Jones Financial Companies Lllp Boosts Stock Holdings in Truist Financial Corporation $TFC

Jones Financial Companies Lllp lifted its position in shares of Truist Financial Corporation (NYSE:TFC) by 7.6% in the 2nd quarter, Holdings Channel reports. The fund owned 2,329,997 shares of the insurance provider’s stock after buying an additional 164,232 shares during the quarter. Jones Financial Companies Lllp’s holdings in Truist Financial were worth $117,632,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Truist Financial by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock valued at $5,892,453,000 after purchasing an additional 701,049 shares in the last quarter. Capital International Investors increased its position in shares of Truist Financial by 0.7% in the fourth quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock worth $5,332,835,000 after purchasing an additional 715,433 shares during the last quarter. BlackRock Inc. purchased a new stake in shares of Truist Financial during the 2nd quarter valued at $4,959,834,000. Victory Capital Management Inc. raised its holdings in shares of Truist Financial by 7.5% during the 4th quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock valued at $1,572,968,000 after buying an additional 2,226,288 shares in the last quarter. Finally, Morgan Stanley lifted its stake in Truist Financial by 2.9% in the fourth quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider’s stock worth $1,030,028,000 after purchasing an additional 597,255 shares during the last quarter. 71.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. JPMorgan Chase & Co. upped their price target on shares of Truist Financial from $53.00 to $54.00 and gave the company an “underweight” rating in a report on Wednesday, July 29th. Morgan Stanley reissued an “equal weight” rating and set a $54.00 price objective (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. Evercore reissued an “outperform” rating and issued a $57.00 target price on shares of Truist Financial in a research note on Monday, July 6th. Bank of America restated a “neutral” rating and set a $56.00 price objective (up from $54.00) on shares of Truist Financial in a research note on Wednesday, July 8th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a report on Monday, July 20th. Seven analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $55.12.

Truist Financial Price Performance

NYSE TFC opened at $50.81 on Tuesday. Truist Financial Corporation has a one year low of $40.78 and a one year high of $56.19. The stock has a 50-day moving average of $51.31 and a 200 day moving average of $49.78. The company has a market capitalization of $62.07 billion, a price-to-earnings ratio of 11.65, a PEG ratio of 1.06 and a beta of 0.89. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.15. The business 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 for the quarter was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.91 EPS. On average, sell-side analysts forecast that Truist Financial Corporation will post 4.58 EPS for the current year.

Truist Financial Announces Dividend

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

Insider Activity at Truist Financial

In related news, Director K. David Jr. Boyer sold 3,986 shares of the firm’s stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total value of $202,090.20. Following the sale, the director owned 10,270 shares in the company, valued at approximately $520,689. This trade represents a 27.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Donta L. Wilson sold 13,280 shares of Truist Financial stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $51.85, for a total transaction of $688,568.00. Following the completion of the sale, the insider directly owned 56,009 shares of the company’s stock, valued at approximately $2,904,066.65. This trade represents a 19.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 30,516 shares of company stock worth $1,584,428 over the last quarter. Company 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.