Cerity Partners LLC increased its stake in shares of Truist Financial Co. (NYSE:TFC – Free Report) by 36.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 679,604 shares of the insurance provider’s stock after acquiring an additional 181,828 shares during the quarter. Cerity Partners LLC owned about 0.05% of Truist Financial worth $20,626,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Glenview Trust Co boosted its position in shares of Truist Financial by 16.7% during the second quarter. Glenview Trust Co now owns 38,785 shares of the insurance provider’s stock worth $1,177,000 after acquiring an additional 5,550 shares during the last quarter. Fund Management at Engine No. 1 LLC lifted its position in Truist Financial by 7.7% during the second quarter. Fund Management at Engine No. 1 LLC now owns 17,337 shares of the insurance provider’s stock valued at $526,000 after purchasing an additional 1,239 shares during the last quarter. Prelude Capital Management LLC lifted its position in Truist Financial by 4.3% during the second quarter. Prelude Capital Management LLC now owns 11,741 shares of the insurance provider’s stock valued at $356,000 after purchasing an additional 485 shares during the last quarter. Graham Capital Management L.P. bought a new position in Truist Financial during the second quarter valued at $1,263,000. Finally, 1832 Asset Management L.P. lifted its position in Truist Financial by 432.9% during the second quarter. 1832 Asset Management L.P. now owns 43,455 shares of the insurance provider’s stock valued at $1,319,000 after purchasing an additional 35,300 shares during the last quarter. Institutional investors own 71.11% of the company’s stock.
Insider Buying and Selling at Truist Financial
In other Truist Financial news, CEO William H. Rogers, Jr. bought 10,000 shares of the business’s stock in a transaction on Friday, October 20th. The shares were acquired at an average price of $28.05 per share, with a total value of $280,500.00. Following the transaction, the chief executive officer now owns 412,924 shares of the company’s stock, valued at approximately $11,582,518.20. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.31% of the company’s stock.
Analysts Set New Price Targets
TFC has been the subject of several research reports. HSBC initiated coverage on shares of Truist Financial in a research report on Thursday, September 7th. They set a “hold” rating and a $29.00 price objective for the company. Morgan Stanley lowered their price objective on shares of Truist Financial from $41.00 to $40.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 3rd. Jefferies Financial Group reduced their target price on shares of Truist Financial from $31.00 to $28.00 in a research note on Tuesday, October 10th. Piper Sandler reduced their target price on shares of Truist Financial from $32.00 to $31.00 and set a “neutral” rating on the stock in a research note on Friday, October 20th. Finally, StockNews.com assumed coverage on shares of Truist Financial in a research note on Thursday, October 5th. They issued a “hold” rating on the stock. Eleven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $37.51.
Get Our Latest Stock Report on Truist Financial
Truist Financial Trading Up 3.5 %
NYSE TFC opened at $33.27 on Friday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82. The company has a market capitalization of $44.37 billion, a price-to-earnings ratio of 8.38, a price-to-earnings-growth ratio of 1.98 and a beta of 1.12. The company’s 50-day simple moving average is $29.49 and its two-hundred day simple moving average is $30.49. Truist Financial Co. has a one year low of $25.56 and a one year high of $53.34.
Truist Financial (NYSE:TFC – Get Free Report) last posted its earnings results on Thursday, October 19th. The insurance provider reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.02). The business had revenue of $5.73 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a net margin of 17.59% and a return on equity of 10.74%. The company’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same period last year, the business posted $1.24 EPS. Equities analysts forecast that Truist Financial Co. will post 3.76 EPS for the current fiscal year.
Truist Financial Dividend Announcement
The firm also recently announced a special dividend, which was paid on Friday, December 1st. Shareholders of record on Friday, November 10th were given a dividend of $0.52 per share. This represents a yield of 7.4%. The ex-dividend date was Thursday, November 9th. Truist Financial’s dividend payout ratio (DPR) is 52.39%.
Truist Financial Company Profile
Truist Financial Corporation, a holding 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.
Further Reading
Want to see what other hedge funds are holding TFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Truist Financial Co. (NYSE:TFC – Free Report).
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