Simplicity Wealth LLC Invests $687,000 in Truist Financial Corporation $TFC

Simplicity Wealth LLC acquired a new position in Truist Financial Corporation (NYSE:TFC) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 13,798 shares of the insurance provider’s stock, valued at approximately $687,000.

Several other large investors also recently added to or reduced their stakes in the business. Pinnacle Financial Partners Inc. grew its stake in Truist Financial by 30.0% in the 3rd quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock worth $7,994,000 after buying an additional 40,393 shares in the last quarter. Fifth Third Bancorp raised its position in shares of Truist Financial by 531.8% during the 1st quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider’s stock valued at $20,059,000 after buying an additional 367,291 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Truist Financial by 21.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 225,702 shares of the insurance provider’s stock valued at $11,107,000 after buying an additional 39,924 shares in the last quarter. Franklin Street Advisors Inc. NC lifted its holdings in shares of Truist Financial by 129.1% during the 2nd quarter. Franklin Street Advisors Inc. NC now owns 37,253 shares of the insurance provider’s stock worth $1,856,000 after acquiring an additional 20,991 shares during the last quarter. Finally, Axxcess Wealth Management LLC lifted its holdings in shares of Truist Financial by 77.2% during the 4th quarter. Axxcess Wealth Management LLC now owns 158,394 shares of the insurance provider’s stock worth $7,795,000 after acquiring an additional 68,990 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Insider Activity

In related news, insider Donta L. Wilson sold 13,280 shares of the firm’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $51.85, for a total value of $688,568.00. Following the completion of the sale, the insider owned 56,009 shares of the company’s stock, valued at $2,904,066.65. This trade represents a 19.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial stock in a transaction on Monday, July 20th. The shares were sold at an average price of $52.36, for a total transaction of $693,770.00. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 30,516 shares of company stock valued at $1,584,428. Company insiders own 0.15% of the company’s stock.

Truist Financial Stock Performance

Truist Financial stock opened at $52.58 on Tuesday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. The firm has a market cap of $64.23 billion, a P/E ratio of 12.06, a P/E/G ratio of 1.12 and a beta of 0.89. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19. The firm has a 50-day moving average of $51.21 and a 200-day moving average of $49.81.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.15. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.Truist Financial’s revenue was up 5.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.91 EPS. Sell-side analysts expect that Truist Financial Corporation will post 4.58 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently disclosed 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. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Friday, August 14th. Truist Financial’s dividend payout ratio (DPR) is currently 47.71%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Truist Financial in a research note on Wednesday, July 29th. Citigroup lowered Truist Financial from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $63.00 to $54.00 in a research report on Tuesday, June 30th. Raymond James Financial restated a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. Wall Street Zen upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Stephens decreased their price target on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 21st. Seven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $54.67.

About Truist Financial

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.