Assenagon Asset Management S.A. Boosts Stock Holdings in Truist Financial Corporation $TFC

Assenagon Asset Management S.A. raised its stake in Truist Financial Corporation (NYSE:TFC) by 187.8% during the second quarter, HoldingsChannel.com reports. The fund owned 3,007,121 shares of the insurance provider’s stock after purchasing an additional 1,962,089 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Truist Financial were worth $149,815,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of TFC. Apella Capital LLC increased its stake in Truist Financial by 0.5% in the 2nd quarter. Apella Capital LLC now owns 43,030 shares of the insurance provider’s stock worth $2,210,000 after acquiring an additional 232 shares during the last quarter. Balefire LLC grew its holdings in shares of Truist Financial by 5.6% in the second quarter. Balefire LLC now owns 4,880 shares of the insurance provider’s stock valued at $243,000 after purchasing an additional 260 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Truist Financial by 7.4% in the second quarter. GAMMA Investing LLC now owns 49,748 shares of the insurance provider’s stock valued at $2,478,000 after purchasing an additional 3,449 shares in the last quarter. Canandaigua National Bank & Trust Co. bought a new stake in Truist Financial in the second quarter worth $414,000. Finally, Boltwood Capital Management bought a new stake in Truist Financial in the second quarter worth $215,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Activity

In related news, Director K. David Jr. Boyer sold 3,986 shares of Truist Financial stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total transaction of $202,090.20. Following the completion of the transaction, the director directly owned 10,270 shares of the company’s stock, valued at approximately $520,689. The trade was a 27.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Donta L. Wilson sold 13,280 shares of the company’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the transaction, the insider owned 56,009 shares in the company, valued at $2,904,066.65. The trade was a 19.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 30,516 shares of company stock valued at $1,584,428. 0.15% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

TFC has been the topic of a number of recent research reports. Bank of America reaffirmed a “neutral” rating and set a $56.00 price target (up from $54.00) on shares of Truist Financial in a research note on Wednesday, July 8th. Royal Bank Of Canada boosted their target price on shares of Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a report on Monday, April 20th. Morgan Stanley restated an “equal weight” rating and issued a $54.00 target price (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. Robert W. Baird upped their target price on shares of Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a research report on Monday, July 20th. Finally, Stephens lowered their price target on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a report on Tuesday, July 21st. Seven analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $54.67.

Truist Financial Stock Performance

NYSE TFC opened at $52.57 on Friday. The company has a market cap of $64.22 billion, a P/E ratio of 12.06, a P/E/G ratio of 0.96 and a beta of 0.89. 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 business’s 50 day moving average price is $50.61 and its 200-day moving average price is $49.69. Truist Financial Corporation has a fifty-two week low of $40.78 and a fifty-two week high of $56.19.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.15. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.Truist Financial’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.91 EPS. Sell-side analysts predict that Truist Financial Corporation will post 4.59 earnings per share for the current year.

Truist Financial Announces Dividend

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