Truist Financial Corporation $TFC Shares Purchased by Merit Financial Group LLC

Merit Financial Group LLC raised its holdings in Truist Financial Corporation (NYSE:TFC) by 10.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 98,933 shares of the insurance provider’s stock after purchasing an additional 9,749 shares during the quarter. Merit Financial Group LLC’s holdings in Truist Financial were worth $4,929,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its holdings in Truist Financial by 148.5% during the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock worth $1,023,000 after acquiring an additional 14,093 shares during the period. Woodline Partners LP lifted its holdings in Truist Financial by 39.5% in the first quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock valued at $4,575,000 after acquiring an additional 31,454 shares during the period. Sivia Capital Partners LLC acquired a new stake in Truist Financial in the second quarter valued at $575,000. AXA S.A. boosted its position in shares of Truist Financial by 23.1% during the 2nd quarter. AXA S.A. now owns 26,192 shares of the insurance provider’s stock worth $1,126,000 after purchasing an additional 4,921 shares in the last quarter. Finally, Main Street Financial Solutions LLC boosted its position in shares of Truist Financial by 20.1% during the 2nd quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider’s stock worth $292,000 after purchasing an additional 1,134 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

Truist Financial stock opened at $53.08 on Friday. Truist Financial Corporation has a 52 week low of $40.78 and a 52 week high of $56.19. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73. The firm’s 50-day simple moving average is $51.13 and its 200 day simple moving average is $49.80. The firm has a market capitalization of $64.84 billion, a PE ratio of 12.17, a P/E/G ratio of 1.11 and a beta of 0.89.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The firm 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 posted $0.91 EPS. The firm’s revenue for the quarter was up 5.6% on a year-over-year basis. On average, equities research analysts predict that Truist Financial Corporation will post 4.58 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be given a $0.52 dividend. The ex-dividend date is Friday, August 14th. This represents a $2.08 annualized dividend and a dividend yield of 3.9%. Truist Financial’s dividend payout ratio is currently 47.71%.

Insider Transactions at Truist Financial

In related news, Director K. David Jr. Boyer sold 3,986 shares of the company’s stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total value of $202,090.20. Following the sale, the director owned 10,270 shares of the company’s stock, valued at approximately $520,689. This represents a 27.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the stock in a transaction on Monday, July 20th. The shares were sold at an average price of $52.36, for a total value of $693,770.00. The SEC filing for this sale provides additional information. Insiders sold a total of 30,516 shares of company stock valued at $1,584,428 in the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on TFC. Bank of America reiterated a “neutral” rating and issued a $56.00 price target (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Robert W. Baird upped their target price on shares of Truist Financial from $55.00 to $56.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Wall Street Zen raised shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. UBS Group downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and reduced their price target for the company from $58.00 to $55.00 in a research report on Tuesday, July 7th. Finally, Citigroup lowered Truist Financial from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $63.00 to $54.00 in a research note on Tuesday, June 30th. Seven research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $54.67.

Truist Financial Company 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.