Cerity Partners LLC Raises Stock Holdings in Truist Financial Corporation $TFC

Cerity Partners LLC grew its position in Truist Financial Corporation (NYSE:TFC) by 2.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 544,251 shares of the insurance provider’s stock after acquiring an additional 11,745 shares during the quarter. Cerity Partners LLC’s holdings in Truist Financial were worth $23,402,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Norges Bank acquired a new stake in Truist Financial during the 2nd quarter worth $487,401,000. Nuveen LLC purchased a new stake in shares of Truist Financial in the first quarter valued at about $117,929,000. Laurel Wealth Advisors LLC boosted its stake in shares of Truist Financial by 4,121.3% during the second quarter. Laurel Wealth Advisors LLC now owns 2,335,991 shares of the insurance provider’s stock worth $100,424,000 after buying an additional 2,280,653 shares during the period. American Century Companies Inc. boosted its stake in shares of Truist Financial by 21.8% during the first quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider’s stock worth $495,509,000 after buying an additional 2,158,639 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of Truist Financial by 811.0% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,018,457 shares of the insurance provider’s stock worth $86,773,000 after buying an additional 1,796,884 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TFC has been the subject of several analyst reports. Wall Street Zen downgraded Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Evercore ISI upped their price target on Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a research note on Tuesday, September 30th. Raymond James Financial reaffirmed an “outperform” rating on shares of Truist Financial in a report on Tuesday, October 7th. Keefe, Bruyette & Woods boosted their price objective on shares of Truist Financial from $48.00 to $49.00 and gave the company a “market perform” rating in a research note on Monday, October 20th. Finally, Morgan Stanley upped their price objective on shares of Truist Financial from $54.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Monday, October 20th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $49.60.

Truist Financial Trading Up 0.4%

NYSE:TFC opened at $47.89 on Wednesday. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $48.55. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a fifty day moving average price of $44.87 and a two-hundred day moving average price of $44.14. The stock has a market capitalization of $61.26 billion, a price-to-earnings ratio of 12.87, a PEG ratio of 1.03 and a beta of 0.90.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, October 17th. The insurance provider reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.05. The business had revenue of $5.24 billion for the quarter, compared to analysts’ expectations of $5.20 billion. Truist Financial had a net margin of 16.84% and a return on equity of 8.73%. The business’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.97 EPS. As a group, sell-side analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 14th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.3%. The ex-dividend date was Friday, November 14th. Truist Financial’s dividend payout ratio is presently 55.91%.

Insider Transactions at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 5,160 shares of the stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total value of $239,682.00. Following the completion of the transaction, the director directly owned 10,153 shares of the company’s stock, valued at approximately $471,606.85. This trade represents a 33.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.14% of the company’s stock.

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.