Cramer Rosenthal Mcglynn LLC Sells 35,003 Shares of Truist Financial Corporation $TFC

Key Points

• Cramer Rosenthal Mcglynn LLC has reduced its stake in Truist Financial Corporation by 8.0%, selling 35,003 shares and retaining 400,785 shares worth approximately $16.5 million.
• Truist Financial reported a net margin of 16.82% and missed earnings estimates with an EPS of $0.91 compared to the expected $0.93 for the most recent quarter.
• The company also announced a quarterly dividend of $0.52 per share, indicating a 4.5% dividend yield, with a payout ratio currently at 56.68%.

Cramer Rosenthal Mcglynn LLC trimmed its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 8.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 400,785 shares of the insurance provider's stock after selling 35,003 shares during the quarter. Cramer Rosenthal Mcglynn LLC's holdings in Truist Financial were worth $16,492,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Northern Trust Corp raised its holdings in shares of Truist Financial by 20.5% in the 4th quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider's stock valued at $626,154,000 after purchasing an additional 2,452,239 shares during the period. Invesco Ltd. raised its holdings in Truist Financial by 32.0% in the 1st quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider's stock valued at $540,723,000 after acquiring an additional 3,188,999 shares during the period. American Century Companies Inc. raised its holdings in Truist Financial by 21.8% in the 1st quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider's stock valued at $495,509,000 after acquiring an additional 2,158,639 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Truist Financial by 13.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,738,289 shares of the insurance provider's stock valued at $465,827,000 after acquiring an additional 1,307,252 shares during the period. Finally, Federated Hermes Inc. raised its holdings in Truist Financial by 0.9% in the 1st quarter. Federated Hermes Inc. now owns 9,511,639 shares of the insurance provider's stock valued at $391,404,000 after acquiring an additional 89,373 shares during the period. 71.28% of the stock is owned by institutional investors.

Insider Activity

In related news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the completion of the transaction, the insider owned 500 shares of the company's stock, valued at $22,595. This trade 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 the SEC website. Insiders own 0.17% of the company's stock.

Wall Street Analyst Weigh In

TFC has been the topic of several research analyst reports. Wells Fargo & Company reissued an "equal weight" rating and issued a $47.00 price target on shares of Truist Financial in a report on Thursday, August 21st. Morgan Stanley restated a "mixed" rating on shares of Truist Financial in a research report 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 target price on the stock. in a research report on Wednesday, July 9th. Citigroup upgraded 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 report on Thursday, June 26th. Finally, Wall Street Zen upgraded shares of Truist Financial from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $48.47.

Truist Financial Price Performance

Truist Financial stock traded up $0.10 during mid-day trading on Friday, reaching $46.89. The company had a trading volume of 9,362,779 shares, compared to its average volume of 8,497,416. The business has a fifty day simple moving average of $44.32 and a 200 day simple moving average of $41.78. The company has a market cap of $60.46 billion, a P/E ratio of 12.78, a P/E/G ratio of 1.74 and a beta of 0.87. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75.

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 (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.02). The business had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. Truist Financial's revenue was down 406.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.91 EPS. On average, equities research analysts predict 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 will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.4%. Truist Financial's dividend payout ratio (DPR) is presently 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.