Panagora Asset Management Inc. Boosts Stock Position in Truist Financial Co. (NYSE:TFC)

Panagora Asset Management Inc. grew its holdings in shares of Truist Financial Co. (NYSE:TFC) by 1,759.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 272,459 shares of the insurance provider’s stock after buying an additional 257,805 shares during the period. Panagora Asset Management Inc.’s holdings in Truist Financial were worth $10,585,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the business. Crewe Advisors LLC acquired a new position in Truist Financial in the first quarter valued at approximately $27,000. Opal Wealth Advisors LLC purchased a new position in shares of Truist Financial in the 1st quarter valued at $29,000. MFA Wealth Advisors LLC acquired a new stake in Truist Financial during the 2nd quarter worth $30,000. Missouri Trust & Investment Co lifted its position in Truist Financial by 227.2% in the fourth quarter. Missouri Trust & Investment Co now owns 854 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 593 shares during the last quarter. Finally, Rise Advisors LLC acquired a new position in Truist Financial in the first quarter valued at $32,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Baird R W cut Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Wolfe Research upgraded shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. StockNews.com cut shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Tuesday, July 23rd. Argus upped their price objective on Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Finally, Stephens lifted their target price on Truist Financial from $43.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday, May 16th. One equities 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 company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $45.30.

Truist Financial Stock Up 1.3 %

TFC traded up $0.55 during midday trading on Friday, reaching $44.46. 6,527,906 shares of the company’s stock were exchanged, compared to its average volume of 8,339,049. Truist Financial Co. has a 1-year low of $26.57 and a 1-year 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 business’s 50-day moving average price is $41.35 and its 200 day moving average price is $38.69.

Truist Financial (NYSE:TFC) last posted its earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $4.83 billion. During the same quarter in the prior year, the company earned $0.95 EPS. Truist Financial’s revenue was down 15.9% on a year-over-year basis. On average, analysts anticipate that Truist Financial Co. will post 3.56 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th will be issued a $0.52 dividend. The ex-dividend date is Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a yield of 4.68%. Truist Financial’s dividend payout ratio (DPR) is -157.58%.

Insider Transactions at Truist Financial

In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction that occurred 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 legal filing with the SEC, which can be accessed through the SEC website. In other Truist Financial news, CEO William H. Rogers, Jr. bought 57,300 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were bought at an average cost of $43.96 per share, with a total value 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 $25,025,153.16. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Cynthia B. Powell sold 6,688 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were 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. Insiders own 0.17% 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.