25,410 Truist Financial Corporation $TFC Shares Sold by Royal Fund Management LLC

Key Points

• Royal Fund Management cut its Truist Financial stake by 67.3% in the third quarter, selling 25,410 shares and retaining 12,333 shares valued at approximately $571,000.
• Truist shares recently traded at $48.50, with a market capitalization of $59.24 billion. The stock carries a consensus “Hold” rating and an average analyst price target of $53.87.
• The company reported quarterly EPS of $1.16, slightly below expectations, while revenue rose 1.3% year over year to $5.30 billion. Truist also maintains a quarterly dividend of $0.52 per share, representing a 4.3% yield.

Royal Fund Management LLC reduced its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 67.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 12,333 shares of the insurance provider's stock after selling 25,410 shares during the period. Royal Fund Management LLC's holdings in Truist Financial were worth $571,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Truist Financial in the 2nd quarter valued at about $4,959,834,000. State Street Corp boosted its position in Truist Financial by 0.9% during the second quarter. State Street Corp now owns 58,692,619 shares of the insurance provider's stock valued at $2,924,066,000 after purchasing an additional 501,026 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Truist Financial by 7.5% during the first quarter. Bank of New York Mellon Corp now owns 11,289,721 shares of the insurance provider's stock valued at $518,988,000 after purchasing an additional 789,179 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Truist Financial by 1.9% during the first quarter. Dimensional Fund Advisors LP now owns 8,608,268 shares of the insurance provider's stock valued at $395,642,000 after purchasing an additional 164,052 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in Truist Financial by 0.6% in the second quarter. Legal & General Group Plc now owns 7,853,887 shares of the insurance provider's stock valued at $391,281,000 after purchasing an additional 44,215 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

Truist Financial Stock Performance

NYSE TFC traded up $0.08 during trading on Friday, reaching $48.50. 6,657,650 shares of the company's stock were exchanged, compared to its average volume of 8,370,216. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.88 and a quick ratio of 0.88. The business has a 50 day moving average price of $48.68 and a 200-day moving average price of $49.66. The stock has a market capitalization of $59.24 billion, a P/E ratio of 12.50, a PEG ratio of 1.08 and a beta of 0.92. Truist Financial Corporation has a fifty-two week low of $43.13 and a fifty-two week high of $56.19.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings data on Friday, October 16th. The insurance provider reported $1.16 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.17 by ($0.01). Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. The business had revenue of $5.30 billion during the quarter, compared to analyst estimates of $5.35 billion. During the same period in the previous year, the business earned $1.04 earnings per share. The business's quarterly revenue was up 1.3% on a year-over-year basis. Sell-side analysts forecast that Truist Financial Corporation will post 4.66 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $2.08 annualized dividend and a yield of 4.3%. Truist Financial's dividend payout ratio (DPR) is currently 53.61%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on TFC shares. Bank of America reaffirmed a "neutral" rating and set a $56.00 price target (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. UBS Group decreased their target price on shares of Truist Financial from $55.00 to $50.00 and set a "neutral" rating for the company in a research note on Monday, October 5th. Stephens lowered their target price on shares of Truist Financial from $55.00 to $54.00 and set an "overweight" rating on the stock in a report on Tuesday. HSBC started coverage on shares of Truist Financial in a research report on Monday, September 28th. They set a "buy" rating and a $61.00 price target on the stock. Finally, Wells Fargo & Company set a $52.00 price target on shares of Truist Financial in a research note on Thursday, October 8th. Seven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $53.87.

Insider Buying and Selling at Truist Financial

In other news, insider Dontá Wilson sold 13,280 shares of the stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $51.85, for a total value of $688,568.00. Following the transaction, the insider directly owned 56,009 shares of the company's stock, valued at $2,904,066.65. This represents a 19.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael P. Lyons bought 21,000 shares of the business's stock in a transaction dated Thursday, September 17th. The shares were bought at an average price of $48.36 per share, with a total value of $1,015,560.00. Following the purchase, the chief executive officer owned 21,000 shares in the company, valued at $1,015,560. The trade was a ∞ increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 0.15% of the company's stock.

Truist Financial Company Profile

Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.

Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.

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