Corient Private Wealth LP Has $9.51 Million Stake in Truist Financial Corporation $TFC

Key Points

• Corient Private Wealth reduced its Truist Financial stake by 17.4% in the second quarter, selling 40,104 shares and retaining 190,797 shares valued at approximately $9.51 million. Institutional investors collectively own 71.28% of the company.
• Analyst sentiment remains mixed, with Truist holding a consensus “Hold” rating and an average price target of $55.12. Recent target changes included cuts from Citigroup and Morgan Stanley, while Evercore maintained an outperform rating.
• Truist reported quarterly EPS of $1.23, exceeding the $1.08 consensus estimate, while revenue rose 5.6% year over year to $5.31 billion. The company also paid a quarterly dividend of $0.52 per share, representing an annualized yield of about 4.3%.

Corient Private Wealth LP lowered its position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 17.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 190,797 shares of the insurance provider's stock after selling 40,104 shares during the quarter. Corient Private Wealth LP's holdings in Truist Financial were worth $9,505,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Capital International Investors grew its stake in Truist Financial by 0.7% in the fourth quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider's stock valued at $5,332,835,000 after acquiring an additional 715,433 shares during the period. BlackRock Inc. purchased a new stake in Truist Financial in the 2nd quarter valued at about $4,959,834,000. Victory Capital Management Inc. lifted its holdings in Truist Financial by 7.5% during the fourth quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider's stock worth $1,572,968,000 after acquiring an additional 2,226,288 shares during the period. Auto Owners Insurance Co raised its stake in shares of Truist Financial by 4,821.0% during the 4th quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider's stock worth $697,428,000 after purchasing an additional 13,884,480 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Truist Financial by 7.5% in the first quarter. Bank of New York Mellon Corp now owns 11,289,721 shares of the insurance provider's stock worth $518,988,000 after acquiring an additional 789,179 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TFC has been the topic of a number of recent research reports. Citigroup cut Truist Financial from a "buy" rating to a "neutral" rating and dropped their price target for the company from $63.00 to $54.00 in a research report on Tuesday, June 30th. Evercore reissued an "outperform" rating and issued a $57.00 price target on shares of Truist Financial in a report on Monday, July 6th. Bank of America reissued a "neutral" rating and set a $56.00 price objective (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Morgan Stanley reissued an "equal weight" rating and issued a $54.00 target price (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. Finally, Wall Street Zen raised shares of Truist Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Seven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $55.12.

Insider Activity at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $52.36, for a total value of $693,770.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Dontá Wilson sold 13,280 shares of the business's stock in a transaction 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 transaction, the insider owned 56,009 shares of the company's stock, valued at $2,904,066.65. This represents a 19.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 30,516 shares of company stock valued at $1,584,428 in the last 90 days. Corporate insiders own 0.15% of the company's stock.

Truist Financial Trading Down 3.9%

Shares of TFC opened at $48.50 on Thursday. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19. The firm's 50-day moving average price is $51.48 and its 200-day moving average price is $49.50. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $59.25 billion, a price-to-earnings ratio of 11.12, a PEG ratio of 1.06 and a beta of 0.88.

Truist Financial (NYSE:TFC - Get Free Report) last announced its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.15. The firm 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 business's revenue was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.91 EPS. Sell-side analysts anticipate that Truist Financial Corporation will post 4.58 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.3%. Truist Financial's dividend payout ratio (DPR) is currently 47.71%.

About Truist Financial

Truist Financial Corporation NYSE: TFC is a financial services company formed through the 2019 merger of BB&T Corporation and SunTrust Banks. Headquartered in Charlotte, North Carolina, Truist operates as a major commercial bank serving consumers, businesses, and institutions primarily across the United States.

Through its consumer and business banking operations, Truist provides checking and savings accounts, credit cards, mortgages, home equity lending, personal loans, commercial lending, treasury management, and payment services.

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