State Street Corp Boosts Stake in Truist Financial Corporation $TFC

Key Points

• State Street increased its Truist Financial stake by 0.9% in the second quarter, adding 501,026 shares to own approximately 4.8% of the company, valued at $2.92 billion. Institutional investors collectively hold 71.28% of Truist’s stock.
• Truist reported quarterly EPS of $1.23, beating estimates of $1.08, while revenue rose 5.6% year over year to $5.31 billion. The company also maintains a quarterly dividend of $0.52, equating to a 4.3% annualized yield.
• Analysts remain cautious, with the stock receiving a consensus “Hold” rating and an average price target of $55.12. Meanwhile, insiders sold 30,516 shares worth approximately $1.58 million over the past 90 days.

State Street Corp raised its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 0.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 58,692,619 shares of the insurance provider's stock after acquiring an additional 501,026 shares during the period. State Street Corp owned approximately 4.80% of Truist Financial worth $2,924,066,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of TFC. N.E.W. Advisory Services LLC purchased a new position in shares of Truist Financial during the 2nd quarter worth approximately $30,000. Navigoe LLC purchased a new stake in shares of Truist Financial in the 2nd quarter valued at $30,000. Evolution Wealth Management Inc. lifted its position in shares of Truist Financial by 2,218.2% during the first quarter. Evolution Wealth Management Inc. now owns 765 shares of the insurance provider's stock worth $35,000 after purchasing an additional 732 shares in the last quarter. Wilkerson Advisory Group LLC increased its stake in Truist Financial by 104.0% during the 1st quarter. Wilkerson Advisory Group LLC now owns 826 shares of the insurance provider's stock worth $38,000 after buying an additional 421 shares during the period. Finally, SHP Wealth Management acquired a new stake in Truist Financial during the 4th quarter worth approximately $41,000. Hedge funds and other institutional investors own 71.28% of the company's stock.

Insiders Place Their Bets

In other Truist Financial news, insider Donta L. Wilson sold 13,280 shares of Truist Financial stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $51.85, for a total value of $688,568.00. Following the completion of the sale, the insider owned 56,009 shares in the company, valued at $2,904,066.65. The trade was a 19.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director K. Boyer, Jr. sold 3,986 shares of the business's stock in a transaction on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total transaction of $202,090.20. Following the sale, the director directly owned 10,270 shares of the company's stock, valued at $520,689. This 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 over the last 90 days. Corporate insiders own 0.15% of the company's stock.

Truist Financial Price Performance

Shares of NYSE TFC opened at $48.04 on Wednesday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market cap of $58.68 billion, a PE ratio of 11.02, a P/E/G ratio of 1.02 and a beta of 0.88. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19. The stock has a fifty day moving average price of $51.22 and a 200 day moving average price of $49.47.

Truist Financial (NYSE:TFC - Get Free Report) last released its 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 for the quarter, compared to analysts' expectations of $5.24 billion. During the same quarter in the previous year, the firm posted $0.91 EPS. The firm's quarterly revenue was up 5.6% on a year-over-year basis. Sell-side analysts forecast that Truist Financial Corporation will post 4.61 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend was Friday, August 14th. Truist Financial's payout ratio is currently 47.71%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TFC. JPMorgan Chase & Co. upped their price objective on Truist Financial from $53.00 to $54.00 and gave the stock an "underweight" rating in a research report on Wednesday, July 29th. Wall Street Zen upgraded shares of Truist Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Morgan Stanley reaffirmed an "equal weight" rating and set a $54.00 price objective (down from $62.00) on shares of Truist Financial in a research report on Monday, July 6th. Citigroup downgraded Truist Financial from a "buy" rating to a "neutral" rating and lowered their price target for the company from $63.00 to $54.00 in a report on Tuesday, June 30th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Truist Financial in a report on Wednesday, July 29th. Seven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target 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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