Meiji Yasuda Asset Management Co Ltd. Buys 2,131 Shares of Truist Financial Co. (NYSE:TFC)

Meiji Yasuda Asset Management Co Ltd. raised its stake in Truist Financial Co. (NYSE:TFC) by 5.1% during the second quarter, HoldingsChannel.com reports. The fund owned 44,317 shares of the insurance provider’s stock after acquiring an additional 2,131 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Truist Financial were worth $1,722,000 at the end of the most recent reporting period.

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

Insider Activity at Truist Financial

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

Wall Street Analyst Weigh In

Several equities analysts have issued reports on TFC shares. Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. Stephens reiterated an “overweight” rating and set a $50.00 price target on shares of Truist Financial in a research report on Tuesday, September 10th. StockNews.com cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, July 23rd. Barclays upped their target price on shares of Truist Financial from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. Finally, Morgan Stanley raised their price target on shares of Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $45.45.

Truist Financial Stock Performance

TFC stock opened at $42.95 on Friday. Truist Financial Co. has a 1-year low of $26.57 and a 1-year high of $45.31. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61. The firm has a market cap of $57.52 billion, a PE ratio of -32.54, a P/E/G ratio of 1.98 and a beta of 1.06. The business’s 50-day moving average price is $42.78 and its two-hundred day moving average price is $39.48.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data 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. The business had revenue of $5.02 billion during the quarter, compared to analyst estimates of $4.83 billion. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. Truist Financial’s quarterly revenue was down 15.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.95 EPS. As a group, research analysts forecast that Truist Financial Co. will post 3.55 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently disclosed 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 dividend yield of 4.84%. Truist Financial’s payout ratio is -157.58%.

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.