Fulton Bank N.A. Decreases Stake in Truist Financial Corporation $TFC

Key Points

• Fulton Bank N.A. cut its Truist Financial stake by 38.5% in the second quarter, selling 25,405 shares and retaining 40,506 shares valued at approximately $2.02 million. Institutional investors collectively own 71.28% of the company.
• Truist Financial 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, implying a 4.0% annual yield.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $54.67 versus the stock’s reported $52.32 price. Recent insider activity was also negative, with executives selling a combined 30,516 shares during the quarter.

Fulton Bank N.A. reduced its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 38.5% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 40,506 shares of the insurance provider's stock after selling 25,405 shares during the period. Fulton Bank N.A.'s holdings in Truist Financial were worth $2,018,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Kemnay Advisory Services Inc. purchased a new position in Truist Financial in the 4th quarter valued at approximately $25,000. Swiss RE Ltd. bought a new position in shares of Truist Financial in the fourth quarter worth $26,000. McMillan Office Inc. purchased a new position in shares of Truist Financial in the fourth quarter valued at $31,000. Mowery & Schoenfeld Wealth Management LLC raised its stake in shares of Truist Financial by 190.7% during the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider's stock valued at $32,000 after purchasing an additional 431 shares during the period. Finally, Ancora Advisors LLC boosted its stake in Truist Financial by 259.1% in the 3rd quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider's stock worth $32,000 after purchasing an additional 500 shares during the period. Institutional investors own 71.28% of the company's stock.

Truist Financial Price Performance

TFC stock opened at $52.32 on Wednesday. The firm has a market cap of $63.92 billion, a P/E ratio of 12.00, a P/E/G ratio of 0.94 and a beta of 0.89. The firm's fifty day moving average is $50.88 and its 200 day moving average is $49.74. Truist Financial Corporation has a 52 week low of $40.78 and a 52 week high of $56.19. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, topping 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 business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. During the same period in the previous year, the firm posted $0.91 earnings per share. The firm's revenue for the quarter was up 5.6% on a year-over-year basis. Research analysts predict that Truist Financial Corporation will post 4.59 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial's payout ratio is 47.71%.

Insider Activity

In related news, Director K. David Jr. Boyer sold 3,986 shares of the firm's stock in a transaction that occurred 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 transaction, the director directly owned 10,270 shares in the company, valued at $520,689. This trade represents a 27.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Donta L. Wilson sold 13,280 shares of Truist Financial stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $51.85, for a total value of $688,568.00. Following the completion of the transaction, the insider directly owned 56,009 shares in the company, valued at $2,904,066.65. This trade represents a 19.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 30,516 shares of company stock valued at $1,584,428. Insiders own 0.15% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on TFC shares. Citigroup cut Truist Financial from a "buy" rating to a "neutral" rating and decreased their price target for the company from $63.00 to $54.00 in a research report on Tuesday, June 30th. Evercore reiterated an "outperform" rating and issued a $57.00 target price on shares of Truist Financial in a research note on Monday, July 6th. Robert W. Baird boosted their price target on shares of Truist Financial from $55.00 to $56.00 and gave the company a "neutral" rating in a research report on Monday, July 20th. Keefe, Bruyette & Woods boosted their price target on shares of Truist Financial from $53.00 to $55.00 and gave the company a "market perform" rating in a research report on Monday, July 20th. Finally, Bank of America reaffirmed a "neutral" rating and issued a $56.00 price target (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Seven research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Truist Financial presently has a consensus rating of "Hold" and an average target price of $54.67.

Truist Financial 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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