Baugh & Associates LLC Sells 5,961 Shares of Truist Financial Corporation $TFC

Key Points

• Baugh & Associates LLC reduced its stake in Truist Financial Corporation by 4.4%, selling 5,961 shares, leaving it with 129,066 shares worth approximately $5.14 million.
• Truist Financial reported quarterly earnings with an EPS of $0.91, missing estimates by $0.02, and a revenue of $5.04 billion, aligning with analyst expectations.
• The company announced a quarterly dividend of $0.52, translating to an annualized dividend of $2.08 and a yield of 4.5%.

Baugh & Associates LLC lessened its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 4.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 129,066 shares of the insurance provider's stock after selling 5,961 shares during the quarter. Truist Financial makes up 2.7% of Baugh & Associates LLC's portfolio, making the stock its 14th biggest position. Baugh & Associates LLC's holdings in Truist Financial were worth $5,139,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Brighton Jones LLC increased its holdings in 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 buying an additional 14,093 shares during the period. Woodline Partners LP bought a new position in shares of Truist Financial in the 4th quarter worth about $3,458,000. Vise Technologies Inc. raised its holdings in Truist Financial by 31.0% during the 4th quarter. Vise Technologies Inc. now owns 12,884 shares of the insurance provider's stock worth $559,000 after buying an additional 3,050 shares during the period. Pinney & Scofield Inc. acquired a new stake in shares of Truist Financial in the fourth quarter worth $57,000. Finally, Toronto Dominion Bank boosted its holdings in shares of Truist Financial by 0.9% in the 4th quarter. Toronto Dominion Bank now owns 671,437 shares of the insurance provider's stock worth $29,127,000 after acquiring an additional 6,224 shares in the last quarter. Institutional investors own 71.28% of the company's stock.

Wall Street Analysts Forecast Growth

TFC has been the topic of several analyst reports. Raymond James Financial upgraded Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price objective for the company in a report on Tuesday, July 8th. Wells Fargo & Company restated an "equal weight" rating and set a $47.00 price objective on shares of Truist Financial in a research note on Thursday, August 21st. Morgan Stanley reaffirmed a "mixed" rating on shares of Truist Financial in a report on Monday, July 21st. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Finally, Keefe, Bruyette & Woods downgraded shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price on the stock. in a research report on Wednesday, July 9th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Truist Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.47.

Truist Financial Stock Performance

TFC traded down $0.11 during trading hours on Friday, hitting $45.97. 19,223,350 shares of the stock were exchanged, compared to its average volume of 8,177,447. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $49.06. The stock has a 50-day simple moving average of $45.02 and a 200-day simple moving average of $41.73. The stock has a market cap of $59.28 billion, a price-to-earnings ratio of 12.53, a price-to-earnings-growth ratio of 1.71 and a beta of 0.88. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing the consensus estimate 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 the consensus estimate of $5.04 billion. During the same period in the prior year, the firm posted $0.91 earnings per share. The company's revenue was down 406.0% compared to the same quarter last year. Analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were paid a $0.52 dividend. The ex-dividend date was Friday, August 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.5%. Truist Financial's payout ratio is 56.68%.

Insiders Place Their Bets

In other news, insider Bradley D. Bender sold 12,540 shares of the company's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the sale, the insider owned 500 shares of the company's stock, valued at $22,595. This represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.14% of the company's stock.

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.