Boston Common Asset Management LLC Sells 45,156 Shares of Truist Financial Corporation $TFC

Key Points

• Boston Common Asset Management LLC has reduced its holdings in Truist Financial Corporation by **20.5%**, selling **45,156 shares** and retaining **175,058 shares** worth approximately **$7.53 million**.
• Truist Financial reported earnings of **$0.91 per share**, missing analyst expectations by $0.02, with quarterly revenue remaining stable at **$5.04 billion** despite significant year-over-year revenue decline.
• The company announced a quarterly dividend of **$0.52**, translating to an annual yield of **4.6%**, with a payout ratio currently at **56.68%**.

Boston Common Asset Management LLC cut its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 20.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 175,058 shares of the insurance provider's stock after selling 45,156 shares during the quarter. Boston Common Asset Management LLC's holdings in Truist Financial were worth $7,526,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Foster Victor Wealth Advisors LLC boosted its stake in Truist Financial by 0.4% in the 2nd quarter. Foster Victor Wealth Advisors LLC now owns 62,087 shares of the insurance provider's stock worth $2,804,000 after purchasing an additional 242 shares during the period. Klingman & Associates LLC boosted its stake in Truist Financial by 2.2% in the 1st quarter. Klingman & Associates LLC now owns 11,756 shares of the insurance provider's stock worth $484,000 after purchasing an additional 248 shares during the period. Haverford Trust Co boosted its stake in Truist Financial by 3.5% in the 1st quarter. Haverford Trust Co now owns 7,751 shares of the insurance provider's stock worth $319,000 after purchasing an additional 262 shares during the period. Keystone Financial Group Inc. boosted its stake in Truist Financial by 1.3% in the 2nd quarter. Keystone Financial Group Inc. now owns 21,283 shares of the insurance provider's stock worth $942,000 after purchasing an additional 266 shares during the period. Finally, Manchester Capital Management LLC boosted its stake in Truist Financial by 8.0% in the 1st quarter. Manchester Capital Management LLC now owns 3,898 shares of the insurance provider's stock worth $160,000 after purchasing an additional 288 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Stock Performance

NYSE:TFC opened at $45.53 on Friday. The stock's fifty day moving average is $45.15 and its 200 day moving average is $42.08. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06. The firm has a market capitalization of $58.71 billion, a PE ratio of 12.41, a PEG ratio of 1.46 and a beta of 0.88. The company has a debt-to-equity ratio of 0.75, 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 18th. The insurance provider reported $0.91 earnings per share 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 for the quarter, compared to analysts' expectations of $5.04 billion. During the same quarter in the previous year, the company posted $0.91 EPS. The business's quarterly revenue was down 406.0% on a year-over-year basis. On average, sell-side analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a yield of 4.6%. Truist Financial's dividend payout ratio (DPR) is presently 56.68%.

Insiders Place Their Bets

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the sale, the insider owned 500 shares in the company, valued at $22,595. This trade represents a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.17% of the stock is currently owned by insiders.

Analysts Set New Price Targets

TFC has been the subject of several recent analyst reports. Wells Fargo & Company restated an "equal weight" rating and issued a $47.00 price target on shares of Truist Financial in a research note on Thursday, August 21st. Citigroup upgraded Truist Financial from a "neutral" rating to a "buy" rating and increased their target price for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Truist Financial in a research report on Saturday, September 27th. Keefe, Bruyette & Woods downgraded Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price for the company. in a research report on Wednesday, July 9th. Finally, Morgan Stanley increased their target price on Truist Financial from $48.00 to $54.00 and gave the company an "equal weight" rating in a research report on Monday, September 29th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $48.89.

About Truist Financial

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.

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