating in a research note on Monday, September 29th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Truist Financial in a research note on Saturday, September 27th. Citigroup raised Truist Financial from a "neutral" rating to a "buy" rating and upped their target price for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Wells Fargo & Company reaffirmed an "equal weight" rating and set a $47.00 target price on shares of Truist Financial in a research note on Thursday, August 21st. Finally, Evercore ISI upped their target price on Truist Financial from $48.00 to $50.00 and gave the company an "in-line" rating in a research note on Tuesday, September 30th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, Truist Financial currently has an average rating of "Moderate Buy" and a consensus target price of $48.89.

Truist Financial Price Performance

NYSE TFC opened at $45.19 on Wednesday. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. The stock's fifty day moving average price is $45.16 and its 200 day moving average price is $42.13. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06. The company has a market cap of $58.27 billion, a price-to-earnings ratio of 12.31, a PEG ratio of 1.45 and a beta of 0.88.

Truist Financial (NYSE:TFC - Get Free Report) last released 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 firm had revenue of $5.04 billion during the quarter, compared to analyst estimates of $5.04 billion. During the same period in the previous year, the company earned $0.91 earnings per share. Truist Financial's revenue was down 406.0% on a year-over-year basis. As a group, equities research analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were given 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 dividend payout ratio is presently 56.68%.

Insider Activity

In related news, insider Bradley D. Bender sold 12,540 shares of the company's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the transaction, the insider directly owned 500 shares of the company's stock, valued at $22,595. This represents a 96.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.14% of the stock is currently owned by insiders.

About Truist Financial

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.

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