Basswood Capital Management L.L.C. trimmed its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 60.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 76,311 shares of the insurance provider's stock after selling 116,120 shares during the period. Basswood Capital Management L.L.C.'s holdings in Truist Financial were worth $3,802,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also recently made changes to their positions in TFC. Kemnay Advisory Services Inc. purchased a new position in Truist Financial in the 4th quarter worth approximately $25,000. Swiss RE Ltd. purchased a new stake in Truist Financial during the 4th quarter valued at approximately $26,000. N.E.W. Advisory Services LLC bought a new stake in shares of Truist Financial during the second quarter valued at approximately $30,000. Navigoe LLC purchased a new position in shares of Truist Financial in the second quarter worth $30,000. Finally, McMillan Office Inc. purchased a new position in shares of Truist Financial in the fourth quarter worth $31,000. Institutional investors own 71.28% of the company's stock.
Analyst Upgrades and Downgrades
Several research firms recently weighed in on TFC. Stephens cut their target price on shares of Truist Financial from $59.00 to $57.00 and set an "overweight" rating for the company in a research note on Tuesday, July 21st. Bank of America reiterated a "neutral" rating and issued a $56.00 price target (up from $54.00) on shares of Truist Financial in a research note on Wednesday, July 8th. Keefe, Bruyette & Woods increased their price objective on shares of Truist Financial from $53.00 to $55.00 and gave the company a "market perform" rating in a report on Monday, July 20th. JPMorgan Chase & Co. raised their price objective on Truist Financial from $53.00 to $54.00 and gave the company an "underweight" rating in a research report on Wednesday, July 29th. Finally, Raymond James Financial reaffirmed a "market perform" rating on shares of Truist Financial in a report on Wednesday, July 1st. Seven analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $55.12.
Get Our Latest Report on TFC
Truist Financial Trading Up 0.7%
TFC stock opened at $50.66 on Thursday. The firm has a fifty day moving average price of $51.38 and a 200 day moving average price of $49.71. Truist Financial Corporation has a fifty-two week low of $40.78 and a fifty-two week high of $56.19. The firm has a market cap of $61.89 billion, a PE ratio of 11.62, a price-to-earnings-growth ratio of 1.06 and a beta of 0.89. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86.
Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. During the same quarter in the prior year, the firm earned $0.91 earnings per share. Truist Financial's revenue was up 5.6% on a year-over-year basis. Sell-side 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 announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Friday, August 14th. Truist Financial's dividend payout ratio is currently 47.71%.
Insider Activity
In other Truist Financial news, Director K. David Jr. Boyer sold 3,986 shares of the business's stock in a transaction that occurred 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 sale, the director directly owned 10,270 shares of the company's stock, valued at $520,689. The trade was a 27.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the company's stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $52.36, for a total value of $693,770.00. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 30,516 shares of company stock worth $1,584,428. 0.15% of the stock is currently owned by corporate insiders.
Truist Financial Company Profile
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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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