Brookstone Capital Management Sells 208,459 Shares of Truist Financial Corporation $TFC

Key Points

• Brookstone Capital Management cut its Truist Financial stake by 68.3% in the second quarter, selling 208,459 shares and retaining 96,656 shares valued at approximately $4.8 million. Institutional investors collectively own 71.28% of Truist’s stock.
• Truist reported quarterly earnings of $1.23 per share, beating estimates of $1.08, while revenue rose 5.6% year over year to $5.31 billion. Analysts expect full-year EPS of $4.59.
• Truist declared a quarterly dividend of $0.52 per share, equivalent to a 3.9% yield, while analysts maintain a consensus “Hold” rating and an average price target of $54.67.

Brookstone Capital Management lessened its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 68.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 96,656 shares of the insurance provider's stock after selling 208,459 shares during the period. Brookstone Capital Management's holdings in Truist Financial were worth $4,815,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Brighton Jones LLC grew its position 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 buying an additional 14,093 shares during the last quarter. Woodline Partners LP raised its holdings in shares of Truist Financial by 39.5% during the first quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider's stock valued at $4,575,000 after acquiring an additional 31,454 shares in the last quarter. Sivia Capital Partners LLC bought a new position in shares of Truist Financial during the second quarter valued at approximately $575,000. AXA S.A. lifted its stake in Truist Financial by 23.1% in the second quarter. AXA S.A. now owns 26,192 shares of the insurance provider's stock worth $1,126,000 after acquiring an additional 4,921 shares during the period. Finally, Main Street Financial Solutions LLC lifted its stake in Truist Financial by 20.1% in the second quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider's stock worth $292,000 after acquiring an additional 1,134 shares during the period. Institutional investors own 71.28% of the company's stock.

Truist Financial Price Performance

Shares of TFC stock opened at $52.67 on Thursday. The stock has a market cap of $64.34 billion, a price-to-earnings ratio of 12.08, a PEG ratio of 0.95 and a beta of 0.89. The business's fifty day moving average is $50.98 and its 200 day moving average is $49.75. Truist Financial Corporation has a twelve month low of $40.78 and a twelve month high of $56.19. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, beating the consensus estimate of $1.08 by $0.15. The business had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The company's revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.91 earnings per share. Research analysts expect that Truist Financial Corporation will post 4.59 EPS 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 paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.08 annualized dividend and a yield of 3.9%. Truist Financial's payout ratio is presently 47.71%.

Insider Buying and Selling

In other news, Director K. David Jr. Boyer sold 3,986 shares of Truist Financial stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total transaction of $202,090.20. Following the completion of the transaction, the director directly owned 10,270 shares in the company, valued at approximately $520,689. This trade represents 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 accessible through the SEC website. Also, insider Donta L. Wilson sold 13,280 shares of the business'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 value of $688,568.00. Following the completion of the sale, the insider directly owned 56,009 shares in the company, valued at approximately $2,904,066.65. This represents a 19.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 30,516 shares of company stock valued at $1,584,428 over the last quarter. Corporate insiders own 0.15% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TFC. Wall Street Zen upgraded shares of Truist Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. JPMorgan Chase & Co. raised 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. Morgan Stanley reaffirmed an "equal weight" rating and set a $54.00 target price (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. Bank of America reiterated a "neutral" rating and set a $56.00 price target (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Finally, Raymond James Financial reissued a "market perform" rating on shares of Truist Financial in a research note on Wednesday, July 1st. Seven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $54.67.

Truist Financial Company Profile

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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