SCS Capital Management LLC Boosts Stock Position in Truist Financial Corporation $TFC

SCS Capital Management LLC lifted its stake in shares of Truist Financial Corporation (NYSE:TFC) by 383.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 382,554 shares of the insurance provider’s stock after buying an additional 303,466 shares during the quarter. SCS Capital Management LLC’s holdings in Truist Financial were worth $16,446,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the company. First Hawaiian Bank boosted its stake in shares of Truist Financial by 8.6% in the first quarter. First Hawaiian Bank now owns 11,991 shares of the insurance provider’s stock worth $493,000 after acquiring an additional 948 shares during the period. Credit Agricole S A raised its stake in Truist Financial by 76.4% during the 1st quarter. Credit Agricole S A now owns 500,384 shares of the insurance provider’s stock valued at $20,591,000 after purchasing an additional 216,672 shares during the period. Empower Advisory Group LLC lifted its holdings in Truist Financial by 319.8% in the 1st quarter. Empower Advisory Group LLC now owns 29,143 shares of the insurance provider’s stock worth $1,199,000 after purchasing an additional 22,201 shares in the last quarter. Inspire Trust Co. N.A. grew its holdings in Truist Financial by 9.8% during the 1st quarter. Inspire Trust Co. N.A. now owns 90,000 shares of the insurance provider’s stock valued at $3,704,000 after buying an additional 8,000 shares in the last quarter. Finally, Aigen Investment Management LP purchased a new stake in Truist Financial during the 1st quarter valued at approximately $2,435,000. Institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on TFC. Evercore ISI boosted their target price on shares of Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. Morgan Stanley lifted their price target on shares of Truist Financial from $54.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday, October 20th. Raymond James Financial reissued an “outperform” rating on shares of Truist Financial in a report on Tuesday, October 7th. Wall Street Zen lowered Truist Financial from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Truist Financial in a research report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $50.00.

Truist Financial Stock Performance

Truist Financial stock opened at $47.52 on Friday. The company’s 50-day moving average price is $44.76 and its 200-day moving average price is $43.93. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. The company has a market cap of $60.78 billion, a PE ratio of 12.77, a price-to-earnings-growth ratio of 1.03 and a beta of 0.90. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $48.53.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, October 17th. The insurance provider reported $1.04 EPS for the quarter, topping the consensus estimate of $0.99 by $0.05. Truist Financial had a return on equity of 8.73% and a net margin of 16.84%.The company had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.20 billion. During the same quarter last year, the business posted $0.97 earnings per share. The firm’s revenue was up 1.9% on a year-over-year basis. On average, equities research analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Friday, November 14th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.4%. The ex-dividend date was Friday, November 14th. Truist Financial’s dividend payout ratio is presently 55.91%.

Insider Buying and Selling

In other Truist Financial news, Director K. David Jr. Boyer sold 5,160 shares of Truist Financial stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total transaction of $239,682.00. Following the completion of the transaction, the director directly owned 10,153 shares of the company’s stock, valued at $471,606.85. The trade was a 33.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.17% of the stock is owned by insiders.

Truist Financial Company Profile

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.