K. David Jr. Boyer Sells 3,986 Shares of Truist Financial (NYSE:TFC) Stock

Truist Financial Corporation (NYSE:TFC) Director K. David Jr. Boyer sold 3,986 shares of the stock in a transaction on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total transaction of $202,090.20. Following the sale, the director directly owned 10,270 shares of the company’s stock, valued at $520,689. The trade was a 27.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $52.34 on Thursday. The company’s fifty day simple moving average is $50.12 and its two-hundred day simple moving average is $49.59. Truist Financial Corporation has a 12-month low of $40.78 and a 12-month high of $56.19. The firm has a market cap of $65.21 billion, a PE ratio of 12.00, a price-to-earnings-growth ratio of 0.96 and a beta of 0.89. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, beating the consensus estimate of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. During the same period in the prior year, the firm posted $0.91 earnings per share. The company’s quarterly revenue was up 5.6% compared to the same quarter last year. As a group, equities analysts expect that Truist Financial Corporation will post 4.59 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Friday, August 14th. Truist Financial’s dividend payout ratio (DPR) is currently 47.71%.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Wall Street Zen downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Monday, June 29th. Keefe, Bruyette & Woods lifted their target price on shares of Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a research note on Monday, July 20th. Evercore reiterated an “outperform” rating and set a $57.00 price target on shares of Truist Financial in a research report on Monday, July 6th. Weiss Ratings raised shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Finally, Morgan Stanley restated an “equal weight” rating and issued a $54.00 price objective (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. Seven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Truist Financial has a consensus rating of “Hold” and an average target price of $54.67.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of TFC. Pinnacle Financial Partners Inc. grew its holdings in shares of Truist Financial by 30.0% in the third quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock worth $7,994,000 after acquiring an additional 40,393 shares during the period. Ritholtz Wealth Management lifted its holdings in Truist Financial by 91.9% in the fourth quarter. Ritholtz Wealth Management now owns 45,749 shares of the insurance provider’s stock valued at $2,251,000 after acquiring an additional 21,903 shares during the period. Fifth Third Bancorp boosted its position in Truist Financial by 531.8% in the first quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider’s stock worth $20,059,000 after purchasing an additional 367,291 shares during the last quarter. LBP AM SA purchased a new position in Truist Financial in the fourth quarter worth about $10,836,000. Finally, Carnegie Investment Counsel boosted its position in Truist Financial by 57.8% in the fourth quarter. Carnegie Investment Counsel now owns 105,792 shares of the insurance provider’s stock worth $5,206,000 after purchasing an additional 38,750 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.