Equitable Trust Co. Sells 20,789 Shares of Truist Financial Corporation $TFC

Key Points

• Equitable Trust Co. reduced its Truist Financial stake by 17.9% in the first quarter, selling 20,789 shares and leaving it with 95,575 shares valued at about $4.39 million.
• Analyst sentiment is mostly cautious: Truist has an average “Hold” rating, with recent moves including Citigroup and UBS downgrading the stock to neutral, while Bank of America and Evercore maintained relatively positive views.
• Truist reported better-than-expected quarterly earnings of $1.09 per share on $5.20 billion in revenue, and the stock was trading up 3.2% at $51.29 with a 4.1% annualized dividend yield.

Equitable Trust Co. trimmed its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 17.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 95,575 shares of the insurance provider's stock after selling 20,789 shares during the period. Equitable Trust Co.'s holdings in Truist Financial were worth $4,394,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Kemnay Advisory Services Inc. acquired a new stake in shares of Truist Financial in the 4th quarter worth about $25,000. Swiss RE Ltd. bought a new stake in Truist Financial during the 4th quarter worth approximately $26,000. McMillan Office Inc. bought a new stake in Truist Financial during the 4th quarter worth approximately $31,000. Maseco LLP raised its stake in shares of Truist Financial by 53.8% in the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider's stock worth $32,000 after purchasing an additional 228 shares during the last quarter. Finally, Mowery & Schoenfeld Wealth Management LLC raised its stake in shares of Truist Financial by 190.7% in the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider's stock worth $32,000 after purchasing an additional 431 shares during the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Bank of America reaffirmed a "neutral" rating and set a $56.00 target price (up from $54.00) on shares of Truist Financial in a research report on Wednesday. Jefferies Financial Group restated a "mixed" rating and set a $45.00 price objective on shares of Truist Financial in a research note on Friday, April 17th. Citigroup downgraded shares of Truist Financial from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $63.00 to $54.00 in a report on Tuesday, June 30th. UBS Group downgraded shares of Truist Financial from a "buy" rating to a "neutral" rating and lowered their target price for the company from $58.00 to $55.00 in a report on Tuesday. Finally, Evercore reissued an "outperform" rating and set a $57.00 price target on shares of Truist Financial in a research report on Monday. Seven research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Truist Financial has an average rating of "Hold" and an average target price of $54.47.

Truist Financial Trading Up 3.2%

Shares of Truist Financial stock opened at $51.29 on Friday. Truist Financial Corporation has a 1 year low of $40.78 and a 1 year high of $56.19. The firm has a market cap of $63.90 billion, a PE ratio of 12.73, a P/E/G ratio of 0.87 and a beta of 0.89. The stock has a fifty day moving average price of $49.16 and a 200-day moving average price of $49.42. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, topping analysts' consensus estimates of $1.00 by $0.09. The company had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The firm's quarterly revenue was up 5.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.87 EPS. Equities research analysts anticipate that Truist Financial Corporation will post 4.51 EPS for the current year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were given a $0.52 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.08 annualized dividend and a yield of 4.1%. Truist Financial's payout ratio is currently 51.61%.

About Truist Financial

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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