Patriot Financial Group Insurance Agency LLC Cuts Stake in Truist Financial Corporation $TFC

Patriot Financial Group Insurance Agency LLC lowered its stake in shares of Truist Financial Corporation (NYSE:TFC) by 61.1% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 20,970 shares of the insurance provider’s stock after selling 32,932 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Truist Financial were worth $1,045,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in TFC. Auto Owners Insurance Co raised its position in Truist Financial by 4,821.0% in the fourth quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock worth $697,428,000 after acquiring an additional 13,884,480 shares during the period. Wellington Management Group LLP grew its position in shares of Truist Financial by 13,511.7% during the 3rd quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock valued at $474,886,000 after acquiring an additional 10,310,523 shares during the period. Norges Bank bought a new position in shares of Truist Financial during the 4th quarter valued at approximately $502,340,000. American Assets Investment Management LLC increased its stake in shares of Truist Financial by 781.2% during the 4th quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider’s stock worth $166,527,000 after purchasing an additional 3,000,000 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Truist Financial by 37.6% in the 4th quarter. Bank of New York Mellon Corp now owns 10,500,542 shares of the insurance provider’s stock worth $516,732,000 after purchasing an additional 2,867,449 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Transactions at Truist Financial

In related news, Director K. David Jr. Boyer sold 3,986 shares of the stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total transaction of $202,090.20. Following the sale, the director owned 10,270 shares of the company’s stock, valued at approximately $520,689. This represents a 27.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Donta L. Wilson sold 13,280 shares of the stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $51.85, for a total value of $688,568.00. Following the sale, the insider directly owned 56,009 shares in the company, valued at $2,904,066.65. This trade represents a 19.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 30,516 shares of company stock valued at $1,584,428 over the last three months. Company insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on the company. UBS Group downgraded Truist Financial from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $58.00 to $55.00 in a research note on Tuesday, July 7th. Raymond James Financial reissued a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. Morgan Stanley restated an “equal weight” rating and issued a $54.00 target price (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and dropped their price target for the company from $63.00 to $54.00 in a research report on Tuesday, June 30th. Finally, Jefferies Financial Group reiterated a “mixed” rating and set a $45.00 price target on shares of Truist Financial in a research note on Friday, April 17th. Seven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $54.67.

Truist Financial Stock Performance

Shares of TFC stock opened at $53.02 on Friday. The stock has a market capitalization of $64.77 billion, a P/E ratio of 12.16, a PEG ratio of 1.11 and a beta of 0.89. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. The firm’s 50 day moving average is $51.06 and its 200 day moving average is $49.78. Truist Financial Corporation has a 12 month low of $40.78 and a 12 month high of $56.19.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, topping 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 company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. During the same period last year, the firm earned $0.91 EPS. Truist Financial’s revenue for the quarter was up 5.6% on a year-over-year basis. On average, sell-side analysts anticipate that Truist Financial Corporation will post 4.58 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial’s dividend payout ratio (DPR) is presently 47.71%.

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.