Eagle Asset Management Inc. raised its position in Truist Financial Co. (NYSE:TFC) by 8.6% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 3,005,726 shares of the insurance provider’s stock after acquiring an additional 238,663 shares during the period. Truist Financial comprises 0.7% of Eagle Asset Management Inc.’s portfolio, making the stock its 27th biggest position. Eagle Asset Management Inc. owned about 0.22% of Truist Financial worth $166,817,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TFC. Equitable Holdings Inc. increased its position in shares of Truist Financial by 26.4% during the 2nd quarter. Equitable Holdings Inc. now owns 13,581 shares of the insurance provider’s stock worth $754,000 after purchasing an additional 2,840 shares during the last quarter. Brandes Investment Partners LP increased its position in shares of Truist Financial by 15.4% during the 2nd quarter. Brandes Investment Partners LP now owns 942,714 shares of the insurance provider’s stock worth $52,321,000 after purchasing an additional 125,952 shares during the last quarter. People s United Financial Inc. increased its position in shares of Truist Financial by 9.0% during the 2nd quarter. People s United Financial Inc. now owns 67,837 shares of the insurance provider’s stock worth $3,765,000 after purchasing an additional 5,629 shares during the last quarter. Panagora Asset Management Inc. increased its position in shares of Truist Financial by 2.0% during the 2nd quarter. Panagora Asset Management Inc. now owns 29,017 shares of the insurance provider’s stock worth $1,610,000 after purchasing an additional 571 shares during the last quarter. Finally, Glenview Trust Co increased its position in shares of Truist Financial by 1.1% during the 2nd quarter. Glenview Trust Co now owns 23,945 shares of the insurance provider’s stock worth $1,329,000 after purchasing an additional 259 shares during the last quarter. Hedge funds and other institutional investors own 70.76% of the company’s stock.
Several research firms have weighed in on TFC. Odeon Capital Group lowered Truist Financial from a “buy” rating to a “hold” rating in a research report on Monday, July 19th. Zacks Investment Research raised Truist Financial from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research report on Thursday, July 1st. Eight investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $60.36.
Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Wednesday, July 14th. The insurance provider reported $1.55 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.38. Truist Financial had a return on equity of 11.13% and a net margin of 23.46%. The firm had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.48 billion. During the same period in the prior year, the firm posted $0.82 EPS. The company’s revenue for the quarter was up 3.1% on a year-over-year basis. Research analysts predict that Truist Financial Co. will post 5.16 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 1st. Shareholders of record on Friday, August 13th were issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 3.62%. This is a positive change from Truist Financial’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 12th. Truist Financial’s dividend payout ratio is currently 50.53%.
In other Truist Financial news, EVP Brantley J. Standridge sold 4,500 shares of the company’s stock in a transaction on Thursday, August 19th. The stock was sold at an average price of $55.11, for a total value of $247,995.00. Following the transaction, the executive vice president now directly owns 11,547 shares of the company’s stock, valued at approximately $636,355.17. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.37% of the company’s stock.
Truist Financial Company Profile
Truist Financial Corp. operates as a financial holding company, which engages in the provision of banking services to individuals, businesses and municipalities. The firm offers a variety of loans and lease financing to individuals and entities, including insurance premium financing, permanent commercial real estate financing arrangements, loan servicing for third-party investors, direct consumer finance loans to individuals, credit card lending, automobile financing and equipment financing.
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