798,842 Truist Financial Corporation $TFC Shares Sold by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management cut its Truist Financial stake by 20.4%, selling 798,842 shares and retaining 3.12 million shares worth approximately $155.7 million. Institutional investors collectively own 71.28% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $55.12. BlackRock also initiated a roughly $4.96 billion position during the second quarter.
• Truist reported quarterly EPS of $1.23, exceeding expectations, while revenue rose 5.6% year over year to $5.31 billion. The company paid a $0.52 quarterly dividend, equivalent to a 4.4% annualized yield.

Envestnet Asset Management Inc. lowered its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 20.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,124,345 shares of the insurance provider's stock after selling 798,842 shares during the quarter. Envestnet Asset Management Inc. owned about 0.26% of Truist Financial worth $155,655,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in Truist Financial in the 2nd quarter worth approximately $4,959,834,000. Nykredit A S acquired a new stake in shares of Truist Financial in the 2nd quarter valued at $13,756,000. Fifth Third Bancorp boosted its holdings 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 in the last quarter. Franklin Street Advisors Inc. NC raised its holdings in Truist Financial by 129.1% during the second quarter. Franklin Street Advisors Inc. NC now owns 37,253 shares of the insurance provider's stock valued at $1,856,000 after buying an additional 20,991 shares in the last quarter. Finally, Saudi Central Bank lifted its position in shares of Truist Financial by 84.0% in the second quarter. Saudi Central Bank now owns 86,872 shares of the insurance provider's stock worth $4,328,000 after buying an additional 39,654 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Stephens lowered their price target on Truist Financial from $59.00 to $57.00 and set an "overweight" rating on the stock in a report on Tuesday, July 21st. JPMorgan Chase & Co. increased their target price on Truist Financial from $53.00 to $54.00 and gave the company an "underweight" rating in a research note on Wednesday, July 29th. Citigroup lowered Truist Financial from a "buy" rating to a "neutral" rating and lowered their target price for the company from $63.00 to $54.00 in a report on Tuesday, June 30th. Morgan Stanley reaffirmed an "equal weight" rating and issued a $54.00 price target (down from $62.00) on shares of Truist Financial in a research report on Monday, July 6th. Finally, Raymond James Financial reissued a "market perform" rating on shares of Truist Financial in a research report on Wednesday, July 1st. Seven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $55.12.

Insiders Place Their Bets

In related news, CEO Michael P. Lyons purchased 21,000 shares of Truist Financial stock in a transaction that occurred on Thursday, September 17th. The shares were acquired at an average price of $48.36 per share, for a total transaction of $1,015,560.00. Following the transaction, the chief executive officer directly owned 21,000 shares in the company, valued at approximately $1,015,560. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the firm's stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $52.36, for a total transaction of $693,770.00. The SEC filing for this sale provides additional information. Insiders have sold 30,516 shares of company stock valued at $1,584,428 in the last 90 days. Insiders own 0.15% of the company's stock.

Truist Financial Stock Performance

Truist Financial stock opened at $47.62 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a fifty day moving average price of $50.89 and a two-hundred day moving average price of $49.46. 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 $58.18 billion, a P/E ratio of 10.92, a P/E/G ratio of 0.98 and a beta of 0.88.

Truist Financial (NYSE:TFC - Get Free Report) last issued its earnings results 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 company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. During the same quarter in the previous year, the company earned $0.91 EPS. The firm's revenue for the quarter was up 5.6% compared to the same quarter last year. As a group, analysts anticipate that Truist Financial Corporation will post 4.62 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend was Friday, August 14th. Truist Financial's payout ratio is presently 47.71%.

Truist Financial Company Profile

Truist Financial Corporation NYSE: TFC is a financial services company formed through the 2019 merger of BB&T Corporation and SunTrust Banks. Headquartered in Charlotte, North Carolina, Truist operates as a major commercial bank serving consumers, businesses, and institutions primarily across the United States.

Through its consumer and business banking operations, Truist provides checking and savings accounts, credit cards, mortgages, home equity lending, personal loans, commercial lending, treasury management, and payment services.

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