Concurrent Investment Advisors LLC Increases Stake in Truist Financial Corporation $TFC

Concurrent Investment Advisors LLC increased its stake in Truist Financial Corporation (NYSE:TFC) by 22.7% in the second quarter, Holdings Channel reports. The firm owned 377,499 shares of the insurance provider’s stock after purchasing an additional 69,929 shares during the period. Concurrent Investment Advisors LLC’s holdings in Truist Financial were worth $18,807,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. NEOS Investment Management LLC increased its stake in Truist Financial by 12.1% during the 2nd quarter. NEOS Investment Management LLC now owns 206,396 shares of the insurance provider’s stock valued at $10,283,000 after purchasing an additional 22,336 shares in the last quarter. Smallwood Wealth Investment Management LLC acquired a new stake in shares of Truist Financial during the second quarter worth $231,000. Paragon Private Wealth Management LLC grew its holdings in shares of Truist Financial by 11.2% during the second quarter. Paragon Private Wealth Management LLC now owns 19,397 shares of the insurance provider’s stock valued at $966,000 after buying an additional 1,959 shares during the last quarter. Continuum Advisory LLC grew its holdings in shares of Truist Financial by 10.4% during the second quarter. Continuum Advisory LLC now owns 5,915 shares of the insurance provider’s stock valued at $295,000 after buying an additional 558 shares during the last quarter. Finally, Nykredit A S purchased a new stake in shares of Truist Financial during the second quarter valued at $15,151,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Activity

In other Truist Financial news, CEO William H. Rogers, Jr. sold 13,250 shares of the company’s stock in a transaction on Monday, July 20th. The shares were sold at an average price of $52.36, for a total transaction of $693,770.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Dontá Wilson sold 13,280 shares of the stock in a transaction on Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the transaction, the insider directly owned 56,009 shares in the company, valued at approximately $2,904,066.65. The trade was a 19.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 30,516 shares of company stock worth $1,584,428 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

Truist Financial Stock Performance

NYSE TFC opened at $51.62 on Friday. The stock has a market capitalization of $63.06 billion, a price-to-earnings ratio of 11.84, a PEG ratio of 1.07 and a beta of 0.88. The stock has a 50-day moving average of $51.52 and a 200 day moving average of $49.56. The company has a current ratio of 0.86, a quick 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 issued its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, beating the consensus estimate of $1.08 by $0.15. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.Truist Financial’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same period last year, the company earned $0.91 earnings per share. Sell-side analysts anticipate that Truist Financial Corporation will post 4.58 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were given 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%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on TFC shares. Weiss Ratings restated a “buy (b)” rating on shares of Truist Financial in a research note on Wednesday, July 29th. Raymond James Financial reiterated a “market perform” rating on shares of Truist Financial in a research note on Wednesday, July 1st. Robert W. Baird increased their price objective on Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a report on Monday, July 20th. JPMorgan Chase & Co. raised their price objective on Truist Financial from $53.00 to $54.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 29th. Finally, Bank of America reaffirmed a “neutral” rating and set a $56.00 target price (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Seven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Truist Financial has an average rating of “Hold” and a consensus price target of $55.12.

About Truist Financial

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.