Rakuten Investment Management Inc. Boosts Holdings in Truist Financial Corporation $TFC

Rakuten Investment Management Inc. raised its position in Truist Financial Corporation (NYSE:TFC) by 8.1% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 203,498 shares of the insurance provider’s stock after buying an additional 15,297 shares during the quarter. Rakuten Investment Management Inc.’s holdings in Truist Financial were worth $10,293,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Empowered Funds LLC lifted its stake in shares of Truist Financial by 5.6% in the 2nd quarter. Empowered Funds LLC now owns 99,103 shares of the insurance provider’s stock worth $4,937,000 after acquiring an additional 5,240 shares during the period. Brooks Moore & Associates Inc. increased its stake in shares of Truist Financial by 8.8% during the second quarter. Brooks Moore & Associates Inc. now owns 29,610 shares of the insurance provider’s stock worth $1,475,000 after acquiring an additional 2,385 shares during the period. Equitable Holdings Inc. increased its stake in shares of Truist Financial by 3.8% during the second quarter. Equitable Holdings Inc. now owns 21,303 shares of the insurance provider’s stock worth $1,061,000 after acquiring an additional 782 shares during the period. Centaurus Financial Inc. increased its stake in shares of Truist Financial by 27.0% during the second quarter. Centaurus Financial Inc. now owns 13,019 shares of the insurance provider’s stock worth $649,000 after acquiring an additional 2,764 shares during the period. Finally, Almitas Capital LLC purchased a new position in Truist Financial during the second quarter worth about $389,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on TFC. JPMorgan Chase & Co. raised their price objective on shares of Truist Financial from $53.00 to $54.00 and gave the company an “underweight” rating in a research report on Wednesday, July 29th. Raymond James Financial reissued a “market perform” rating on shares of Truist Financial in a research note on Wednesday, July 1st. Robert W. Baird increased their target price on Truist Financial from $55.00 to $56.00 and gave the stock a “neutral” rating in a research note on Monday, July 20th. Bank of America reissued a “neutral” rating and issued a $56.00 price target (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Finally, UBS Group downgraded Truist Financial from a “buy” rating to a “neutral” rating and decreased their price target for the company from $58.00 to $55.00 in a research note on Tuesday, July 7th. Seven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Truist Financial presently has a consensus rating of “Hold” and a consensus price target of $55.12.

Insider Transactions at Truist Financial

In related news, insider Donta L. Wilson sold 13,280 shares of the stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $51.85, for a total value of $688,568.00. Following the sale, the insider directly owned 56,009 shares of the company’s stock, valued at approximately $2,904,066.65. This represents a 19.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the firm’s stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $52.36, for a total transaction of $693,770.00. The SEC filing for this sale provides additional information. Insiders sold 30,516 shares of company stock valued at $1,584,428 in the last 90 days. 0.15% of the stock is currently owned by insiders.

Truist Financial Stock Performance

TFC opened at $50.46 on Friday. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19. The stock has a market cap of $61.64 billion, a P/E ratio of 11.57, a P/E/G ratio of 1.06 and a beta of 0.89. The stock’s 50 day simple moving average is $51.47 and its 200 day simple moving average is $49.68. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.15. The firm 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%.Truist Financial’s revenue was up 5.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.91 earnings per share. As a group, equities analysts anticipate that Truist Financial Corporation will post 4.58 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders 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 dividend on an annualized basis and a dividend yield of 4.1%. Truist Financial’s dividend payout ratio (DPR) is currently 47.71%.

Truist Financial Company 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.