Allstate Corp lessened its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 19.7% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 124,201 shares of the insurance provider's stock after selling 30,481 shares during the quarter. Allstate Corp's holdings in Truist Financial were worth $6,188,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also modified their holdings of TFC. Sanctuary Advisors LLC increased its holdings in shares of Truist Financial by 21.0% in the 2nd quarter. Sanctuary Advisors LLC now owns 295,323 shares of the insurance provider's stock valued at $14,713,000 after acquiring an additional 51,279 shares during the last quarter. Capital Square LLC boosted its holdings in shares of Truist Financial by 22.5% in the 2nd quarter. Capital Square LLC now owns 5,452 shares of the insurance provider's stock valued at $282,000 after buying an additional 1,002 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its position in shares of Truist Financial by 4.0% in the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,456 shares of the insurance provider's stock valued at $272,000 after buying an additional 211 shares during the last quarter. Compass Financial Management LLC purchased a new position in shares of Truist Financial in the 2nd quarter valued at $606,000. Finally, Quantbot Technologies LP purchased a new position in shares of Truist Financial during the second quarter worth about $5,383,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.
Truist Financial Price Performance
Shares of NYSE TFC opened at $50.48 on Monday. The firm has a market capitalization of $61.67 billion, a P/E ratio of 11.58, a PEG ratio of 1.06 and a beta of 0.89. Truist Financial Corporation has a one year low of $40.78 and a one year high of $56.19. The company's fifty day moving average is $51.26 and its two-hundred day moving average is $49.80. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86.
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. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The firm 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 firm earned $0.91 earnings per share. The firm's revenue was up 5.6% on a year-over-year basis. Analysts forecast that Truist Financial Corporation will post 4.58 EPS for the current fiscal year.
Truist Financial Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given a $0.52 dividend. The ex-dividend date is Friday, August 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. Truist Financial's payout ratio is currently 47.71%.
Insiders Place Their Bets
In related news, Director K. David Jr. Boyer sold 3,986 shares of Truist Financial stock in a transaction dated 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 owned 10,270 shares in the company, valued at approximately $520,689. This trade represents a 27.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $52.36, for a total transaction of $693,770.00. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 30,516 shares of company stock worth $1,584,428. Insiders own 0.15% of the company's stock.
Wall Street Analyst Weigh In
Several equities research analysts have recently weighed in on TFC shares. JPMorgan Chase & Co. increased their price objective on Truist Financial from $53.00 to $54.00 and gave the company an "underweight" rating in a report on Wednesday, July 29th. Citigroup cut shares of Truist Financial from a "buy" rating to a "neutral" rating and cut their target price for the company from $63.00 to $54.00 in a report on Tuesday, June 30th. Bank of America reiterated a "neutral" rating and set a $56.00 price target (up from $54.00) on shares of Truist Financial in a research note on Wednesday, July 8th. Evercore reissued an "outperform" rating and set a $57.00 price objective on shares of Truist Financial in a research report on Monday, July 6th. Finally, UBS Group lowered shares of Truist Financial from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $58.00 to $55.00 in a research note on Tuesday, July 7th. Seven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Truist Financial has a consensus rating of "Hold" and a consensus target price of $55.12.
View Our Latest Stock Report on TFC
Truist Financial Company Profile
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Free Report)
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.
Further Reading
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