Merit Financial Group LLC Has $4.93 Million Stake in Truist Financial Corporation $TFC

Merit Financial Group LLC increased its position in shares of Truist Financial Corporation (NYSE:TFC) by 10.9% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 98,933 shares of the insurance provider’s stock after acquiring an additional 9,749 shares during the period. Merit Financial Group LLC’s holdings in Truist Financial were worth $4,929,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Kemnay Advisory Services Inc. acquired a new stake in shares of Truist Financial during the fourth quarter valued at about $25,000. Swiss RE Ltd. acquired a new position in shares of Truist Financial in the fourth quarter valued at approximately $26,000. McMillan Office Inc. acquired a new position in shares of Truist Financial in the fourth quarter valued at approximately $31,000. Mowery & Schoenfeld Wealth Management LLC boosted its position in Truist Financial by 190.7% during the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock worth $32,000 after buying an additional 431 shares during the period. Finally, Ancora Advisors LLC boosted its position in Truist Financial by 259.1% during the 3rd quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock worth $32,000 after buying an additional 500 shares during the period. Institutional investors own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on TFC shares. Evercore restated an “outperform” rating and issued a $57.00 price target on shares of Truist Financial in a research report on Monday, July 6th. Robert W. Baird lifted their price target on shares of Truist Financial from $55.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, July 20th. Bank of America reissued a “neutral” rating and issued a $56.00 price objective (up from $54.00) on shares of Truist Financial in a research note on Wednesday, July 8th. Jefferies Financial Group restated a “mixed” rating and issued a $45.00 price objective on shares of Truist Financial in a report on Friday, April 17th. Finally, UBS Group lowered Truist Financial from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $58.00 to $55.00 in a research report on Tuesday, July 7th. Seven research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $54.67.

Truist Financial Trading Up 0.2%

NYSE TFC opened at $53.08 on Friday. The business has a 50 day simple moving average of $51.13 and a 200 day simple moving average of $49.80. Truist Financial Corporation has a one year low of $40.78 and a one year high of $56.19. The stock has a market capitalization of $64.84 billion, a P/E ratio of 12.17, a P/E/G ratio of 1.11 and a beta of 0.89. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86.

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, beating the consensus estimate of $1.08 by $0.15. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The company’s revenue was up 5.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.91 earnings per share. Research analysts expect that Truist Financial Corporation will post 4.58 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be paid a $0.52 dividend. The ex-dividend date is Friday, August 14th. This represents a $2.08 annualized dividend and a dividend yield of 3.9%. Truist Financial’s payout ratio is currently 47.71%.

Insider Activity at Truist Financial

In other Truist Financial news, insider Donta L. Wilson sold 13,280 shares of the firm’s stock in a transaction 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 sale, the insider directly owned 56,009 shares in the company, valued at approximately $2,904,066.65. This trade represents a 19.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial stock in a transaction on Monday, July 20th. The shares were sold at an average price of $52.36, for a total transaction of $693,770.00. The disclosure for this sale is available in the SEC filing. Insiders have sold 30,516 shares of company stock worth $1,584,428 in the last quarter. Company insiders own 0.15% of the company’s stock.

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.