Apexium Financial LP Acquires 587 Shares of Truist Financial Corporation $TFC

Apexium Financial LP boosted its holdings in Truist Financial Corporation (NYSE:TFC) by 10.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,018 shares of the insurance provider’s stock after buying an additional 587 shares during the quarter. Apexium Financial LP’s holdings in Truist Financial were worth $259,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in TFC. Victory Capital Management Inc. raised its holdings in Truist Financial by 922.9% in the 1st quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider’s stock valued at $274,237,000 after buying an additional 6,012,817 shares during the last quarter. Invesco Ltd. raised its holdings in Truist Financial by 32.0% in the 1st quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider’s stock valued at $540,723,000 after buying an additional 3,188,999 shares during the last quarter. Nuveen LLC bought a new position in Truist Financial in the 1st quarter valued at approximately $117,929,000. Assenagon Asset Management S.A. raised its holdings in Truist Financial by 610.8% in the 1st quarter. Assenagon Asset Management S.A. now owns 2,661,895 shares of the insurance provider’s stock valued at $109,537,000 after buying an additional 2,287,410 shares during the last quarter. Finally, American Century Companies Inc. raised its holdings in Truist Financial by 21.8% in the 1st quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider’s stock valued at $495,509,000 after buying an additional 2,158,639 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Insider Activity

In related news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the transaction, the insider directly owned 500 shares in the company, valued at $22,595. This trade represents a 96.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.17% of the stock is currently owned by corporate insiders.

Truist Financial Stock Performance

Shares of TFC stock opened at $45.53 on Friday. The company has a market cap of $58.71 billion, a price-to-earnings ratio of 12.41, a price-to-earnings-growth ratio of 1.46 and a beta of 0.88. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $49.06. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. The firm has a 50 day moving average of $45.15 and a 200-day moving average of $42.08.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data 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 company had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The business’s quarterly revenue was down 406.0% compared to the same quarter last year. During the same period last year, the business earned $0.91 EPS. On average, equities analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date was Friday, August 8th. Truist Financial’s dividend payout ratio (DPR) is currently 56.68%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Raymond James Financial upgraded shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a report on Tuesday, July 8th. Evercore ISI increased their target price on shares of Truist Financial from $48.00 to $50.00 and gave the company an “in-line” rating in a research report on Tuesday. Citigroup raised shares of Truist Financial from a “neutral” rating to a “buy” rating and increased their target price for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Keefe, Bruyette & Woods downgraded shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 target price for the company. in a research report on Wednesday, July 9th. Finally, Morgan Stanley increased their target price on shares of Truist Financial from $48.00 to $54.00 and gave the company an “equal weight” rating in a research report on Monday, September 29th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $48.89.

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.