60,771 Shares in Truist Financial Corporation $TFC Purchased by Plato Investment Management Ltd

Plato Investment Management Ltd bought a new stake in shares of Truist Financial Corporation (NYSE:TFC) during the 2nd quarter, Holdings Channel reports. The firm bought 60,771 shares of the insurance provider’s stock, valued at approximately $3,010,000.

A number of other institutional investors have also recently made changes to their positions in TFC. Pinnacle Financial Partners Inc. lifted its position in Truist Financial by 30.0% during the third quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock valued at $7,994,000 after purchasing an additional 40,393 shares during the period. Fifth Third Bancorp grew its position in Truist Financial by 531.8% in the 1st quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider’s stock worth $20,059,000 after purchasing an additional 367,291 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in Truist Financial by 21.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 225,702 shares of the insurance provider’s stock valued at $11,107,000 after buying an additional 39,924 shares during the last quarter. Franklin Street Advisors Inc. NC raised its stake in Truist Financial by 129.1% during the 2nd quarter. Franklin Street Advisors Inc. NC now owns 37,253 shares of the insurance provider’s stock valued at $1,856,000 after buying an additional 20,991 shares during the last quarter. Finally, Axxcess Wealth Management LLC lifted its holdings in shares of Truist Financial by 77.2% during the 4th quarter. Axxcess Wealth Management LLC now owns 158,394 shares of the insurance provider’s stock valued at $7,795,000 after buying an additional 68,990 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $53.08 on Monday. The stock has a market cap of $64.84 billion, a P/E ratio of 12.17, a P/E/G ratio of 1.12 and a beta of 0.89. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86. The stock’s fifty day moving average is $51.13 and its 200 day moving average is $49.80. Truist Financial Corporation has a one year low of $40.78 and a one year high of $56.19.

Truist Financial (NYSE:TFC) last released 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 business had revenue of $5.31 billion during 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%.Truist Financial’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.91 earnings per share. Sell-side analysts anticipate that Truist Financial Corporation will post 4.58 earnings per share for the current year.

Truist Financial Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their price target on Truist Financial from $53.00 to $54.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 29th. Robert W. Baird upped their price objective on Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a research report on Monday, July 20th. Bank of America reissued a “neutral” rating and issued a $56.00 target price (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Morgan Stanley reissued an “equal weight” rating and issued a $54.00 target price (down from $62.00) on shares of Truist Financial in a research report on Monday, July 6th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a research report on Monday, July 20th. Seven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Truist Financial presently has an average rating of “Hold” and a consensus target price of $54.67.

Insider Buying and Selling

In other Truist Financial news, insider Donta L. Wilson sold 13,280 shares of the company’s stock in a transaction that occurred 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 transaction, the insider directly owned 56,009 shares in the company, valued at $2,904,066.65. This represents a 19.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the firm’s 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 SEC filing for this sale provides additional information. In the last ninety days, insiders sold 30,516 shares of company stock valued at $1,584,428. 0.15% of the stock is owned by corporate insiders.

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.