Truist Financial Corporation $TFC Shares Bought by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. boosted its position in Truist Financial Corporation (NYSE:TFC) by 8.1% in the 2nd quarter, HoldingsChannel reports. The firm owned 203,498 shares of the insurance provider’s stock after purchasing an additional 15,297 shares during the period. Rakuten Investment Management Inc.’s holdings in Truist Financial were worth $10,293,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of TFC. Brighton Jones LLC lifted its stake in shares of Truist Financial by 148.5% during the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock worth $1,023,000 after purchasing an additional 14,093 shares during the period. Woodline Partners LP grew its position in shares of 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 purchasing an additional 31,454 shares during the period. Sivia Capital Partners LLC acquired a new position in Truist Financial in the second quarter valued at $575,000. AXA S.A. increased its stake in Truist Financial by 23.1% in the second quarter. AXA S.A. now owns 26,192 shares of the insurance provider’s stock valued at $1,126,000 after purchasing an additional 4,921 shares during the last quarter. Finally, Main Street Financial Solutions LLC lifted its position in Truist Financial by 20.1% during the second quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider’s stock worth $292,000 after buying an additional 1,134 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on TFC. JPMorgan Chase & Co. lifted their price target on Truist Financial from $53.00 to $54.00 and gave the company an “underweight” rating in a report on Wednesday, July 29th. Citigroup cut shares of 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. Raymond James Financial restated a “market perform” rating on shares of Truist Financial in a report on Wednesday, July 1st. Bank of America reaffirmed a “neutral” rating and set a $56.00 price target (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Finally, Robert W. Baird increased their price target on shares of Truist Financial from $55.00 to $56.00 and gave the stock a “neutral” rating in a research note on Monday, July 20th. Seven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $55.12.

Insider Buying and Selling

In related news, Director K. David Jr. Boyer sold 3,986 shares of the firm’s stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total transaction of $202,090.20. Following the sale, the director directly owned 10,270 shares in the company, valued at approximately $520,689. This trade represents a 27.96% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the business’s stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $52.36, for a total value of $693,770.00. The disclosure for this sale is available in the SEC filing. In the last three months, insiders 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 Up 0.3%

Shares of NYSE:TFC opened at $50.46 on Friday. The stock has a 50-day simple moving average of $51.47 and a 200-day simple moving average of $49.68. The stock has a market capitalization of $61.64 billion, a P/E ratio of 11.57, a PEG ratio of 1.06 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 company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating 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 firm had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.24 billion. During the same period in the previous year, the company posted $0.91 earnings per share. Truist Financial’s revenue was up 5.6% compared to the same quarter last year. Equities analysts forecast that Truist Financial Corporation will post 4.58 earnings per share for the current year.

Truist Financial Dividend Announcement

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

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.