AE Wealth Management LLC Boosts Stock Position in Truist Financial Co. (NYSE:TFC)

AE Wealth Management LLC boosted its holdings in Truist Financial Co. (NYSE:TFC) by 27.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 572,328 shares of the insurance provider’s stock after buying an additional 122,751 shares during the quarter. AE Wealth Management LLC’s holdings in Truist Financial were worth $17,370,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of TFC. Fairfield Bush & CO. acquired a new position in Truist Financial in the first quarter valued at $25,000. United Bank boosted its stake in Truist Financial by 4.1% in the first quarter. United Bank now owns 74,457 shares of the insurance provider’s stock valued at $4,222,000 after acquiring an additional 2,938 shares in the last quarter. Panagora Asset Management Inc. boosted its stake in Truist Financial by 33.3% in the first quarter. Panagora Asset Management Inc. now owns 26,365 shares of the insurance provider’s stock valued at $1,495,000 after acquiring an additional 6,593 shares in the last quarter. Vontobel Holding Ltd. boosted its stake in Truist Financial by 3.3% in the first quarter. Vontobel Holding Ltd. now owns 22,951 shares of the insurance provider’s stock valued at $1,348,000 after acquiring an additional 738 shares in the last quarter. Finally, Blair William & Co. IL boosted its stake in Truist Financial by 8.1% in the first quarter. Blair William & Co. IL now owns 56,690 shares of the insurance provider’s stock valued at $3,214,000 after acquiring an additional 4,234 shares in the last quarter. Institutional investors and hedge funds own 71.11% of the company’s stock.

Truist Financial Trading Down 1.4 %

Shares of Truist Financial stock opened at $29.00 on Friday. Truist Financial Co. has a 12-month low of $25.56 and a 12-month high of $53.34. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.78. The stock has a market cap of $38.63 billion, a PE ratio of 6.71, a price-to-earnings-growth ratio of 1.74 and a beta of 1.05. The company has a 50-day moving average of $31.19 and a two-hundred day moving average of $32.03.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Thursday, July 20th. The insurance provider reported $0.92 earnings per share for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.08). Truist Financial had a return on equity of 11.73% and a net margin of 20.17%. The business had revenue of $5.97 billion for the quarter, compared to analysts’ expectations of $5.97 billion. During the same period last year, the business earned $1.20 earnings per share. The company’s revenue for the quarter was up 5.1% on a year-over-year basis. On average, research analysts anticipate that Truist Financial Co. will post 3.78 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 11th were paid a dividend of $0.52 per share. The ex-dividend date was Thursday, August 10th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 7.17%. Truist Financial’s dividend payout ratio (DPR) is 48.15%.

Analysts Set New Price Targets

TFC has been the subject of several recent research reports. Morgan Stanley decreased their target price on shares of Truist Financial from $42.00 to $41.00 and set an “equal weight” rating for the company in a research note on Friday, July 21st. HSBC initiated coverage on shares of Truist Financial in a research note on Thursday, September 7th. They set a “hold” rating and a $29.00 target price for the company. Royal Bank of Canada reiterated an “outperform” rating and set a $40.00 target price on shares of Truist Financial in a research note on Tuesday, September 12th. Stephens decreased their target price on shares of Truist Financial from $40.00 to $37.00 and set an “equal weight” rating for the company in a research note on Monday, July 24th. Finally, Wells Fargo & Company decreased their target price on shares of Truist Financial from $42.00 to $40.00 and set an “overweight” rating for the company in a research note on Friday, July 21st. Thirteen investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $39.83.

Truist Financial Company Profile

Truist Financial Corporation, a holding 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.