Truist Financial Corp Reduces Position in Truist Financial Corporation $TFC

Truist Financial Corp lessened its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 4.6% in the second quarter, Holdings Channel.com reports. The firm owned 4,373,735 shares of the insurance provider’s stock after selling 209,951 shares during the period. Truist Financial Corp’s holdings in Truist Financial were worth $188,027,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of TFC. Foster Victor Wealth Advisors LLC boosted its holdings in Truist Financial by 0.4% in the 2nd quarter. Foster Victor Wealth Advisors LLC now owns 62,087 shares of the insurance provider’s stock worth $2,804,000 after buying an additional 242 shares during the period. Klingman & Associates LLC boosted its holdings in shares of Truist Financial by 2.2% in the first quarter. Klingman & Associates LLC now owns 11,756 shares of the insurance provider’s stock worth $484,000 after acquiring an additional 248 shares during the period. Haverford Trust Co boosted its holdings in shares of Truist Financial by 3.5% in the first quarter. Haverford Trust Co now owns 7,751 shares of the insurance provider’s stock worth $319,000 after acquiring an additional 262 shares during the period. Manchester Capital Management LLC grew its position in shares of Truist Financial by 8.0% in the first quarter. Manchester Capital Management LLC now owns 3,898 shares of the insurance provider’s stock valued at $160,000 after purchasing an additional 288 shares in the last quarter. Finally, Ballast Inc. raised its stake in shares of Truist Financial by 0.7% during the 1st quarter. Ballast Inc. now owns 39,348 shares of the insurance provider’s stock valued at $1,619,000 after purchasing an additional 290 shares during the period. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

Truist Financial stock opened at $45.70 on Wednesday. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market cap of $58.93 billion, a P/E ratio of 12.45, a price-to-earnings-growth ratio of 1.47 and a beta of 0.88. The firm’s fifty day moving average price is $45.15 and its 200-day moving average price is $41.99.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.02). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The firm had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $5.04 billion. During the same period in the prior year, the company earned $0.91 EPS. The firm’s revenue was down 406.0% compared to the same quarter last year. On average, equities research analysts expect that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were given a $0.52 dividend. The ex-dividend date was Friday, August 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.6%. Truist Financial’s payout ratio is presently 56.68%.

Insider Transactions at Truist Financial

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the transaction, the insider directly owned 500 shares in the company, valued at $22,595. This trade represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.14% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Raymond James Financial upgraded Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 target price for the company in a research note on Tuesday, July 8th. Citigroup upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and raised their price objective for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Morgan Stanley boosted their price objective on shares of Truist Financial from $48.00 to $54.00 and gave the company an “equal weight” rating in a research note on Monday. Keefe, Bruyette & Woods cut shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 target price on the stock. in a research note on Wednesday, July 9th. Finally, Wells Fargo & Company restated an “equal weight” rating and set a $47.00 price target on shares of Truist Financial in a research report on Thursday, August 21st. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, Truist Financial presently has an average rating of “Moderate Buy” and an average target price of $48.89.

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.