Congress Asset Management Co. Has $810,000 Holdings in Truist Financial Corporation $TFC

Key Points

• Congress Asset Management Co. reduced its stake in Truist Financial Corporation by 35.7%, holding 18,848 shares valued at $810,000 after selling 10,455 shares.
• Insider Bradley D. Bender sold 12,540 shares of Truist Financial, representing a 96.17% decrease in his ownership, for a total of $566,682.60.
• Truist Financial increased its quarterly dividend to $0.52, resulting in a 4.5% yield for shareholders.

Congress Asset Management Co. cut its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 35.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,848 shares of the insurance provider's stock after selling 10,455 shares during the quarter. Congress Asset Management Co.'s holdings in Truist Financial were worth $810,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of TFC. Wealth Preservation Advisors LLC bought a new position in Truist Financial during the first quarter worth $25,000. Centennial Bank AR boosted its stake in Truist Financial by 360.2% during the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock worth $30,000 after acquiring an additional 580 shares in the last quarter. Motco boosted its stake in Truist Financial by 435.6% during the first quarter. Motco now owns 798 shares of the insurance provider's stock worth $33,000 after acquiring an additional 649 shares in the last quarter. Meeder Asset Management Inc. boosted its stake in Truist Financial by 115.3% during the first quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider's stock worth $36,000 after acquiring an additional 468 shares in the last quarter. Finally, Sierra Ocean LLC boosted its stake in Truist Financial by 64.4% during the first quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock worth $37,000 after acquiring an additional 352 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the sale, the insider owned 500 shares of the company's stock, valued at approximately $22,595. The trade was a 96.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.17% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on TFC. Wells Fargo & Company reissued an "equal weight" rating and set a $47.00 target price on shares of Truist Financial in a research note on Thursday, August 21st. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and increased their target price for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Morgan Stanley reaffirmed a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. Keefe, Bruyette & Woods lowered shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective on the stock. in a research note on Wednesday, July 9th. Finally, Raymond James Financial raised shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price objective on the stock in a research note on Tuesday, July 8th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Truist Financial currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.47.

Truist Financial Stock Up 0.7%

TFC opened at $46.06 on Friday. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. The company's 50-day moving average is $45.12 and its 200 day moving average is $41.91. 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 $59.39 billion, a P/E ratio of 12.55, a PEG ratio of 1.48 and a beta of 0.88.

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 analysts' consensus estimates of $0.93 by ($0.02). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The firm had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $5.04 billion. During the same period in the previous year, the business earned $0.91 earnings per share. The firm's revenue for the quarter was down 406.0% on a year-over-year basis. Research analysts expect that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

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

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.

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