Truist Financial Corporation $TFC Shares Purchased by Concurrent Investment Advisors LLC

Concurrent Investment Advisors LLC boosted its stake in Truist Financial Corporation (NYSE:TFC) by 0.2% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 144,441 shares of the insurance provider’s stock after purchasing an additional 336 shares during the period. Concurrent Investment Advisors LLC’s holdings in Truist Financial were worth $6,210,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Cerro Pacific Wealth Advisors LLC increased its position in Truist Financial by 3.4% during the 2nd quarter. Cerro Pacific Wealth Advisors LLC now owns 19,537 shares of the insurance provider’s stock worth $840,000 after purchasing an additional 647 shares during the period. Apollon Wealth Management LLC increased its position in Truist Financial by 3.6% during the 2nd quarter. Apollon Wealth Management LLC now owns 55,048 shares of the insurance provider’s stock worth $2,367,000 after purchasing an additional 1,936 shares during the period. Fifth Third Wealth Advisors LLC increased its position in Truist Financial by 13.3% during the 2nd quarter. Fifth Third Wealth Advisors LLC now owns 28,299 shares of the insurance provider’s stock worth $1,217,000 after purchasing an additional 3,322 shares during the period. Aberdeen Group plc increased its position in Truist Financial by 5.2% during the 2nd quarter. Aberdeen Group plc now owns 1,081,125 shares of the insurance provider’s stock worth $46,678,000 after purchasing an additional 53,910 shares during the period. Finally, PDS Planning Inc acquired a new position in Truist Financial during the 2nd quarter worth approximately $285,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insider Transactions at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of the company’s stock in a transaction that occurred 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 sale, the insider owned 500 shares of the company’s stock, valued at approximately $22,595. This represents a 96.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.14% of the company’s stock.

Truist Financial Stock Performance

TFC opened at $42.32 on Monday. The stock has a market cap of $54.57 billion, a P/E ratio of 11.53, a P/E/G ratio of 1.35 and a beta of 0.88. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. The stock’s 50 day simple moving average is $45.16 and its 200 day simple moving average is $42.17. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.02). The firm had revenue of $5.04 billion during 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 revenue was down 406.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.91 EPS. As a group, equities analysts anticipate that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.9%. Truist Financial’s dividend payout ratio is presently 56.68%.

Analyst Upgrades and Downgrades

TFC has been the topic of several recent analyst reports. Evercore ISI boosted their target price on Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a research report on Tuesday, September 30th. Wells Fargo & Company reiterated an “equal weight” rating and set a $47.00 target price on shares of Truist Financial in a research report on Thursday, August 21st. Morgan Stanley boosted their target price on Truist Financial from $48.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Monday, September 29th. Citigroup upgraded Truist Financial from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Finally, Raymond James Financial reiterated an “outperform” rating on shares of Truist Financial in a research report on Tuesday, October 7th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target 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.