Bank of New York Mellon Corp Invests $338.86 Million in Truist Financial Corporation $TFC

Bank of New York Mellon Corp acquired a new stake in shares of Truist Financial Corporation (NYSE:TFC) in the second quarter, Holdings Channel reports. The fund acquired 6,801,581 shares of the insurance provider’s stock, valued at approximately $338,855,000.

Several other large investors have also recently added to or reduced their stakes in TFC. Pinnacle Financial Partners Inc. increased its holdings in shares of Truist Financial by 30.0% during the third quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock valued at $7,994,000 after purchasing an additional 40,393 shares during the period. Fifth Third Bancorp increased its stake in 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 during the period. Franklin Street Advisors Inc. NC raised its position 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 buying an additional 20,991 shares in the last quarter. Axxcess Wealth Management LLC lifted its stake in shares of Truist Financial by 77.2% in 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 period. Finally, Concord Asset Management LLC VA boosted its holdings in shares of Truist Financial by 528.6% in the fourth quarter. Concord Asset Management LLC VA now owns 65,686 shares of the insurance provider’s stock valued at $3,232,000 after acquiring an additional 55,237 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Evercore reissued an “outperform” rating and set a $57.00 target price on shares of Truist Financial in a report on Monday, July 6th. Robert W. Baird lifted their price objective 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. Stephens decreased their price target on Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a research report on Tuesday, July 21st. Citigroup lowered Truist Financial from a “buy” rating to a “neutral” rating and dropped their price target for the company from $63.00 to $54.00 in a research report on Tuesday, June 30th. Finally, Wall Street Zen upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Seven investment 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, Truist Financial currently has a consensus rating of “Hold” and a consensus price target of $55.12.

Insider Activity

In other Truist Financial news, Director K. David Jr. Boyer sold 3,986 shares of the firm’s stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total value of $202,090.20. Following the completion of the sale, the director owned 10,270 shares in the company, valued at approximately $520,689. This trade represents a 27.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Donta L. Wilson sold 13,280 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $51.85, for a total transaction of $688,568.00. Following the transaction, the insider owned 56,009 shares in the company, valued at $2,904,066.65. The trade was a 19.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 30,516 shares of company stock worth $1,584,428. 0.15% of the stock is owned by corporate insiders.

Truist Financial Price Performance

NYSE:TFC opened at $50.48 on Friday. 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 has a market cap of $61.67 billion, a PE ratio of 11.58, a price-to-earnings-growth ratio of 1.06 and a beta of 0.89. Truist Financial Corporation has a 12 month low of $40.78 and a 12 month high of $56.19. The company’s 50-day moving average price is $51.26 and its two-hundred day moving average price is $49.82.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, topping the consensus estimate of $1.08 by $0.15. The business 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%.During the same period in the previous year, the business earned $0.91 EPS. Truist Financial’s revenue was up 5.6% compared to the same quarter last year. On average, equities analysts anticipate that Truist Financial Corporation will post 4.58 EPS for the current fiscal year.

Truist Financial Dividend Announcement

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