AE Wealth Management LLC Has $16.09 Million Holdings in Truist Financial Co. (NYSE:TFC)

AE Wealth Management LLC lifted its position in shares of Truist Financial Co. (NYSE:TFC) by 8.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 414,261 shares of the insurance provider’s stock after buying an additional 31,689 shares during the quarter. AE Wealth Management LLC’s holdings in Truist Financial were worth $16,094,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Capital Investment Counsel Inc increased its position in shares of Truist Financial by 0.4% during the second quarter. Capital Investment Counsel Inc now owns 62,111 shares of the insurance provider’s stock worth $2,413,000 after buying an additional 244 shares during the period. Verum Partners LLC grew its holdings in Truist Financial by 2.5% in the second quarter. Verum Partners LLC now owns 10,573 shares of the insurance provider’s stock worth $411,000 after purchasing an additional 261 shares during the period. CX Institutional grew its holdings in Truist Financial by 3.4% in the second quarter. CX Institutional now owns 8,050 shares of the insurance provider’s stock worth $313,000 after purchasing an additional 263 shares during the period. Coldstream Capital Management Inc. grew its holdings in Truist Financial by 1.5% in the second quarter. Coldstream Capital Management Inc. now owns 18,593 shares of the insurance provider’s stock worth $722,000 after purchasing an additional 274 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC grew its holdings in Truist Financial by 2.0% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 14,339 shares of the insurance provider’s stock worth $557,000 after purchasing an additional 275 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have commented on TFC. StockNews.com cut shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Tuesday, July 23rd. Royal Bank of Canada lifted their price objective on shares of Truist Financial from $42.00 to $45.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Bank of America lifted their price objective on shares of Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. The Goldman Sachs Group lifted their price objective on shares of Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Finally, Robert W. Baird lowered shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price target on the stock. in a research report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $45.45.

Truist Financial Price Performance

TFC stock opened at $42.32 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial Co. has a one year low of $26.57 and a one year high of $45.31. The stock 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 firm has a 50 day simple moving average of $42.81 and a two-hundred day simple moving average of $39.53.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.07. The business had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $4.83 billion. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The business’s quarterly revenue was down 15.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.95 EPS. On average, analysts predict that Truist Financial Co. will post 3.55 EPS for the current fiscal year.

Truist Financial Announces Dividend

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

Insider Activity at Truist Financial

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

Truist Financial 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.