Advisors Asset Management Inc. Cuts Holdings in Truist Financial Corporation $TFC

Key Points

• Advisors Asset Management Inc. reduced its stake in Truist Financial Corporation by 18.1% during the first quarter, resulting in ownership of 72,997 shares valued at approximately $3,004,000.
• Truist Financial reported $0.91 earnings per share, missing the consensus estimate of $0.93, while its revenue remained at $5.04 billion.
• The company recently paid a quarterly dividend of $0.52 per share, indicating a 4.5% yield and a payout ratio of approximately 56.68%.

Advisors Asset Management Inc. trimmed its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 18.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 72,997 shares of the insurance provider's stock after selling 16,159 shares during the period. Advisors Asset Management Inc.'s holdings in Truist Financial were worth $3,004,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. Wealth Preservation Advisors LLC bought a new stake in shares of Truist Financial in the 1st quarter valued at about $25,000. Centennial Bank AR raised its holdings in Truist Financial by 360.2% in the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock valued at $30,000 after acquiring an additional 580 shares during the period. Motco increased its holdings in shares of Truist Financial by 435.6% during the first quarter. Motco now owns 798 shares of the insurance provider's stock worth $33,000 after purchasing an additional 649 shares during the period. Meeder Asset Management Inc. increased its holdings in shares of Truist Financial by 115.3% during the first quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider's stock worth $36,000 after purchasing an additional 468 shares during the period. Finally, Sierra Ocean LLC increased its holdings in shares of Truist Financial by 64.4% during the first quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock worth $37,000 after purchasing an additional 352 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and raised their target price for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. Raymond James Financial upgraded shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price target on the stock in a research report on Tuesday, July 8th. TD Cowen began coverage on shares of Truist Financial in a research report on Thursday, May 15th. They set a "hold" rating and a $44.00 price target on the stock. Keefe, Bruyette & Woods lowered shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price target on the stock. in a research report on Wednesday, July 9th. Finally, Morgan Stanley reiterated a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $48.47.

Insiders Place Their Bets

In related news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the completion of the transaction, the insider owned 500 shares of the company's stock, valued at $22,595. This trade represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.17% of the stock is owned by corporate insiders.

Truist Financial Trading Up 0.3%

Shares of NYSE:TFC traded up $0.13 during mid-day trading on Thursday, reaching $45.25. 3,797,399 shares of the company's stock were exchanged, compared to its average volume of 8,443,826. The firm has a market capitalization of $58.35 billion, a price-to-earnings ratio of 12.31, a PEG ratio of 1.69 and a beta of 0.88. The business's fifty day moving average price is $45.02 and its 200-day moving average price is $41.75. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). The business had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.Truist Financial's revenue for the quarter was down 406.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.91 EPS. On average, research analysts predict that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial's dividend payout ratio (DPR) is currently 56.68%.

About Truist Financial

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.