First American Bank Sells 17,654 Shares of Truist Financial Corporation $TFC

Key Points

• First American Bank reduced its stake in Truist Financial by 36.6%, selling 17,654 shares, and now holds 30,543 shares valued at approximately $1,313,000.
• The stock's recent performance shows a price-to-earnings ratio of 12.55, with a market capitalization of $59.39 billion and a current price of $46.06.
• Truist Financial announced a quarterly dividend of $0.52, reflecting an annualized payout of $2.08 and a yield of 4.5%, with a dividend payout ratio of 56.68%.

First American Bank lowered its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 36.6% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 30,543 shares of the insurance provider's stock after selling 17,654 shares during the period. First American Bank's holdings in Truist Financial were worth $1,313,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Wealth Preservation Advisors LLC acquired a new position in shares of Truist Financial in the first quarter valued at approximately $25,000. Centennial Bank AR boosted its stake in Truist Financial by 360.2% in the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock valued at $30,000 after purchasing an additional 580 shares during the period. Motco grew its holdings 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. grew 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 valued at $36,000 after buying an additional 468 shares in the last quarter. Finally, Sierra Ocean LLC increased its position 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 during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction dated 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 owned 500 shares in the company, valued at $22,595. The trade was a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.17% of the stock is owned by company insiders.

Truist Financial Stock Performance

NYSE TFC opened at $46.06 on Friday. The firm's 50 day simple moving average is $45.12 and its 200 day simple moving average is $41.89. The firm has a market capitalization of $59.39 billion, a price-to-earnings ratio of 12.55, a P/E/G ratio of 1.47 and a beta of 0.88. 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 Corporation has a 1 year low of $33.56 and a 1 year 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 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 return on equity of 8.69% and a net margin of 16.82%.The firm's revenue for the quarter was down 406.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.91 earnings per share. As a group, research analysts expect that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

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

Wall Street Analyst Weigh In

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

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.

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