Fifth Third Bancorp Lowers Stock Holdings in Truist Financial Corporation $TFC

Key Points

• Fifth Third Bancorp reduced its stake in Truist Financial Corporation by 43.8% during the second quarter, now holding 65,651 shares valued at approximately $2.82 million.
• Insider Bradley D. Bender sold 12,540 shares of Truist Financial stock, resulting in a 96.17% decrease in their ownership.
• Truist Financial has recently faced mixed analyst ratings, with target prices ranging from $44 to $55, while maintaining a dividend yield of 4.5%.

Fifth Third Bancorp cut its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 43.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 65,651 shares of the insurance provider's stock after selling 51,180 shares during the quarter. Fifth Third Bancorp's holdings in Truist Financial were worth $2,822,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Wealth Preservation Advisors LLC acquired a new position in Truist Financial during the first quarter worth $25,000. Centennial Bank AR raised its position in shares of Truist Financial by 360.2% during the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock worth $30,000 after purchasing an additional 580 shares during the last quarter. Motco lifted its stake in Truist Financial by 435.6% in the 1st quarter. Motco now owns 798 shares of the insurance provider's stock valued at $33,000 after buying an additional 649 shares in the last quarter. Meeder Asset Management Inc. boosted its holdings in Truist Financial by 115.3% in the 1st quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider's stock worth $36,000 after buying an additional 468 shares during the last quarter. Finally, Sierra Ocean LLC increased its stake in Truist Financial by 64.4% during the 1st quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock worth $37,000 after buying an additional 352 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.

Insider Activity at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The stock was 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 approximately $22,595. This represents a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.17% of the company's stock.

Truist Financial Stock Up 0.7%

NYSE TFC opened at $46.06 on Friday. The business's fifty day simple moving average is $45.12 and its 200-day simple moving average is $41.89. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. The firm has a market cap of $59.39 billion, a PE ratio of 12.55, a P/E/G ratio of 1.47 and a beta of 0.88. 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 announced its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The firm had revenue of $5.04 billion during the quarter, compared to analysts' expectations of $5.04 billion. During the same period in the prior year, the company posted $0.91 EPS. The company's revenue for the quarter was down 406.0% compared to the same quarter last year. As a group, equities analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders 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 dividend yield of 4.5%. Truist Financial's dividend payout ratio (DPR) is currently 56.68%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on TFC shares. Citigroup upgraded Truist Financial from a "neutral" rating to a "buy" rating and raised their target price for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. 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 report on Tuesday, July 8th. Wells Fargo & Company reaffirmed an "equal weight" rating and set a $47.00 target price on shares of Truist Financial in a report on Thursday, August 21st. Morgan Stanley reiterated a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. Finally, Keefe, Bruyette & Woods downgraded shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price target on the stock. in a research note on Wednesday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, Truist Financial has an average rating of "Moderate Buy" and an average target price of $48.47.

About Truist Financial

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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