Meeder Advisory Services Inc. Invests $1.21 Million in Truist Financial Corporation $TFC

Meeder Advisory Services Inc. purchased a new stake in Truist Financial Corporation (NYSE:TFC) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 24,313 shares of the insurance provider’s stock, valued at approximately $1,211,000.

Several other institutional investors have also made changes to their positions in the stock. BlackRock Inc. acquired a new stake in Truist Financial during the second quarter worth approximately $4,959,834,000. Auto Owners Insurance Co raised its holdings in Truist Financial by 4,821.0% in the 4th quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock valued at $697,428,000 after acquiring an additional 13,884,480 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Truist Financial by 13,511.7% during the 3rd quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock valued at $474,886,000 after acquiring an additional 10,310,523 shares during the period. Norges Bank bought a new stake in shares of Truist Financial during the 4th quarter valued at $502,340,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Truist Financial during the 2nd quarter worth $338,855,000. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Price Performance

Shares of TFC stock opened at $50.99 on Thursday. The business has a fifty day simple moving average of $51.29 and a 200 day simple moving average of $49.82. The company has a market cap of $62.30 billion, a P/E ratio of 11.70, a P/E/G ratio of 1.10 and a beta of 0.89. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73. Truist Financial Corporation has a twelve month low of $40.78 and a twelve month high of $56.19.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 return on equity of 10.06% and a net margin of 19.13%.The business’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.91 earnings per share. On average, sell-side analysts forecast that Truist Financial Corporation will post 4.58 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date is Friday, August 14th. Truist Financial’s dividend payout ratio (DPR) is presently 47.71%.

Insider Activity at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. sold 13,250 shares of the firm’s stock in a transaction that occurred on Monday, July 20th. The shares were 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 is available at this link. Also, Director K. David Jr. Boyer sold 3,986 shares of the business’s stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total transaction of $202,090.20. Following the sale, the director directly owned 10,270 shares in the company, valued at approximately $520,689. The trade was a 27.96% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 30,516 shares of company stock valued at $1,584,428. 0.15% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Keefe, Bruyette & Woods raised their price target on Truist Financial from $53.00 to $55.00 and gave the stock a “market perform” rating in a research report on Monday, July 20th. Weiss Ratings reiterated a “buy (b)” rating on shares of Truist Financial in a research note on Wednesday, July 29th. Stephens decreased their target price on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating on the stock in a report on Tuesday, July 21st. JPMorgan Chase & Co. boosted their target price 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. Finally, 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 research report on Monday, July 6th. Seven equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $54.67.

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.