Concurrent Investment Advisors LLC Acquires 69,929 Shares of Truist Financial Corporation $TFC

Concurrent Investment Advisors LLC grew its stake in shares of Truist Financial Corporation (NYSE:TFC) by 22.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 377,499 shares of the insurance provider’s stock after purchasing an additional 69,929 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Truist Financial were worth $18,807,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in TFC. Kemnay Advisory Services Inc. bought a new stake in Truist Financial during the 4th quarter valued at about $25,000. Swiss RE Ltd. bought a new position in Truist Financial in the 4th quarter worth about $26,000. N.E.W. Advisory Services LLC bought a new position in Truist Financial in the 2nd quarter worth about $30,000. Navigoe LLC bought a new position in Truist Financial in the 2nd quarter worth about $30,000. Finally, McMillan Office Inc. purchased a new position in shares of Truist Financial during the fourth quarter worth approximately $31,000. 71.28% of the stock is currently owned by institutional investors.

Insider Activity at Truist Financial

In other news, CEO William H. Rogers, Jr. sold 13,250 shares of the company’s stock in a transaction on Monday, July 20th. The stock was sold at an average price of $52.36, for a total transaction of $693,770.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Dontá Wilson sold 13,280 shares of the company’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $51.85, for a total value of $688,568.00. Following the transaction, the insider directly owned 56,009 shares in the company, valued at approximately $2,904,066.65. The trade was a 19.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 30,516 shares of company stock valued at $1,584,428 over the last 90 days. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

TFC has been the subject of several research analyst reports. Wall Street Zen raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Keefe, Bruyette & Woods increased their price objective on Truist Financial from $53.00 to $55.00 and gave the stock a “market perform” rating in a research note on Monday, July 20th. Stephens reduced their price objective on Truist Financial from $59.00 to $57.00 and set an “overweight” rating on the stock in a report on Tuesday, July 21st. Citigroup lowered Truist Financial from a “buy” rating to a “neutral” rating and decreased their target price for the company from $63.00 to $54.00 in a research report on Tuesday, June 30th. Finally, Bank of America reiterated 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. Seven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Truist Financial has an average rating of “Hold” and an average target price of $55.12.

Truist Financial Price Performance

TFC opened at $51.62 on Friday. The business’s 50-day moving average is $51.52 and its two-hundred day moving average is $49.56. Truist Financial Corporation has a 1 year low of $40.78 and a 1 year high of $56.19. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market capitalization of $63.06 billion, a PE ratio of 11.84, a price-to-earnings-growth ratio of 1.07 and a beta of 0.88.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, beating the consensus estimate of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The business had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.24 billion. During the same period in the prior year, the firm posted $0.91 earnings per share. The company’s quarterly revenue was up 5.6% on a year-over-year basis. Research analysts anticipate that Truist Financial Corporation will post 4.58 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a yield of 4.0%. Truist Financial’s dividend payout ratio is presently 47.71%.

Truist Financial Company 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.