Merit Financial Group LLC Has $4.93 Million Holdings in Truist Financial Corporation $TFC

Merit Financial Group LLC grew its position in shares of Truist Financial Corporation (NYSE:TFC) by 10.9% in the 2nd quarter, HoldingsChannel reports. The fund owned 98,933 shares of the insurance provider’s stock after buying an additional 9,749 shares during the period. Merit Financial Group LLC’s holdings in Truist Financial were worth $4,929,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of TFC. Auto Owners Insurance Co lifted its holdings in shares of 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 worth $697,428,000 after purchasing an additional 13,884,480 shares in the last quarter. Wellington Management Group LLP increased its stake in 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 purchasing an additional 10,310,523 shares in the last quarter. Norges Bank bought a new stake in Truist Financial during the 4th quarter valued at $502,340,000. American Assets Investment Management LLC raised its holdings in Truist Financial by 781.2% during the fourth quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider’s stock worth $166,527,000 after buying an additional 3,000,000 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Truist Financial by 37.6% during the fourth quarter. Bank of New York Mellon Corp now owns 10,500,542 shares of the insurance provider’s stock worth $516,732,000 after buying an additional 2,867,449 shares during the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 3,986 shares of the company’s stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total value of $202,090.20. Following the completion of the sale, the director directly owned 10,270 shares of the company’s stock, valued at approximately $520,689. This represents a 27.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the company’s stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $52.36, for a total transaction of $693,770.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 30,516 shares of company stock valued at $1,584,428 over the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on TFC shares. UBS Group lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $58.00 to $55.00 in a research note on Tuesday, July 7th. Stephens decreased their target price on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a research report on Tuesday, July 21st. Keefe, Bruyette & Woods upped their target price on shares of Truist Financial from $53.00 to $55.00 and gave the stock a “market perform” rating in a report on Monday, July 20th. Weiss Ratings restated a “buy (b)” rating on shares of Truist Financial in a report on Wednesday, July 29th. Finally, Bank of America reaffirmed a “neutral” rating and issued a $56.00 price target (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Seven research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Truist Financial presently has a consensus rating of “Hold” and an average price target of $54.67.

Truist Financial Trading Up 0.2%

NYSE TFC opened at $53.08 on Friday. The firm has a market capitalization of $64.84 billion, a P/E ratio of 12.17, a PEG ratio of 1.11 and a beta of 0.89. The business has a fifty day simple moving average of $51.13 and a 200 day simple moving average of $49.80. Truist Financial Corporation has a 12 month low of $40.78 and a 12 month high of $56.19. 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 (NYSE:TFC) last issued its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share 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 return on equity of 10.06% and a net margin of 19.13%.The business’s revenue was up 5.6% on a year-over-year basis. During the same period last year, the business earned $0.91 EPS. On average, analysts predict that Truist Financial Corporation will post 4.58 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be issued a $0.52 dividend. The ex-dividend date is Friday, August 14th. This represents a $2.08 annualized dividend and a dividend yield of 3.9%. Truist Financial’s dividend payout ratio is currently 47.71%.

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.