Vise Technologies Inc. Acquires 48,277 Shares of Truist Financial Corporation $TFC

Key Points

• Vise Technologies more than doubled its Truist Financial stake in the second quarter, acquiring 48,277 additional shares for a total holding of 89,062 shares valued at approximately $4.44 million.
• Analyst sentiment remains mixed, with seven Buy, eight Hold, and two Sell ratings; the stock has an average rating of Hold and a consensus price target of $55.12.
• Truist reported stronger-than-expected quarterly results, earning $1.23 per share on $5.31 billion in revenue, and declared a quarterly dividend of $0.52 per share, representing an annualized yield of about 4.1%.

Vise Technologies Inc. raised its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 118.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 89,062 shares of the insurance provider's stock after buying an additional 48,277 shares during the quarter. Vise Technologies Inc.'s holdings in Truist Financial were worth $4,437,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Kemnay Advisory Services Inc. acquired a new position in Truist Financial during the 4th quarter valued at $25,000. Swiss RE Ltd. bought a new stake in Truist Financial in the 4th quarter valued at $26,000. N.E.W. Advisory Services LLC acquired a new stake in Truist Financial in the 2nd quarter worth $30,000. Navigoe LLC acquired a new stake in Truist Financial in the 2nd quarter worth $30,000. Finally, McMillan Office Inc. acquired a new stake in Truist Financial in the 4th quarter worth $31,000. 71.28% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Truist Financial news, CEO William H. Rogers, Jr. sold 13,250 shares of the firm's stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $52.36, for a total transaction of $693,770.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Donta L. Wilson sold 13,280 shares of Truist Financial stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $51.85, for a total value of $688,568.00. Following the sale, the insider directly owned 56,009 shares in the company, valued at $2,904,066.65. The trade was a 19.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 30,516 shares of company stock worth $1,584,428 over the last quarter. Company insiders own 0.15% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Stephens cut their price objective on shares of Truist Financial from $59.00 to $57.00 and set an "overweight" rating for the company in a research report on Tuesday, July 21st. Citigroup downgraded Truist Financial from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $63.00 to $54.00 in a research report on Tuesday, June 30th. Bank of America restated a "neutral" rating and set a $56.00 price target (up from $54.00) on shares of Truist Financial in a research note on Wednesday, July 8th. Weiss Ratings restated a "buy (b)" rating on shares of Truist Financial in a research note on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods upped their price target on Truist Financial from $53.00 to $55.00 and gave the company a "market perform" rating in a report on Monday, July 20th. Seven equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $55.12.

Truist Financial Trading Down 1.3%

Shares of Truist Financial stock opened at $50.29 on Friday. The firm has a market capitalization of $61.44 billion, a PE ratio of 11.53, a price-to-earnings-growth ratio of 1.07 and a beta of 0.89. 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's fifty day moving average price is $51.28 and its two-hundred day moving average price is $49.81. Truist Financial Corporation has a 52-week low of $40.78 and a 52-week high of $56.19.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, topping analysts' consensus estimates of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. During the same period last year, the firm earned $0.91 EPS. The firm's revenue for the quarter was up 5.6% compared to the same quarter last year. On average, analysts expect that Truist Financial Corporation will post 4.58 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial's dividend payout ratio is 47.71%.

Truist Financial Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.

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