Dakota Wealth Management Cuts Position in Truist Financial Corporation $TFC

Key Points

• Dakota Wealth Management significantly reduced its position in Truist Financial Corporation by 51.9%, holding 64,125 shares valued at approximately $2.76 million after selling 69,200 shares in the second quarter.
• Truist Financial reported earnings of $0.91 per share, missing the analysts' expectations, with revenue maintaining a consistent figure compared to last year despite a massive year-over-year revenue decrease.
• The company declared a quarterly dividend of $0.52 per share, representing an annual yield of 4.5% and a payout ratio of 56.68%.

Dakota Wealth Management decreased its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 51.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 64,125 shares of the insurance provider's stock after selling 69,200 shares during the quarter. Dakota Wealth Management's holdings in Truist Financial were worth $2,757,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Castleview Partners LLC grew its holdings in shares of Truist Financial by 7.0% in the second quarter. Castleview Partners LLC now owns 6,066 shares of the insurance provider's stock valued at $261,000 after purchasing an additional 399 shares in the last quarter. First City Capital Management Inc. raised its stake in Truist Financial by 9.3% during the second quarter. First City Capital Management Inc. now owns 14,346 shares of the insurance provider's stock valued at $617,000 after purchasing an additional 1,224 shares in the last quarter. Foster Victor Wealth Advisors LLC lifted its position in Truist Financial by 0.4% during the second quarter. Foster Victor Wealth Advisors LLC now owns 62,087 shares of the insurance provider's stock valued at $2,804,000 after purchasing an additional 242 shares during the last quarter. Ballentine Partners LLC grew its stake in shares of Truist Financial by 8.5% in the 2nd quarter. Ballentine Partners LLC now owns 31,482 shares of the insurance provider's stock worth $1,353,000 after buying an additional 2,454 shares in the last quarter. Finally, BCS Wealth Management grew its stake in shares of Truist Financial by 3.3% in the 2nd quarter. BCS Wealth Management now owns 29,869 shares of the insurance provider's stock worth $1,284,000 after buying an additional 968 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Price Performance

TFC opened at $45.75 on Friday. The business has a fifty day moving average of $45.09 and a 200 day moving average of $41.85. The stock has a market cap of $58.99 billion, a P/E ratio of 12.47, a PEG ratio of 1.71 and a beta of 0.88. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last released its 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). The business had revenue of $5.04 billion during the quarter, compared to analysts' expectations of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The business's revenue for the quarter was down 406.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.91 EPS. As a group, sell-side analysts anticipate that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were issued a dividend of $0.52 per share. The ex-dividend date was Friday, August 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.5%. Truist Financial's dividend payout ratio (DPR) is presently 56.68%.

Analyst Upgrades and Downgrades

TFC has been the topic of several recent research reports. Keefe, Bruyette & Woods cut 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. Raymond James Financial upgraded Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price objective on the stock in a research report on Tuesday, July 8th. Morgan Stanley reaffirmed a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. Citigroup raised Truist Financial from a "neutral" rating to a "buy" rating and boosted their target price for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Finally, Wells Fargo & Company restated an "equal weight" rating and set a $47.00 price target on shares of Truist Financial in a report on Thursday, August 21st. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Truist Financial has a consensus rating of "Moderate Buy" and a consensus target price of $48.47.

Insider Transactions at Truist Financial

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the company's 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 transaction, the insider directly owned 500 shares in the company, valued at $22,595. This represents a 96.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.17% of the stock is currently owned by company insiders.

Truist Financial 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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