Manning & Napier Advisors LLC Takes Position in Truist Financial Co. (NYSE:TFC)

Manning & Napier Advisors LLC purchased a new position in shares of Truist Financial Co. (NYSE:TFC) in the second quarter, HoldingsChannel reports. The institutional investor purchased 437,022 shares of the insurance provider’s stock, valued at approximately $16,978,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Crewe Advisors LLC purchased a new stake in shares of Truist Financial in the first quarter worth about $27,000. Opal Wealth Advisors LLC purchased a new position in Truist Financial in the 1st quarter worth approximately $29,000. Missouri Trust & Investment Co grew its position in Truist Financial by 227.2% in the fourth quarter. Missouri Trust & Investment Co now owns 854 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 593 shares in the last quarter. Rise Advisors LLC acquired a new stake in Truist Financial in the first quarter valued at approximately $32,000. Finally, Morton Brown Family Wealth LLC raised its stake in shares of Truist Financial by 236.0% during the fourth quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 649 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Performance

TFC traded up $0.01 on Friday, hitting $41.56. 5,908,250 shares of the company’s stock were exchanged, compared to its average volume of 8,470,773. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61. The stock has a fifty day moving average of $39.62 and a two-hundred day moving average of $38.12. Truist Financial Co. has a twelve month low of $26.57 and a twelve month high of $45.31. The firm has a market cap of $55.61 billion, a PE ratio of -31.45, a P/E/G ratio of 1.95 and a beta of 1.06.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.07. The business had revenue of $5.02 billion during the quarter, compared to analyst estimates of $4.83 billion. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The business’s revenue for the quarter was down 15.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.95 EPS. On average, research analysts anticipate that Truist Financial Co. will post 3.55 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Friday, August 9th will be given a $0.52 dividend. The ex-dividend date is Friday, August 9th. This represents a $2.08 annualized dividend and a yield of 5.00%. Truist Financial’s dividend payout ratio is presently -157.58%.

Insider Buying and Selling at Truist Financial

In related news, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total value of $295,208.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Cynthia B. Powell sold 6,688 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $44.14, for a total value of $295,208.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William H. Rogers, Jr. bought 57,300 shares of the stock in a transaction on Tuesday, July 23rd. The shares were bought at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the purchase, the chief executive officer now owns 569,271 shares in the company, valued at approximately $25,025,153.16. The disclosure for this purchase can be found here. 0.17% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

TFC has been the subject of several analyst reports. Piper Sandler upped their target price on shares of Truist Financial from $38.00 to $41.00 and gave the company a “neutral” rating in a research note on Tuesday, May 14th. Stephens upped their price objective on shares of Truist Financial from $43.00 to $47.00 and gave the company an “overweight” rating in a research report on Thursday, May 16th. Baird R W lowered Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. StockNews.com downgraded Truist Financial from a “hold” rating to a “sell” rating in a report on Tuesday, July 23rd. Finally, Citigroup downgraded Truist Financial from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $45.00 to $47.00 in a report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $45.30.

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.