Truist Financial Corporation $TFC Shares Sold by GTS Securities LLC

GTS Securities LLC lowered its stake in shares of Truist Financial Corporation (NYSE:TFC) by 67.6% during the second quarter, Holdings Channel reports. The institutional investor owned 5,588 shares of the insurance provider’s stock after selling 11,637 shares during the period. GTS Securities LLC’s holdings in Truist Financial were worth $278,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Truist Financial in the 2nd quarter worth approximately $4,959,834,000. Auto Owners Insurance Co raised its holdings in Truist Financial by 4,821.0% during the fourth quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock worth $697,428,000 after purchasing an additional 13,884,480 shares during the last quarter. Wellington Management Group LLP raised its holdings in Truist Financial by 13,511.7% during the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock worth $474,886,000 after purchasing an additional 10,310,523 shares during the last quarter. Norges Bank purchased a new stake in Truist Financial during the fourth quarter worth $502,340,000. Finally, Bank of New York Mellon Corp purchased a new stake in Truist Financial during the second quarter worth $338,855,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Truist Financial news, CEO William H. Rogers, Jr. sold 13,250 shares of the business’s stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $52.36, for a total transaction of $693,770.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director K. David Jr. Boyer sold 3,986 shares of the stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total transaction of $202,090.20. Following the completion of 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 disclosure for this sale is available in the SEC filing. Insiders sold 30,516 shares of company stock worth $1,584,428 over the last three months. 0.15% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have weighed in on TFC. Morgan Stanley reissued an “equal weight” rating and issued a $54.00 target price (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. Citigroup lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $63.00 to $54.00 in a research report on Tuesday, June 30th. Keefe, Bruyette & Woods increased their price objective 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. Robert W. Baird raised their target price on shares of Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Finally, Bank of America restated a “neutral” rating and set a $56.00 target price (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Seven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $55.12.

Truist Financial Stock Performance

Truist Financial stock opened at $49.63 on Tuesday. The stock has a fifty day moving average price of $51.49 and a 200 day moving average price of $49.60. Truist Financial Corporation has a 52 week low of $40.78 and a 52 week high of $56.19. The firm has a market capitalization of $60.63 billion, a P/E ratio of 11.38, a PEG ratio of 1.06 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.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, beating analysts’ consensus estimates 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 quarter in the prior year, the company posted $0.91 EPS. The company’s quarterly revenue was up 5.6% compared to the same quarter last year. Equities research analysts anticipate that Truist Financial Corporation will post 4.58 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial’s payout ratio is 47.71%.

Truist Financial Company Profile

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.