Optimum Investment Advisors Raises Holdings in Truist Financial Co. (NYSE:TFC)

Optimum Investment Advisors grew its stake in shares of Truist Financial Co. (NYSE:TFC) by 21.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,671 shares of the insurance provider’s stock after buying an additional 300 shares during the period. Optimum Investment Advisors’ holdings in Truist Financial were worth $65,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Prime Capital Investment Advisors LLC acquired a new position in shares of Truist Financial during the fourth quarter worth approximately $379,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Truist Financial by 53.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 338,972 shares of the insurance provider’s stock worth $12,515,000 after purchasing an additional 117,524 shares during the last quarter. Bleakley Financial Group LLC grew its holdings in shares of Truist Financial by 6.1% during the fourth quarter. Bleakley Financial Group LLC now owns 29,890 shares of the insurance provider’s stock worth $1,104,000 after purchasing an additional 1,731 shares during the last quarter. Turtle Creek Wealth Advisors LLC acquired a new position in Truist Financial in the fourth quarter valued at about $49,000. Finally, Sequoia Financial Advisors LLC raised its position in shares of Truist Financial by 30.9% during the fourth quarter. Sequoia Financial Advisors LLC now owns 43,767 shares of the insurance provider’s stock worth $1,616,000 after purchasing an additional 10,334 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Performance

TFC traded up $0.01 during trading hours on Friday, reaching $41.56. The company’s stock had a trading volume of 6,236,436 shares, compared to its average volume of 8,470,773. Truist Financial Co. has a 52 week low of $26.57 and a 52 week high of $45.31. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market cap of $55.61 billion, a PE ratio of -31.48, a price-to-earnings-growth ratio of 1.95 and a beta of 1.06. The company’s 50-day moving average is $39.70 and its 200-day moving average is $38.16.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $4.83 billion. During the same period in the previous year, the firm earned $0.95 earnings per share. The company’s revenue was down 15.9% compared to the same quarter last year. On average, equities analysts forecast that Truist Financial Co. will post 3.55 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a yield of 5.00%. Truist Financial’s dividend payout ratio is currently -157.58%.

Insider Activity

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

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on TFC shares. Morgan Stanley raised their price objective on Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 30th. Royal Bank of Canada increased their price target on Truist Financial from $42.00 to $45.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. The Goldman Sachs Group raised their target price on Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Barclays lifted their price objective on Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. boosted their price target on Truist Financial from $39.50 to $40.50 and gave the company a “neutral” rating in a report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $45.30.

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.