Truist Financial Corp Has $10.92 Million Stake in Omnicom Group Inc. $OMC

Key Points

• Truist Financial Corp reduced its stake in Omnicom Group by 31.3%, ending the second quarter with 151,841 shares valued at approximately $10.92 million.
• The company reported a Q2 earnings per share of $2.05, surpassing analyst expectations and contributing to a revenue of $4.02 billion, marking a 4.2% year-over-year increase.
• Omnicom Group declared a quarterly dividend of $0.70, which will be paid out to shareholders on October 10, reflecting an annual yield of 3.6%.

Truist Financial Corp trimmed its holdings in Omnicom Group Inc. (NYSE:OMC - Free Report) by 31.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 151,841 shares of the business services provider's stock after selling 69,189 shares during the period. Truist Financial Corp owned about 0.08% of Omnicom Group worth $10,923,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of OMC. Wealth Enhancement Advisory Services LLC boosted its position in shares of Omnicom Group by 16.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 13,891 shares of the business services provider's stock worth $1,195,000 after buying an additional 1,953 shares during the period. Merit Financial Group LLC boosted its position in shares of Omnicom Group by 157.9% during the first quarter. Merit Financial Group LLC now owns 7,661 shares of the business services provider's stock worth $635,000 after buying an additional 4,690 shares during the period. Procyon Advisors LLC acquired a new position in shares of Omnicom Group during the first quarter worth about $1,776,000. Patriot Financial Group Insurance Agency LLC boosted its position in shares of Omnicom Group by 8.4% during the first quarter. Patriot Financial Group Insurance Agency LLC now owns 12,299 shares of the business services provider's stock worth $1,020,000 after buying an additional 954 shares during the period. Finally, Farther Finance Advisors LLC boosted its position in shares of Omnicom Group by 51.1% during the first quarter. Farther Finance Advisors LLC now owns 7,420 shares of the business services provider's stock worth $592,000 after buying an additional 2,508 shares during the period. 91.97% of the stock is owned by institutional investors and hedge funds.

Omnicom Group Price Performance

NYSE:OMC opened at $77.59 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.92 and a debt-to-equity ratio of 0.97. The stock's 50 day moving average price is $76.33 and its two-hundred day moving average price is $75.05. The firm has a market capitalization of $15.03 billion, a price-to-earnings ratio of 11.13, a P/E/G ratio of 1.51 and a beta of 0.96. Omnicom Group Inc. has a 12-month low of $68.37 and a 12-month high of $107.00.

Omnicom Group (NYSE:OMC - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The business services provider reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.02 by $0.03. The firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.95 billion. Omnicom Group had a return on equity of 33.62% and a net margin of 8.67%.The business's revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.95 earnings per share. On average, analysts anticipate that Omnicom Group Inc. will post 8.25 earnings per share for the current year.

Omnicom Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 2nd will be paid a $0.70 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $2.80 annualized dividend and a yield of 3.6%. Omnicom Group's dividend payout ratio is currently 40.17%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Bank of America raised Omnicom Group from an "underperform" rating to a "neutral" rating and set a $80.00 price objective for the company in a research report on Monday, June 23rd. Wells Fargo & Company raised Omnicom Group from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $78.00 to $91.00 in a research report on Tuesday, September 23rd. Barclays cut Omnicom Group from an "overweight" rating to an "equal weight" rating and reduced their price objective for the stock from $105.00 to $80.00 in a research report on Wednesday, June 25th. Weiss Ratings reissued a "hold (c)" rating on shares of Omnicom Group in a research report on Saturday, September 27th. Finally, JPMorgan Chase & Co. reduced their price target on Omnicom Group from $104.00 to $96.00 and set an "overweight" rating for the company in a research report on Thursday, July 10th. Five analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $96.29.

Omnicom Group Profile

Omnicom Group Inc, together with its subsidiaries, offers advertising, marketing, and corporate communications services. It provides a range of services in the areas of advertising and media, precision marketing, commerce and branding, experiential, execution and support, public relations, and healthcare.

Want to see what other hedge funds are holding OMC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Omnicom Group Inc. (NYSE:OMC - Free Report).

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.