Veratis Advisors Inc. Makes New $2.62 Million Investment in Truist Financial Corporation $TFC

Veratis Advisors Inc. purchased a new stake in Truist Financial Corporation (NYSE:TFC) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 52,525 shares of the insurance provider’s stock, valued at approximately $2,617,000. Truist Financial makes up about 1.9% of Veratis Advisors Inc.’s portfolio, making the stock its 10th biggest position.

A number of other institutional investors have also recently bought and sold shares of TFC. BlackRock Inc. purchased a new position in Truist Financial in the second quarter valued at about $4,959,834,000. Auto Owners Insurance Co lifted its stake in shares of Truist Financial by 4,821.0% in the fourth quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock worth $697,428,000 after buying an additional 13,884,480 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Truist Financial by 13,511.7% during the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock valued at $474,886,000 after acquiring an additional 10,310,523 shares during the period. Norges Bank bought a new stake in Truist Financial during the 4th quarter valued at approximately $502,340,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Truist Financial in the second quarter worth $338,855,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TFC has been the topic of a number of analyst reports. 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 research note on Wednesday, July 8th. UBS Group cut Truist Financial from a “buy” rating to a “neutral” rating and cut their price target for the company from $58.00 to $55.00 in a report on Tuesday, July 7th. Wall Street Zen upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Truist Financial in a research note on Wednesday, July 29th. Finally, Stephens dropped their price objective on Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a report on Tuesday, July 21st. Seven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Truist Financial has an average rating of “Hold” and an average price target of $55.12.

Insider Activity

In other Truist Financial news, insider Donta L. Wilson sold 13,280 shares of the stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $51.85, for a total transaction 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director K. David Jr. Boyer sold 3,986 shares of the business’s stock in a transaction on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total transaction of $202,090.20. Following the transaction, the director owned 10,270 shares in the company, valued at $520,689. The trade was a 27.96% decrease in their position. 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 quarter. 0.15% of the stock is owned by company insiders.

Truist Financial Stock Performance

Shares of TFC stock opened at $50.81 on Tuesday. Truist Financial Corporation has a 52 week low of $40.78 and a 52 week high of $56.19. The company has a 50-day simple moving average of $51.31 and a 200 day simple moving average of $49.78. 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 company has a market capitalization of $62.07 billion, a price-to-earnings ratio of 11.65, a PEG ratio of 1.06 and a beta of 0.89.

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 business had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The firm’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.91 earnings per share. On average, sell-side analysts predict that Truist Financial Corporation will post 4.58 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be given a $0.52 dividend. The ex-dividend date is Friday, August 14th. This represents a $2.08 annualized dividend and a yield of 4.1%. Truist Financial’s dividend payout ratio (DPR) is currently 47.71%.

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.