Truist Financial Co. (NYSE:TFC) Stock Position Raised by Mercer Global Advisors Inc. ADV

Mercer Global Advisors Inc. ADV boosted its holdings in Truist Financial Co. (NYSE:TFC) by 10.2% during the second quarter, HoldingsChannel.com reports. The fund owned 194,219 shares of the insurance provider’s stock after acquiring an additional 17,968 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in Truist Financial were worth $7,545,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Parnassus Investments LLC bought a new position in Truist Financial during the 4th quarter worth $95,049,000. Rafferty Asset Management LLC grew its position in shares of Truist Financial by 47.7% during the fourth quarter. Rafferty Asset Management LLC now owns 1,185,259 shares of the insurance provider’s stock worth $43,760,000 after acquiring an additional 382,976 shares during the last quarter. Treasurer of the State of North Carolina increased its holdings in shares of Truist Financial by 4.1% in the 4th quarter. Treasurer of the State of North Carolina now owns 624,320 shares of the insurance provider’s stock worth $23,050,000 after acquiring an additional 24,535 shares during the period. Norden Group LLC bought a new stake in Truist Financial in the 1st quarter valued at about $2,351,000. Finally, Nordea Investment Management AB boosted its stake in Truist Financial by 44.4% during the 1st quarter. Nordea Investment Management AB now owns 2,712,848 shares of the insurance provider’s stock valued at $105,353,000 after purchasing an additional 834,048 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Performance

TFC opened at $42.32 on Friday. The business has a fifty day simple moving average of $42.81 and a 200-day simple moving average of $39.53. The firm has a market cap of $56.63 billion, a PE ratio of -32.06, a P/E/G ratio of 1.98 and a beta of 1.06. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a fifty-two week low of $26.57 and a fifty-two week high of $45.31.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.07. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The firm had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $4.83 billion. During the same quarter last year, the business posted $0.95 EPS. Truist Financial’s revenue was down 15.9% on a year-over-year basis. As a group, equities analysts predict that Truist Financial Co. will post 3.55 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.91%. The ex-dividend date of this dividend was Friday, August 9th. Truist Financial’s payout ratio is -157.58%.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. purchased 57,300 shares of the stock in a transaction dated Tuesday, July 23rd. The shares were acquired at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total transaction of $295,208.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William H. Rogers, Jr. purchased 57,300 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was bought at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the purchase, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The disclosure for this purchase can be found here. Company insiders own 0.17% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on TFC shares. Stephens reaffirmed an “overweight” rating and set a $50.00 price target on shares of Truist Financial in a report on Tuesday, September 10th. Baird R W downgraded Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and increased their price target for the stock from $45.00 to $47.00 in a research note on Wednesday, July 24th. Robert W. Baird downgraded shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price objective for the company. in a report on Wednesday, July 17th. Finally, Wolfe Research raised shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $45.45.

About Truist Financial

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.