Bank of Nova Scotia reduced its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 19.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 336,801 shares of the insurance provider's stock after selling 79,273 shares during the quarter. Bank of Nova Scotia's holdings in Truist Financial were worth $16,779,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Brighton Jones LLC raised its holdings in shares of Truist Financial by 148.5% in the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider's stock worth $1,023,000 after purchasing an additional 14,093 shares during the period. Woodline Partners LP increased its position in Truist Financial by 39.5% in the first quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider's stock worth $4,575,000 after buying an additional 31,454 shares during the last quarter. Sivia Capital Partners LLC purchased a new stake in Truist Financial in the second quarter worth $575,000. AXA S.A. raised its stake in shares of Truist Financial by 23.1% in the second quarter. AXA S.A. now owns 26,192 shares of the insurance provider's stock valued at $1,126,000 after buying an additional 4,921 shares during the period. Finally, Main Street Financial Solutions LLC lifted its position in shares of Truist Financial by 20.1% during the 2nd quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider's stock valued at $292,000 after buying an additional 1,134 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.
Insider Buying and Selling
In related news, Director K. David Jr. Boyer sold 3,986 shares of Truist Financial stock in a transaction on 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 of the company's stock, valued at approximately $520,689. This trade represents a 27.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Donta L. Wilson sold 13,280 shares of the business's stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $51.85, for a total value of $688,568.00. Following the transaction, the insider owned 56,009 shares of the company's stock, valued at approximately $2,904,066.65. The trade was a 19.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 30,516 shares of company stock worth $1,584,428. Corporate insiders own 0.15% of the company's stock.
Truist Financial Stock Up 0.8%
Shares of NYSE TFC opened at $50.81 on Tuesday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73. The company has a market cap of $62.07 billion, a P/E ratio of 11.65, a P/E/G ratio of 1.06 and a beta of 0.89. Truist Financial Corporation has a 52 week low of $40.78 and a 52 week high of $56.19. The business has a 50-day simple moving average of $51.31 and a two-hundred day simple moving average of $49.78.
Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The company's revenue for the quarter was up 5.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.91 earnings per share. Research analysts anticipate that Truist Financial Corporation will post 4.58 earnings per share 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. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date is Friday, August 14th. Truist Financial's dividend payout ratio (DPR) is 47.71%.
Analysts Set New Price Targets
Several research firms have recently weighed in on TFC. Keefe, Bruyette & Woods increased their price target on Truist Financial from $53.00 to $55.00 and gave the stock a "market perform" rating in a research note on Monday, July 20th. Wall Street Zen raised shares of Truist Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. JPMorgan Chase & Co. increased their target price on shares of Truist Financial from $53.00 to $54.00 and gave the stock an "underweight" rating in a research report on Wednesday, July 29th. Bank of America reiterated a "neutral" rating and issued a $56.00 target price (up from $54.00) on shares of Truist Financial in a research note on Wednesday, July 8th. Finally, UBS Group lowered shares of 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. Seven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $55.12.
Get Our Latest Analysis on Truist Financial
Truist Financial Profile
(
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.
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