Arcus Capital Partners LLC Decreases Stock Position in Truist Financial Corporation $TFC

Key Points

• Arcus Capital Partners cut its Truist Financial stake by 82% in the second quarter, selling 30,000 shares and retaining 6,603 shares valued at approximately $329,000.
• Analyst sentiment remains mixed, with seven Buy, eight Hold, and two Sell ratings; the consensus rating is Hold with a target price of $55.12.
• Truist reported quarterly EPS of $1.23, beating estimates of $1.08, while revenue rose 5.6% year over year to $5.31 billion. The company also maintains a quarterly dividend of $0.52, representing a 4.1% annualized yield.

Arcus Capital Partners LLC lessened its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 82.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,603 shares of the insurance provider's stock after selling 30,000 shares during the period. Arcus Capital Partners LLC's holdings in Truist Financial were worth $329,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of TFC. 3Chopt Investment Partners LLC raised its holdings in Truist Financial by 1.3% during the 4th quarter. 3Chopt Investment Partners LLC now owns 14,713 shares of the insurance provider's stock valued at $724,000 after buying an additional 193 shares during the last quarter. IFP Advisors Inc raised its stake in shares of Truist Financial by 2.4% during the fourth quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider's stock valued at $404,000 after acquiring an additional 194 shares during the last quarter. PCB Capital LLC boosted its holdings in shares of Truist Financial by 3.0% during the first quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider's stock worth $310,000 after purchasing an additional 198 shares during the period. AlphaCore Capital LLC boosted its holdings in shares of Truist Financial by 8.3% during the fourth quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider's stock worth $128,000 after purchasing an additional 199 shares during the period. Finally, CYBER HORNET ETFs LLC grew its stake in shares of Truist Financial by 5.5% in the fourth quarter. CYBER HORNET ETFs LLC now owns 3,820 shares of the insurance provider's stock worth $188,000 after purchasing an additional 199 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on TFC. UBS Group lowered Truist Financial from a "buy" rating to a "neutral" rating and lowered their price target for the company from $58.00 to $55.00 in a research report on Tuesday, July 7th. Evercore reiterated an "outperform" rating and issued a $57.00 price objective on shares of Truist Financial in a research report on Monday, July 6th. Robert W. Baird boosted their target price on Truist Financial from $55.00 to $56.00 and gave the company a "neutral" rating in a research note on Monday, July 20th. Weiss Ratings restated a "buy (b)" rating on shares of Truist Financial in a report on Wednesday, July 29th. Finally, Stephens dropped their price target on Truist Financial from $59.00 to $57.00 and set an "overweight" rating for the company in a research note on Tuesday, July 21st. Seven 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. According to MarketBeat, Truist Financial has a consensus rating of "Hold" and a consensus target price of $55.12.

Insider Activity at Truist Financial

In other Truist Financial news, Director K. Boyer, Jr. sold 3,986 shares of the firm's stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total transaction of $202,090.20. Following the completion of the transaction, the director owned 10,270 shares of the company's stock, valued at approximately $520,689. This trade represents a 27.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Dontá Wilson sold 13,280 shares of Truist Financial stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the transaction, the insider owned 56,009 shares of the company's stock, valued at $2,904,066.65. The trade was a 19.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 30,516 shares of company stock valued at $1,584,428 in the last three months. Company insiders own 0.15% of the company's stock.

Truist Financial Trading Down 2.1%

NYSE TFC opened at $50.58 on Wednesday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73. Truist Financial Corporation has a twelve month low of $40.78 and a twelve month high of $56.19. The firm has a market capitalization of $61.78 billion, a PE ratio of 11.60, a P/E/G ratio of 1.09 and a beta of 0.88. The stock's 50 day moving average is $51.58 and its 200 day moving average is $49.54.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.08 by $0.15. The business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The firm's quarterly revenue was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.91 earnings per share. Research analysts forecast that Truist Financial Corporation will post 4.58 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. The ex-dividend date was Friday, August 14th. Truist Financial's dividend payout ratio (DPR) is presently 47.71%.

Truist Financial Company Profile

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.

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