DAVENPORT & Co LLC Cuts Stock Position in Truist Financial Corporation $TFC

Key Points

• Davenport & Co. LLC reduced its Truist Financial stake by 6.7% in the second quarter, selling 34,632 shares and retaining 481,587 shares valued at approximately $24 million. Institutional investors collectively own 71.28% of the company.
• Analyst sentiment is mixed, with seven Buy, nine Hold and two Sell ratings; Truist has a consensus rating of Hold and an average price target of $54.67.
• 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. The company also announced a quarterly dividend of $0.52 per share, representing a 3.9% annualized yield.

DAVENPORT & Co LLC decreased its position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 6.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 481,587 shares of the insurance provider's stock after selling 34,632 shares during the period. DAVENPORT & Co LLC's holdings in Truist Financial were worth $23,997,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC grew its holdings in shares of Truist Financial by 148.5% in the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider's stock valued at $1,023,000 after purchasing an additional 14,093 shares in the last quarter. Woodline Partners LP lifted its holdings in Truist Financial by 39.5% during the 1st quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider's stock worth $4,575,000 after buying an additional 31,454 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in Truist Financial in the 2nd quarter valued at approximately $575,000. AXA S.A. boosted its position in Truist Financial by 23.1% in the 2nd quarter. AXA S.A. now owns 26,192 shares of the insurance provider's stock valued at $1,126,000 after buying an additional 4,921 shares during the period. Finally, Main Street Financial Solutions LLC grew its stake in shares of 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 in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on TFC. JPMorgan Chase & Co. lifted their target price on Truist Financial from $53.00 to $54.00 and gave the company an "underweight" rating in a report on Wednesday, July 29th. Citigroup cut Truist Financial from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $63.00 to $54.00 in a research note on Tuesday, June 30th. Evercore restated an "outperform" rating and set a $57.00 target price on shares of Truist Financial in a research note on Monday, July 6th. Robert W. Baird raised their target price on shares of Truist Financial from $55.00 to $56.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Finally, Jefferies Financial Group reiterated a "mixed" rating and issued a $45.00 price target on shares of Truist Financial in a research note on Friday, April 17th. Seven analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, Truist Financial has an average rating of "Hold" and a consensus target price of $54.67.

Truist Financial Price Performance

TFC stock opened at $52.67 on Thursday. The business has a 50 day moving average price of $50.98 and a 200 day moving average price of $49.75. 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. Truist Financial Corporation has a fifty-two week low of $40.78 and a fifty-two week 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 results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, beating the consensus estimate of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.24 billion. During the same period in the prior year, the firm posted $0.91 earnings per share. The firm's revenue was up 5.6% on a year-over-year basis. Equities research analysts anticipate that Truist Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial's dividend payout ratio (DPR) is 47.71%.

Insider Activity at Truist Financial

In related news, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial stock in a transaction on Monday, July 20th. The shares were sold at an average price of $52.36, for a total transaction of $693,770.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director K. David Jr. Boyer sold 3,986 shares of Truist Financial stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total transaction of $202,090.20. Following the sale, the director owned 10,270 shares in the company, valued at $520,689. This represents a 27.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 30,516 shares of company stock valued at $1,584,428 in the last ninety days. Insiders own 0.15% of the company's stock.

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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