Veratis Advisors Inc. Takes Position in Truist Financial Corporation $TFC

Veratis Advisors Inc. acquired a new stake in Truist Financial Corporation (NYSE:TFC) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 52,525 shares of the insurance provider’s stock, valued at approximately $2,617,000. Truist Financial makes up approximately 1.9% of Veratis Advisors Inc.’s investment portfolio, making the stock its 10th largest position.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Kemnay Advisory Services Inc. purchased a new stake in Truist Financial in the 4th quarter worth approximately $25,000. Swiss RE Ltd. bought a new position in shares of Truist Financial during the fourth quarter valued at approximately $26,000. N.E.W. Advisory Services LLC purchased a new position in Truist Financial during the second quarter valued at $30,000. Navigoe LLC bought a new position in Truist Financial in the 2nd quarter worth about $30,000. Finally, McMillan Office Inc. bought a new stake in shares of Truist Financial during the fourth quarter valued at approximately $31,000. 71.28% of the stock is currently owned by institutional investors.

Insider Transactions at Truist Financial

In other news, Director K. David Jr. Boyer sold 3,986 shares of the firm’s stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total transaction of $202,090.20. Following the transaction, the director directly owned 10,270 shares in the company, valued at approximately $520,689. This trade represents a 27.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Donta L. Wilson sold 13,280 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $51.85, for a total value of $688,568.00. Following the completion of the transaction, the insider directly owned 56,009 shares in the company, valued at approximately $2,904,066.65. The trade was a 19.17% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 30,516 shares of company stock valued at $1,584,428. Corporate insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. UBS Group lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and reduced their price target for the company from $58.00 to $55.00 in a research report on Tuesday, July 7th. Weiss Ratings restated a “buy (b)” rating on shares of Truist Financial in a research note on Wednesday, July 29th. Evercore restated an “outperform” rating and set a $57.00 price objective on shares of Truist Financial in a research report on Monday, July 6th. JPMorgan Chase & Co. boosted their price target on shares of Truist Financial from $53.00 to $54.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 29th. Finally, Robert W. Baird raised their price objective on Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a research note on Monday, July 20th. Seven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $55.12.

Truist Financial Stock Performance

NYSE TFC opened at $50.81 on Tuesday. The stock has a 50-day simple moving average of $51.31 and a two-hundred day simple moving average of $49.78. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market capitalization of $62.07 billion, a P/E ratio of 11.65, a PEG ratio of 1.06 and a beta of 0.89. Truist Financial Corporation has a fifty-two week low of $40.78 and a fifty-two week high of $56.19.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.15. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.24 billion. During the same period in the previous year, the company posted $0.91 earnings per share. The business’s revenue was up 5.6% on a year-over-year basis. On average, equities analysts forecast that Truist Financial Corporation will post 4.58 earnings per share for the current year.

Truist Financial Announces Dividend

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 $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial’s dividend payout ratio is 47.71%.

Truist Financial 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.