35,324 Shares in Truist Financial Corporation $TFC Bought by AMG National Trust Bank

Key Points

• AMG National Trust Bank acquired 35,324 Truist Financial shares worth approximately $1.76 million during the second quarter. Institutional investors and hedge funds collectively own 71.28% of TFC.
• Truist reported quarterly EPS of $1.23, exceeding estimates by $0.15, while revenue rose 5.6% year over year to $5.31 billion. The company also declared a quarterly dividend of $0.52 per share, equivalent to a 3.9% annual yield.
• Analysts maintain a consensus “Hold” rating with a $54.67 price target; TFC recently traded at $53.08. Company insiders sold 30,516 shares worth about $1.58 million over the past three months.

AMG National Trust Bank acquired a new stake in Truist Financial Corporation (NYSE:TFC - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm acquired 35,324 shares of the insurance provider's stock, valued at approximately $1,760,000.

Several other institutional investors also recently bought and sold shares of TFC. Kemnay Advisory Services Inc. acquired a new stake in shares of Truist Financial in the 4th quarter worth $25,000. Swiss RE Ltd. purchased a new stake in shares of Truist Financial in the fourth quarter valued at about $26,000. N.E.W. Advisory Services LLC acquired a new position in shares of Truist Financial during the second quarter worth about $30,000. McMillan Office Inc. acquired a new position in shares of Truist Financial during the fourth quarter worth about $31,000. Finally, Mowery & Schoenfeld Wealth Management LLC raised its holdings in Truist Financial by 190.7% during the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider's stock worth $32,000 after purchasing an additional 431 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO William H. Rogers, Jr. sold 13,250 shares of the firm'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 value of $693,770.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director K. David Jr. Boyer sold 3,986 shares of Truist Financial stock in a transaction that occurred 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 transaction, the director directly owned 10,270 shares in the company, valued at approximately $520,689. This trade represents a 27.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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.

Truist Financial Stock Down 0.0%

Shares of TFC opened at $53.08 on Monday. Truist Financial Corporation has a fifty-two week low of $40.78 and a fifty-two week high of $56.19. The company's fifty day moving average is $51.13 and its two-hundred day moving average is $49.80. The firm has a market cap of $64.84 billion, a PE ratio of 12.17, a price-to-earnings-growth ratio of 1.12 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 - Get Free Report) last released its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, topping analysts' consensus estimates of $1.08 by $0.15. The business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The business's revenue for the quarter was up 5.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.91 EPS. Analysts forecast that Truist Financial Corporation will post 4.58 earnings per share for the current year.

Truist Financial Announces Dividend

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 paid a dividend of $0.52 per share. The ex-dividend date is Friday, August 14th. This represents a $2.08 annualized dividend and a yield of 3.9%. Truist Financial's dividend payout ratio is currently 47.71%.

Analyst Ratings Changes

A number of brokerages recently commented on TFC. Royal Bank Of Canada raised their price objective on shares of Truist Financial from $51.00 to $53.00 and gave the company an "outperform" rating in a research report on Monday, April 20th. UBS Group cut Truist Financial from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $58.00 to $55.00 in a research report on Tuesday, July 7th. Wall Street Zen raised Truist Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Keefe, Bruyette & Woods raised their price target on Truist Financial from $53.00 to $55.00 and gave the company a "market perform" rating in a report on Monday, July 20th. Finally, Raymond James Financial reissued a "market perform" rating on shares of Truist Financial in a report on Wednesday, July 1st. Seven research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $54.67.

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.

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