AE Wealth Management LLC lifted its position in shares of Truist Financial Co. (NYSE:TFC) by 17.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 73,032 shares of the insurance provider’s stock after purchasing an additional 10,645 shares during the quarter. AE Wealth Management LLC’s holdings in Truist Financial were worth $4,259,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Good Life Advisors LLC grew its stake in shares of Truist Financial by 11.8% during the 1st quarter. Good Life Advisors LLC now owns 7,536 shares of the insurance provider’s stock worth $438,000 after purchasing an additional 795 shares during the period. Dynamic Advisor Solutions LLC grew its stake in shares of Truist Financial by 137.1% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 10,341 shares of the insurance provider’s stock worth $603,000 after purchasing an additional 5,979 shares during the period. British Airways Pensions Investment Management Ltd grew its stake in shares of Truist Financial by 12.5% during the 1st quarter. British Airways Pensions Investment Management Ltd now owns 359,627 shares of the insurance provider’s stock worth $20,973,000 after purchasing an additional 39,897 shares during the period. Heritage Wealth Advisors grew its stake in shares of Truist Financial by 5.4% during the 1st quarter. Heritage Wealth Advisors now owns 226,255 shares of the insurance provider’s stock worth $13,195,000 after purchasing an additional 11,511 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its stake in Truist Financial by 11.6% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 4,478 shares of the insurance provider’s stock valued at $873,000 after buying an additional 465 shares in the last quarter. 72.11% of the stock is currently owned by institutional investors and hedge funds.
In other news, EVP Michael Baron Maguire sold 3,250 shares of Truist Financial stock in a transaction that occurred on Monday, April 19th. The shares were sold at an average price of $58.16, for a total transaction of $189,020.00. Following the sale, the executive vice president now owns 7,027 shares in the company, valued at $408,690.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Joseph M. Thompson sold 5,265 shares of Truist Financial stock in a transaction that occurred on Monday, April 26th. The shares were sold at an average price of $58.20, for a total transaction of $306,423.00. Following the sale, the executive vice president now owns 37,741 shares in the company, valued at approximately $2,196,526.20. The disclosure for this sale can be found here. Insiders sold 20,997 shares of company stock worth $1,223,463 in the last 90 days. 0.35% of the stock is currently owned by insiders.
Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Wednesday, April 14th. The insurance provider reported $1.18 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.07. The company had revenue of $5.48 billion during the quarter, compared to analyst estimates of $5.43 billion. Truist Financial had a return on equity of 7.76% and a net margin of 16.95%. The firm’s revenue was down 2.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.83 earnings per share. Sell-side analysts expect that Truist Financial Co. will post 3.54 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 1st. Investors of record on Friday, May 14th will be issued a $0.45 dividend. The ex-dividend date of this dividend is Thursday, May 13th. This represents a $1.80 annualized dividend and a yield of 3.04%. Truist Financial’s payout ratio is 41.19%.
A number of research firms have commented on TFC. Morgan Stanley increased their price objective on shares of Truist Financial from $65.00 to $68.00 and gave the company an “equal weight” rating in a report on Tuesday, March 30th. Barclays raised their price target on shares of Truist Financial from $59.00 to $64.00 in a report on Wednesday, April 7th. Raymond James raised their price target on shares of Truist Financial from $58.00 to $65.00 and gave the stock an “outperform” rating in a report on Tuesday, April 13th. Bank of America raised their price target on shares of Truist Financial from $58.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, January 22nd. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $53.00 target price on shares of Truist Financial in a report on Thursday, January 7th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Truist Financial presently has a consensus rating of “Hold” and a consensus target price of $55.00.
Truist Financial 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.
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