SCS Capital Management LLC Invests $18.22 Million in Truist Financial Corporation $TFC

SCS Capital Management LLC purchased a new stake in shares of Truist Financial Corporation (NYSE:TFC) in the 2nd quarter, Holdings Channel reports. The fund purchased 365,746 shares of the insurance provider’s stock, valued at approximately $18,221,000.

A number of other large investors have also recently modified their holdings of the company. Kemnay Advisory Services Inc. purchased a new position in Truist Financial during the 4th quarter worth $25,000. Swiss RE Ltd. purchased a new stake in shares of Truist Financial in the 4th quarter worth $26,000. McMillan Office Inc. purchased a new stake in shares of Truist Financial in the 4th quarter worth $31,000. Mowery & Schoenfeld Wealth Management LLC lifted its holdings in shares of Truist Financial by 190.7% in the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock worth $32,000 after buying an additional 431 shares during the period. Finally, Ancora Advisors LLC grew its position in shares of Truist Financial by 259.1% during the 3rd quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock worth $32,000 after buying an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Up 0.2%

Shares of NYSE TFC opened at $53.08 on Friday. Truist Financial Corporation has a 12-month low of $40.78 and a 12-month high of $56.19. The stock’s fifty day simple moving average is $51.13 and its two-hundred day simple moving average is $49.80. The stock has a market capitalization of $64.84 billion, a PE ratio of 12.17, a price-to-earnings-growth ratio of 1.12 and a beta of 0.89. 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 released its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, topping the consensus estimate of $1.08 by $0.15. The firm had revenue of $5.31 billion during 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%.The business’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.91 EPS. As a group, analysts expect that Truist Financial Corporation will post 4.58 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a yield of 3.9%. Truist Financial’s dividend payout ratio (DPR) is presently 47.71%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Royal Bank Of Canada raised their price target on Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. Raymond James Financial reaffirmed a “market perform” rating on shares of Truist Financial in a research note on Wednesday, July 1st. JPMorgan Chase & Co. increased their target price on shares of Truist Financial from $53.00 to $54.00 and gave the stock an “underweight” rating in a report on Wednesday, July 29th. Bank of America reissued a “neutral” rating and set a $56.00 target price (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Finally, Citigroup lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and reduced their price target for the company from $63.00 to $54.00 in a report on Tuesday, June 30th. Seven analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $54.67.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 3,986 shares of Truist Financial stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total value of $202,090.20. Following the transaction, the director owned 10,270 shares in the company, valued at $520,689. The trade was a 27.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Donta L. Wilson sold 13,280 shares of the business’s stock in a transaction dated 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 transaction, the insider owned 56,009 shares of the company’s stock, valued at $2,904,066.65. This represents 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 over the last quarter. Insiders own 0.15% of the company’s stock.

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.