Assenagon Asset Management S.A. Has $141.67 Million Stake in Truist Financial Corporation $TFC

Key Points

• Assenagon Asset Management S.A. increased its stake in Truist Financial Corporation by 23.8%, now owning over 3 million shares valued at approximately $141.67 million.
• Multiple institutional investors raised their holdings in Truist Financial during the second quarter, with a total of 71.28% of the company's stock now owned by institutional investors.
• Truist Financial's recent quarterly earnings fell short of estimates, reporting $0.91 EPS, missing the consensus estimate of $0.93, while the company declared a quarterly dividend of $0.52 per share.

Assenagon Asset Management S.A. increased its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 23.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,295,365 shares of the insurance provider's stock after purchasing an additional 633,470 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.25% of Truist Financial worth $141,668,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Wealth Preservation Advisors LLC bought a new position in shares of Truist Financial in the first quarter valued at approximately $25,000. Centennial Bank AR raised its position in shares of Truist Financial by 360.2% in the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock valued at $30,000 after purchasing an additional 580 shares during the period. Motco raised its position in shares of Truist Financial by 435.6% in the first quarter. Motco now owns 798 shares of the insurance provider's stock valued at $33,000 after purchasing an additional 649 shares during the period. Meeder Asset Management Inc. raised its position in shares of Truist Financial by 115.3% in the first quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider's stock valued at $36,000 after purchasing an additional 468 shares during the period. Finally, Sierra Ocean LLC raised its position in shares of Truist Financial by 64.4% in the first quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock valued at $37,000 after purchasing an additional 352 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total transaction of $566,682.60. Following the completion of the transaction, the insider 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 SEC, which is available through this link. 0.14% of the stock is currently owned by company insiders.

Truist Financial Price Performance

Shares of NYSE:TFC traded up $0.26 on Tuesday, hitting $45.65. The stock had a trading volume of 1,352,361 shares, compared to its average volume of 8,447,139. The firm's 50 day moving average price is $45.01 and its 200-day moving average price is $41.76. The company has a market capitalization of $58.87 billion, a price-to-earnings ratio of 12.45, a price-to-earnings-growth ratio of 1.71 and a beta of 0.88. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly 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). The company had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The firm's quarterly revenue was down 406.0% on a year-over-year basis. During the same quarter last year, the company earned $0.91 EPS. On average, equities research analysts predict that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a 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%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Raymond James Financial raised shares of 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. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Keefe, Bruyette & Woods lowered shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price on the stock. in a research report on Wednesday, July 9th. Morgan Stanley reaffirmed a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. Finally, Wells Fargo & Company reaffirmed an "equal weight" rating and set a $47.00 target price on shares of Truist Financial in a research report on Thursday, August 21st. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.47.

Truist Financial Company Profile

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.