Intech Investment Management LLC Acquires 5,585 Shares of Truist Financial Co. (NYSE:TFC)

Intech Investment Management LLC grew its holdings in Truist Financial Co. (NYSE:TFC) by 63.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,415 shares of the insurance provider’s stock after purchasing an additional 5,585 shares during the period. Intech Investment Management LLC’s holdings in Truist Financial were worth $560,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Rafferty Asset Management LLC boosted its holdings in Truist Financial by 47.7% in the fourth quarter. Rafferty Asset Management LLC now owns 1,185,259 shares of the insurance provider’s stock worth $43,760,000 after purchasing an additional 382,976 shares during the last quarter. Treasurer of the State of North Carolina boosted its stake in shares of Truist Financial by 4.1% in the 4th quarter. Treasurer of the State of North Carolina now owns 624,320 shares of the insurance provider’s stock worth $23,050,000 after buying an additional 24,535 shares during the last quarter. Norden Group LLC bought a new stake in shares of Truist Financial in the first quarter worth $2,351,000. Nordea Investment Management AB increased its position in Truist Financial by 44.4% during the first quarter. Nordea Investment Management AB now owns 2,712,848 shares of the insurance provider’s stock valued at $105,353,000 after acquiring an additional 834,048 shares during the last quarter. Finally, CreativeOne Wealth LLC bought a new position in Truist Financial in the first quarter valued at about $516,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Up 1.4 %

Shares of TFC stock opened at $42.33 on Friday. The stock’s 50-day moving average price is $42.79 and its 200-day moving average price is $39.64. Truist Financial Co. has a 12-month low of $26.57 and a 12-month high of $45.31. The stock has a market capitalization of $56.68 billion, a price-to-earnings ratio of -32.05, a price-to-earnings-growth ratio of 1.94 and a beta of 1.06. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.07. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The business had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $4.83 billion. During the same period in the prior year, the firm earned $0.95 EPS. The company’s revenue for the quarter was down 15.9% on a year-over-year basis. Equities research analysts predict that Truist Financial Co. will post 3.55 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.91%. Truist Financial’s payout ratio is currently -157.58%.

Insider Transactions at Truist Financial

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on TFC shares. Bank of America upped their price target on shares of Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Stephens reiterated an “overweight” rating and issued a $50.00 price target on shares of Truist Financial in a research report on Tuesday, September 10th. Robert W. Baird downgraded shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price objective for the company. in a research report on Wednesday, July 17th. StockNews.com lowered Truist Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, July 23rd. Finally, Morgan Stanley lifted their target price on Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $45.45.

Truist Financial Profile

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.