Bank of America Corp DE Has $1.84 Billion Stake in Truist Financial Corporation $TFC

Key Points

• Bank of America reduced its Truist Financial stake by 2.9% in the second quarter, selling 1.08 million shares but still holding 36.84 million shares valued at approximately $1.84 billion, or 3.02% of TFC.
• Institutional investors own 71.28% of Truist’s outstanding shares, while insiders own just 0.15%; several major investors, including BlackRock and Fifth Third Bancorp, increased or initiated positions.
• Truist reported quarterly EPS of $1.23, beating estimates of $1.08, with revenue up 5.6% year over year. Analysts maintain a consensus “Hold” rating with an average price target of $55.12, while the company’s quarterly dividend implies a 4.2% yield.

Bank of America Corp DE lessened its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 2.9% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 36,838,125 shares of the insurance provider's stock after selling 1,083,310 shares during the quarter. Bank of America Corp DE owned approximately 3.02% of Truist Financial worth $1,835,275,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. BlackRock Inc. bought a new position in Truist Financial during the second quarter worth $4,959,834,000. Fifth Third Bancorp increased its stake in Truist Financial by 531.8% in the first quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider's stock valued at $20,059,000 after purchasing an additional 367,291 shares in the last quarter. Franklin Street Advisors Inc. NC increased its stake in Truist Financial by 129.1% in the second quarter. Franklin Street Advisors Inc. NC now owns 37,253 shares of the insurance provider's stock valued at $1,856,000 after purchasing an additional 20,991 shares in the last quarter. First National Bank of Omaha acquired a new position in shares of Truist Financial during the second quarter valued at about $8,078,000. Finally, Axxcess Wealth Management LLC raised its holdings in shares of Truist Financial by 77.2% during the fourth quarter. Axxcess Wealth Management LLC now owns 158,394 shares of the insurance provider's stock valued at $7,795,000 after purchasing an additional 68,990 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Truist Financial

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

Analyst Ratings Changes

TFC has been the subject of several recent research reports. Wall Street Zen upgraded Truist Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Robert W. Baird increased their target price on Truist Financial from $55.00 to $56.00 and gave the stock a "neutral" rating in a report on Monday, July 20th. Stephens reduced their price target on shares of Truist Financial from $59.00 to $57.00 and set an "overweight" rating for the company in a research report on Tuesday, July 21st. JPMorgan Chase & Co. boosted their price target on shares of Truist Financial from $53.00 to $54.00 and gave the company an "underweight" rating in a research note on Wednesday, July 29th. Finally, Evercore reaffirmed an "outperform" rating and issued a $57.00 price target on shares of Truist Financial in a research report on Monday, July 6th. Seven equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $55.12.

Truist Financial Price Performance

TFC stock opened at $50.12 on Tuesday. The firm has a 50 day moving average of $51.52 and a 200-day moving average of $49.52. The firm has a market capitalization of $61.23 billion, a P/E ratio of 11.50, a price-to-earnings-growth ratio of 1.06 and a beta of 0.88. Truist Financial Corporation has a 12 month low of $40.78 and a 12 month high of $56.19. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73.

Truist Financial (NYSE:TFC - Get Free Report) last released its earnings results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, beating analysts' consensus estimates of $1.08 by $0.15. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The business had revenue of $5.31 billion for the quarter, compared to analysts' expectations of $5.24 billion. During the same quarter in the prior year, the firm earned $0.91 earnings per share. The firm's revenue was up 5.6% on a year-over-year basis. As a group, sell-side analysts predict that Truist Financial Corporation will post 4.58 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend was Friday, August 14th. Truist Financial's dividend payout ratio is 47.71%.

Truist Financial Profile

Truist Financial Corporation NYSE: TFC is a financial services company formed through the 2019 merger of BB&T Corporation and SunTrust Banks. Headquartered in Charlotte, North Carolina, Truist operates as a major commercial bank serving consumers, businesses, and institutions primarily across the United States.

Through its consumer and business banking operations, Truist provides checking and savings accounts, credit cards, mortgages, home equity lending, personal loans, commercial lending, treasury management, and payment services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.