MGO One Seven LLC Acquires 246 Shares of Truist Financial Corporation $TFC

MGO One Seven LLC boosted its holdings in Truist Financial Corporation (NYSE:TFC) by 0.9% in the second quarter, HoldingsChannel reports. The firm owned 28,849 shares of the insurance provider’s stock after purchasing an additional 246 shares during the period. MGO One Seven LLC’s holdings in Truist Financial were worth $1,240,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Amundi increased its position in Truist Financial by 4.6% in the 1st quarter. Amundi now owns 24,774,656 shares of the insurance provider’s stock valued at $1,019,477,000 after buying an additional 1,091,311 shares in the last quarter. Invesco Ltd. increased its position in Truist Financial by 32.0% in the 1st quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider’s stock valued at $540,723,000 after buying an additional 3,188,999 shares in the last quarter. American Century Companies Inc. increased its position in Truist Financial by 21.8% in the 1st quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider’s stock valued at $495,509,000 after buying an additional 2,158,639 shares in the last quarter. Federated Hermes Inc. increased its position in Truist Financial by 0.9% in the 1st quarter. Federated Hermes Inc. now owns 9,511,639 shares of the insurance provider’s stock valued at $391,404,000 after buying an additional 89,373 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Truist Financial by 5.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,030,898 shares of the insurance provider’s stock valued at $330,408,000 after buying an additional 408,726 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the business’s stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the transaction, the insider owned 500 shares in the company, valued at $22,595. The trade was a 96.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.17% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on TFC. Morgan Stanley boosted their target price on Truist Financial from $48.00 to $54.00 and gave the company an “equal weight” rating in a research report on Monday, September 29th. Evercore ISI boosted their target price on Truist Financial from $48.00 to $50.00 and gave the company an “in-line” rating in a research report on Tuesday, September 30th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Truist Financial in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods downgraded Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price target for the company. in a research note on Wednesday, July 9th. Finally, Citigroup upgraded Truist Financial from a “neutral” rating to a “buy” rating and lifted their price target for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.89.

Truist Financial Price Performance

TFC stock opened at $43.26 on Thursday. The company has a market capitalization of $55.79 billion, a P/E ratio of 11.79, a price-to-earnings-growth ratio of 1.40 and a beta of 0.88. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $49.06. The business has a 50-day simple moving average of $45.16 and a two-hundred day simple moving average of $42.21.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.02). Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The business had revenue of $5.04 billion during the quarter, compared to analysts’ expectations of $5.04 billion. During the same quarter in the previous year, the firm earned $0.91 EPS. Truist Financial’s quarterly revenue was down 406.0% on a year-over-year basis. Research analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date was Friday, August 8th. Truist Financial’s payout ratio is presently 56.68%.

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.