Kestra Advisory Services LLC Raises Position in Truist Financial Corporation $TFC

Key Points

• Kestra Advisory Services LLC increased its stake in Truist Financial Corporation by 10.4%, bringing their total holdings to 206,588 shares valued at approximately $8.5 million.
• Truist Financial has recently experienced significant activity from institutional investors, with Northern Trust Corp increasing its position by 20.5% and Invesco Ltd. raising its holdings by 32%.
• Truist announced a quarterly dividend of $0.52 per share, representing a 4.5% yield, scheduled to be paid to shareholders on September 2nd.

Kestra Advisory Services LLC lifted its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 10.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 206,588 shares of the insurance provider's stock after purchasing an additional 19,411 shares during the period. Kestra Advisory Services LLC's holdings in Truist Financial were worth $8,501,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. Victory Capital Management Inc. boosted its position in Truist Financial by 922.9% during the 1st quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider's stock valued at $274,237,000 after acquiring an additional 6,012,817 shares in the last quarter. Invesco Ltd. boosted its position 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 purchasing an additional 3,188,999 shares in the last quarter. Nuveen LLC purchased a new stake in Truist Financial in the first quarter worth $117,929,000. Northern Trust Corp raised its holdings in Truist Financial by 20.5% in the fourth quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider's stock worth $626,154,000 after purchasing an additional 2,452,239 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in Truist Financial by 610.8% during the first quarter. Assenagon Asset Management S.A. now owns 2,661,895 shares of the insurance provider's stock valued at $109,537,000 after buying an additional 2,287,410 shares during the period. Institutional investors own 71.28% of the company's stock.

Truist Financial Stock Performance

TFC traded up $0.06 during midday trading on Friday, hitting $46.85. 5,935,697 shares of the company traded hands, compared to its average volume of 8,474,049. The company's 50-day moving average is $44.32 and its 200 day moving average is $41.78. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. The firm has a market capitalization of $60.42 billion, a PE ratio of 12.77, a price-to-earnings-growth ratio of 1.74 and a beta of 0.87. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.02). The company had revenue of $5.04 billion for the quarter, compared to analysts' expectations of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The firm's revenue for the quarter was down 406.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.91 earnings per share. On average, research analysts expect that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 8th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.4%. Truist Financial's payout ratio is presently 56.68%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and upped their target price for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Morgan Stanley reissued a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. 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. Raymond James Financial raised Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price target on the stock in a research report on Tuesday, July 8th. Finally, TD Cowen assumed coverage on Truist Financial in a research note on Thursday, May 15th. They issued a "hold" rating and a $44.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $48.47.

Insider Buying and Selling

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the firm's stock in a transaction dated 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 approximately $22,595. This trade represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.17% of the company's stock.

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.