Concurrent Investment Advisors LLC Grows Stock Position in Truist Financial Corporation $TFC

Concurrent Investment Advisors LLC grew its position in Truist Financial Corporation (NYSE:TFC) by 0.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 144,441 shares of the insurance provider’s stock after acquiring an additional 336 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Truist Financial were worth $6,210,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Foster Victor Wealth Advisors LLC boosted its holdings in Truist Financial by 0.4% in the second quarter. Foster Victor Wealth Advisors LLC now owns 62,087 shares of the insurance provider’s stock valued at $2,804,000 after purchasing an additional 242 shares during the period. Klingman & Associates LLC lifted its holdings in Truist Financial by 2.2% during the 1st quarter. Klingman & Associates LLC now owns 11,756 shares of the insurance provider’s stock worth $484,000 after buying an additional 248 shares during the last quarter. Haverford Trust Co lifted its holdings in Truist Financial by 3.5% during the 1st quarter. Haverford Trust Co now owns 7,751 shares of the insurance provider’s stock worth $319,000 after buying an additional 262 shares during the last quarter. Keystone Financial Group Inc. lifted its holdings in Truist Financial by 1.3% during the 2nd quarter. Keystone Financial Group Inc. now owns 21,283 shares of the insurance provider’s stock worth $942,000 after buying an additional 266 shares during the last quarter. Finally, Manchester Capital Management LLC lifted its holdings in Truist Financial by 8.0% during the 1st quarter. Manchester Capital Management LLC now owns 3,898 shares of the insurance provider’s stock worth $160,000 after buying an additional 288 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analyst Ratings Changes

TFC has been the subject of a number of recent analyst reports. Citigroup raised Truist Financial from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. Raymond James Financial reaffirmed an “outperform” rating on shares of Truist Financial in a report on Tuesday, October 7th. Evercore ISI lifted their price target on Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Truist Financial in a report on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods downgraded Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price target for the company. in a report on Wednesday, July 9th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, Truist Financial has a consensus rating of “Moderate Buy” and a consensus price target of $48.89.

Insider Transactions at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of the business’s stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the transaction, the insider owned 500 shares in the company, valued at $22,595. The trade was a 96.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.14% of the stock is owned by company insiders.

Truist Financial Stock Down 4.4%

Truist Financial stock opened at $42.32 on Monday. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market capitalization of $54.57 billion, a P/E ratio of 11.53, a PEG ratio of 1.35 and a beta of 0.88. The stock has a 50-day simple moving average of $45.16 and a 200-day simple moving average of $42.17.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.02). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The firm had revenue of $5.04 billion during the quarter, compared to analysts’ expectations of $5.04 billion. During the same period in the previous year, the firm posted $0.91 earnings per share. The firm’s revenue for the quarter was down 406.0% on a year-over-year basis. Equities research analysts expect that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial’s payout ratio is presently 56.68%.

Truist Financial Company Profile

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.