Truist Financial Corporation $TFC Shares Acquired by Wealth Enhancement Advisory Services LLC

Key Points

• Wealth Enhancement Advisory Services LLC increased its stake in Truist Financial Corporation by 6.9% during Q2, acquiring a total of 759,177 shares valued at approximately $34.57 million.
• Several large investors, including Wedmont Private Capital and Sumitomo Mitsui DS Asset Management, have also boosted their stakes, indicating strong institutional interest in the stock.
• Analyst ratings for Truist Financial vary, with reports ranging from a "market perform" downgrade to a "buy" upgrade, resulting in a consensus price target of $48.47.

Wealth Enhancement Advisory Services LLC raised its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 6.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 759,177 shares of the insurance provider's stock after buying an additional 49,275 shares during the period. Wealth Enhancement Advisory Services LLC owned approximately 0.06% of Truist Financial worth $34,573,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of TFC. Victory Capital Management Inc. increased its stake in shares of 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 worth $274,237,000 after purchasing an additional 6,012,817 shares in the last quarter. Invesco Ltd. increased its stake in shares of Truist Financial by 32.0% during the 1st quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider's stock worth $540,723,000 after purchasing an additional 3,188,999 shares in the last quarter. Nuveen LLC purchased a new position in shares of Truist Financial during the 1st quarter worth approximately $117,929,000. Assenagon Asset Management S.A. increased its stake in shares of Truist Financial by 610.8% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,661,895 shares of the insurance provider's stock worth $109,537,000 after purchasing an additional 2,287,410 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Truist Financial by 21.8% during the 1st quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider's stock worth $495,509,000 after purchasing an additional 2,158,639 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Trading Up 1.3%

Shares of TFC traded up $0.59 during mid-day trading on Tuesday, reaching $45.98. The company had a trading volume of 900,942 shares, compared to its average volume of 8,444,483. The stock has a market cap of $59.29 billion, a price-to-earnings ratio of 12.53, a price-to-earnings-growth ratio of 1.71 and a beta of 0.88. The firm has a fifty day simple moving average of $45.01 and a 200-day simple moving average of $41.76. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). The company had revenue of $5.04 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter last year, the business earned $0.91 EPS. On average, sell-side analysts anticipate that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were issued a dividend of $0.52 per share. The ex-dividend date was Friday, August 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.5%. Truist Financial's payout ratio is presently 56.68%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on TFC shares. Raymond James Financial raised shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price objective for the company in a research note on Tuesday, July 8th. Citigroup upgraded shares of Truist Financial from a "neutral" rating to a "buy" rating and raised their target price for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Wells Fargo & Company restated an "equal weight" rating and set a $47.00 target price on shares of Truist Financial in a research report on Thursday, August 21st. Morgan Stanley restated a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. Finally, 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. 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 stock. According to data from MarketBeat.com, Truist Financial has an average rating of "Moderate Buy" and an average price target of $48.47.

Insider Buying and Selling at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the transaction, the insider owned 500 shares in the company, valued at approximately $22,595. The trade was a 96.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.14% of the company's stock.

Truist Financial 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.