Ameriprise Financial Inc. Cuts Stock Position in Truist Financial Corporation $TFC

Key Points

• Ameriprise Financial Inc. has reduced its holdings in Truist Financial Corporation by 1.4%, selling 22,899 shares during the 1st quarter, leaving them with approximately 1.6 million shares valued at $65.36 million.
• Truist Financial posted quarterly earnings of $0.91 per share, missing analysts' estimates and reporting a 406% decrease in revenue year-over-year.
• The company announced a quarterly dividend of $0.52, translating to an annualized dividend of $2.08, indicating a dividend yield of 4.5%.

Ameriprise Financial Inc. lessened its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 1.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,588,104 shares of the insurance provider's stock after selling 22,899 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.12% of Truist Financial worth $65,359,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Norinchukin Bank The boosted its stake in Truist Financial by 14.9% during the 1st quarter. Norinchukin Bank The now owns 70,113 shares of the insurance provider's stock worth $2,885,000 after purchasing an additional 9,105 shares during the last quarter. CW Advisors LLC boosted its stake in Truist Financial by 8.9% during the 1st quarter. CW Advisors LLC now owns 45,779 shares of the insurance provider's stock worth $1,888,000 after purchasing an additional 3,748 shares during the last quarter. Rhino Investment Partners Inc boosted its stake in Truist Financial by 39.1% during the 1st quarter. Rhino Investment Partners Inc now owns 833,598 shares of the insurance provider's stock worth $34,303,000 after purchasing an additional 234,519 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Truist Financial by 0.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,738,239 shares of the insurance provider's stock worth $112,680,000 after purchasing an additional 16,869 shares during the last quarter. Finally, Candriam S.C.A. boosted its position in shares of Truist Financial by 15.8% during the 1st quarter. Candriam S.C.A. now owns 661,258 shares of the insurance provider's stock valued at $27,211,000 after acquiring an additional 90,314 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company's stock.

Truist Financial Trading Up 0.2%

NYSE TFC traded up $0.10 during trading hours on Friday, reaching $46.89. The company had a trading volume of 9,362,994 shares, compared to its average volume of 6,731,813. The stock has a 50-day moving average of $44.45 and a 200 day moving average of $41.74. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $60.46 billion, a P/E ratio of 12.78, a price-to-earnings-growth ratio of 1.75 and a beta of 0.87.

Truist Financial (NYSE:TFC - Get Free Report) last posted its 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). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The company had revenue of $5.04 billion during the quarter, compared to analyst estimates of $5.04 billion. During the same period in the previous year, the company earned $0.91 EPS. The company's quarterly revenue was down 406.0% compared to the same quarter last year. As a group, research analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, August 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.4%. Truist Financial's dividend payout ratio is 56.68%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on TFC shares. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and boosted their price target for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Keefe, Bruyette & Woods cut 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. TD Cowen started 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. Raymond James Financial raised 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. Finally, Wells Fargo & Company reissued an "equal weight" rating and set a $47.00 price target on shares of Truist Financial in a research report on Thursday, August 21st. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $48.47.

Insider Transactions at Truist Financial

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the business's stock in a transaction dated 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 in the company, valued at $22,595. This represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.17% of the stock is owned by company insiders.

Truist Financial Company 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.