AlphaQuest LLC Lowers Stock Position in Truist Financial Corporation $TFC

Key Points

• AlphaQuest LLC has reduced its holdings in Truist Financial Corporation ($TFC) by 51.5%, now owning 5,246 shares valued at $216,000.
• Truist Financial's stock is currently rated as a Moderate Buy with a consensus price target of $48.47, following varying assessments from several analysts.
• The company announced a quarterly dividend of $0.52 per share to be paid on September 2nd, reflecting an annual yield of 4.4%.

AlphaQuest LLC lessened its position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 51.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,246 shares of the insurance provider's stock after selling 5,578 shares during the quarter. AlphaQuest LLC's holdings in Truist Financial were worth $216,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Invesco Ltd. raised its stake in shares of Truist Financial by 32.0% during the 1st quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider's stock worth $540,723,000 after acquiring an additional 3,188,999 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Truist Financial by 21.8% during the 1st quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider's stock worth $495,509,000 after acquiring an additional 2,158,639 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Truist Financial by 13.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,738,289 shares of the insurance provider's stock worth $465,827,000 after acquiring an additional 1,307,252 shares in the last quarter. Federated Hermes Inc. raised its stake in shares of Truist Financial by 0.9% during the 1st quarter. Federated Hermes Inc. now owns 9,511,639 shares of the insurance provider's stock worth $391,404,000 after acquiring an additional 89,373 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Truist Financial by 5.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,030,898 shares of the insurance provider's stock valued at $330,408,000 after purchasing an additional 408,726 shares in the last quarter. Institutional investors own 71.28% of the company's stock.

Insider Transactions at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of the 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 sale, the insider directly owned 500 shares of the company's stock, valued at approximately $22,595. This represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.14% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on TFC. 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 note on Tuesday, July 8th. Wells Fargo & Company restated an "equal weight" rating and set a $47.00 price target on shares of Truist Financial in a research note on Thursday, August 21st. Morgan Stanley restated a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. Wall Street Zen upgraded shares of Truist Financial from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Finally, 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 note on Wednesday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $48.47.

Truist Financial Stock Performance

Shares of NYSE:TFC traded down $0.44 during midday trading on Tuesday, reaching $46.38. The company's stock had a trading volume of 6,963,022 shares, compared to its average volume of 8,488,217. The firm has a market capitalization of $59.81 billion, a PE ratio of 12.64, a P/E/G ratio of 1.75 and a beta of 0.88. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06. The stock has a fifty day moving average of $44.57 and a 200 day moving average of $41.71. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). The business had revenue of $5.04 billion during 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%.The firm's revenue was down 406.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.91 EPS. On average, equities analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th will be paid a $0.52 dividend. The ex-dividend date is Friday, August 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.5%. Truist Financial's dividend payout ratio is presently 56.68%.

Truist Financial Profile

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.