Accurate Wealth Management LLC Boosts Holdings in Truist Financial Corporation $TFC

Accurate Wealth Management LLC lifted its stake in shares of Truist Financial Corporation (NYSE:TFC) by 7.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,266 shares of the insurance provider’s stock after acquiring an additional 584 shares during the period. Accurate Wealth Management LLC’s holdings in Truist Financial were worth $376,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Amundi increased its holdings in shares of Truist Financial by 4.6% during the 1st quarter. Amundi now owns 24,774,656 shares of the insurance provider’s stock worth $1,019,477,000 after buying an additional 1,091,311 shares during the last quarter. Invesco Ltd. grew its position in Truist Financial by 32.0% during the first quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider’s stock valued at $540,723,000 after acquiring an additional 3,188,999 shares during the period. American Century Companies Inc. increased its stake in Truist Financial by 21.8% during the first quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider’s stock worth $495,509,000 after acquiring an additional 2,158,639 shares during the last quarter. Federated Hermes Inc. raised its holdings in shares of Truist Financial by 0.9% in the 1st quarter. Federated Hermes Inc. now owns 9,511,639 shares of the insurance provider’s stock worth $391,404,000 after purchasing an additional 89,373 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Truist Financial by 5.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,030,898 shares of the insurance provider’s stock worth $330,408,000 after purchasing an additional 408,726 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Price Performance

Shares of NYSE TFC opened at $45.75 on Friday. The business has a 50 day moving average price of $45.09 and a two-hundred day moving average price of $41.85. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06. The firm has a market cap of $58.99 billion, a PE ratio of 12.47, a price-to-earnings-growth ratio of 1.71 and a beta of 0.88. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing the consensus estimate of $0.93 by ($0.02). The business had revenue of $5.04 billion for the quarter, compared to analysts’ expectations of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The business’s quarterly revenue was down 406.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.91 earnings per share. Sell-side analysts expect that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were given a $0.52 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.5%. Truist Financial’s payout ratio is presently 56.68%.

Insider Activity

In other news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the transaction, the insider owned 500 shares of the company’s stock, valued at approximately $22,595. This trade represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Citigroup raised shares of Truist Financial from a “neutral” rating to a “buy” rating and increased their target price for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Wells Fargo & Company reissued an “equal weight” rating and issued a $47.00 target price on shares of Truist Financial in a research note on Thursday, August 21st. Raymond James Financial raised shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 price target for the company in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods downgraded Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price target for the company. in a report on Wednesday, July 9th. Finally, Morgan Stanley restated a “mixed” rating on shares of Truist Financial in a research note on Monday, July 21st. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $48.47.

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.