HB Wealth Management LLC Sells 18,217 Shares of Truist Financial Corporation $TFC

Key Points

• HB Wealth Management LLC reduced its holdings in Truist Financial Corporation by 13.3%, selling 18,217 shares during the second quarter, now owning 118,765 shares valued at approximately $5.1 million.
• Insider Bradley D. Bender sold 12,540 shares of Truist Financial stock at an average price of $45.19, decreasing his ownership by 96.17%.
• Truist Financial announced a quarterly dividend of $0.52 per share, yielding 4.6%, with a payout ratio of 56.68%.

HB Wealth Management LLC trimmed its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 13.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 118,765 shares of the insurance provider's stock after selling 18,217 shares during the quarter. HB Wealth Management LLC's holdings in Truist Financial were worth $5,106,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Brighton Jones LLC raised its holdings in Truist Financial by 148.5% in the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider's stock valued at $1,023,000 after acquiring an additional 14,093 shares during the period. Versant Capital Management Inc raised its holdings in Truist Financial by 144.3% in the 1st quarter. Versant Capital Management Inc now owns 3,208 shares of the insurance provider's stock valued at $132,000 after acquiring an additional 1,895 shares during the period. GAMMA Investing LLC raised its holdings in Truist Financial by 4,340.7% in the 1st quarter. GAMMA Investing LLC now owns 1,156,356 shares of the insurance provider's stock valued at $47,584,000 after acquiring an additional 1,130,316 shares during the period. Fifth Third Wealth Advisors LLC raised its holdings in Truist Financial by 13.0% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 24,977 shares of the insurance provider's stock valued at $1,028,000 after acquiring an additional 2,873 shares during the period. Finally, NBC Securities Inc. raised its holdings in Truist Financial by 114,797.0% in the 1st quarter. NBC Securities Inc. now owns 37,916 shares of the insurance provider's stock valued at $1,560,000 after acquiring an additional 37,883 shares during the period. 71.28% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the sale, the insider directly owned 500 shares of the company's stock, valued at approximately $22,595. The trade was a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.14% of the company's stock.

Truist Financial Trading Down 0.5%

TFC opened at $45.70 on Wednesday. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. The company has a market cap of $58.93 billion, a P/E ratio of 12.45, a price-to-earnings-growth ratio of 1.47 and a beta of 0.88. The company has a fifty day moving average price of $45.15 and a two-hundred day moving average price of $41.99.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly 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). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The company had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $5.04 billion. During the same period last year, the firm posted $0.91 earnings per share. The company's revenue for the quarter was down 406.0% on a year-over-year basis. Analysts predict that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.6%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial's payout ratio is 56.68%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Evercore ISI increased their price target on shares of Truist Financial from $48.00 to $50.00 and gave the company an "in-line" rating in a report on Tuesday. Morgan Stanley increased their price target on shares of Truist Financial from $48.00 to $54.00 and gave the company an "equal weight" rating in a report on Monday. Raymond James Financial raised shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price target on the stock in a report on Tuesday, July 8th. Keefe, Bruyette & Woods cut shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price on the stock. in a report on Wednesday, July 9th. Finally, 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. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat.com, Truist Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.89.

Truist Financial 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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