V. M. Manning & CO. Inc. Invests $1.38 Million in Truist Financial Corporation $TFC

V. M. Manning & CO. Inc. bought a new position in Truist Financial Corporation (NYSE:TFC) during the 2nd quarter, Holdings Channel reports. The fund bought 29,384 shares of the insurance provider’s stock, valued at approximately $1,383,000. Truist Financial accounts for about 1.6% of V. M. Manning & CO. Inc.’s holdings, making the stock its 12th largest position.

A number of other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Truist Financial by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 120,440,153 shares of the insurance provider’s stock worth $5,177,722,000 after buying an additional 1,529,478 shares during the period. Geode Capital Management LLC raised its holdings in shares of Truist Financial by 0.3% during the second quarter. Geode Capital Management LLC now owns 28,191,122 shares of the insurance provider’s stock valued at $1,205,855,000 after acquiring an additional 74,728 shares in the last quarter. Amundi lifted its stake in Truist Financial by 4.6% in the first quarter. Amundi now owns 24,774,656 shares of the insurance provider’s stock worth $1,019,477,000 after acquiring an additional 1,091,311 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Truist Financial by 0.9% in the second quarter. Charles Schwab Investment Management Inc. now owns 17,566,519 shares of the insurance provider’s stock valued at $755,185,000 after acquiring an additional 164,034 shares in the last quarter. Finally, Invesco Ltd. increased its position in Truist Financial by 6.5% during the 2nd quarter. Invesco Ltd. now owns 13,995,108 shares of the insurance provider’s stock valued at $601,650,000 after purchasing an additional 854,826 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Buying and Selling at Truist Financial

In other news, Director K. David Jr. Boyer sold 5,160 shares of Truist Financial stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total value of $239,682.00. Following the completion of the transaction, the director owned 10,153 shares of the company’s stock, valued at $471,606.85. The trade was a 33.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.14% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on TFC shares. Piper Sandler set a $48.00 target price on shares of Truist Financial in a research report on Monday, October 20th. Wells Fargo & Company restated an “equal weight” rating and issued a $47.00 price objective on shares of Truist Financial in a report on Thursday, August 21st. Evercore ISI lifted their price objective on Truist Financial from $48.00 to $50.00 and gave the company an “in-line” rating in a research report on Tuesday, September 30th. Wall Street Zen lowered Truist Financial from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Finally, UBS Group set a $55.00 target price on Truist Financial in a research note on Tuesday, October 21st. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, Truist Financial has an average rating of “Moderate Buy” and a consensus target price of $49.60.

Truist Financial Price Performance

Shares of NYSE TFC opened at $49.89 on Monday. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $50.26. The company has a 50 day simple moving average of $45.12 and a two-hundred day simple moving average of $44.36. The company has a market capitalization of $63.82 billion, a price-to-earnings ratio of 13.41, a P/E/G ratio of 1.08 and a beta of 0.90. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, October 17th. The insurance provider reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.05. Truist Financial had a return on equity of 8.73% and a net margin of 16.84%.The company had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.20 billion. During the same quarter in the prior year, the business posted $0.97 EPS. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. Analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 14th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Friday, November 14th. Truist Financial’s dividend payout ratio is currently 55.91%.

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.