NEOS Investment Management LLC Has $10.28 Million Stake in Truist Financial Corporation $TFC

NEOS Investment Management LLC raised its holdings in Truist Financial Corporation (NYSE:TFC) by 12.1% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 206,396 shares of the insurance provider’s stock after acquiring an additional 22,336 shares during the quarter. NEOS Investment Management LLC’s holdings in Truist Financial were worth $10,283,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of TFC. Smallwood Wealth Investment Management LLC acquired a new position in Truist Financial during the second quarter valued at approximately $231,000. Paragon Private Wealth Management LLC raised its stake in shares of Truist Financial by 11.2% during the 2nd quarter. Paragon Private Wealth Management LLC now owns 19,397 shares of the insurance provider’s stock worth $966,000 after purchasing an additional 1,959 shares in the last quarter. Continuum Advisory LLC raised its stake in shares of Truist Financial by 10.4% during the 2nd quarter. Continuum Advisory LLC now owns 5,915 shares of the insurance provider’s stock worth $295,000 after purchasing an additional 558 shares in the last quarter. Nykredit A S acquired a new stake in shares of Truist Financial in the 2nd quarter valued at approximately $15,151,000. Finally, Symphony Financial Ltd. Co. boosted its holdings in shares of Truist Financial by 3.1% in the 2nd quarter. Symphony Financial Ltd. Co. now owns 10,685 shares of the insurance provider’s stock valued at $539,000 after buying an additional 317 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Performance

NYSE TFC opened at $51.68 on Friday. The stock has a market cap of $63.13 billion, a PE ratio of 11.85, a P/E/G ratio of 1.09 and a beta of 0.88. 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 firm has a 50-day moving average of $51.55 and a 200-day moving average of $49.58. Truist Financial Corporation has a 52-week low of $40.78 and a 52-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 firm had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The business’s revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 EPS. On average, sell-side analysts anticipate that Truist Financial Corporation will post 4.58 EPS for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were paid a dividend of $0.52 per share. The ex-dividend date was Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. Truist Financial’s dividend payout ratio (DPR) is 47.71%.

Analysts Set New Price Targets

TFC has been the topic of a number of recent analyst reports. UBS Group downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $58.00 to $55.00 in a report on Tuesday, July 7th. Stephens cut their price target on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a research note on Tuesday, July 21st. Bank of America reissued a “neutral” rating and issued a $56.00 price objective (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Wall Street Zen upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Truist Financial in a report on Wednesday, July 29th. Seven equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $55.12.

Insider Buying and Selling

In other Truist Financial news, CEO William Rogers, Jr. sold 13,250 shares of the company’s stock in a transaction on Monday, July 20th. The stock was sold at an average price of $52.36, for a total value of $693,770.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director K. Boyer, Jr. sold 3,986 shares of the stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total value of $202,090.20. Following the transaction, the director owned 10,270 shares in the company, valued at $520,689. The trade was a 27.96% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 30,516 shares of company stock valued at $1,584,428. Insiders own 0.15% of the company’s stock.

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.