Huber Capital Management LLC Sells 50,000 Shares of Truist Financial Corporation $TFC

Key Points

• Huber Capital Management LLC has reduced its stake in Truist Financial Corporation by 27.6%, selling 50,000 shares, which leaves them with a total of 131,464 shares worth approximately $5.41 million.
• Several institutional investors, such as Invesco Ltd. and American Century Companies Inc., have recently increased their positions in Truist Financial, highlighting strong interest from hedge funds which own 71.28% of the company's stock.
• Truist Financial's recent quarterly earnings report showed an EPS of $0.91, missing the consensus estimate by $0.02, and the company plans to pay a quarterly dividend of $0.52 on September 2nd.

Huber Capital Management LLC reduced its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 27.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 131,464 shares of the insurance provider's stock after selling 50,000 shares during the quarter. Huber Capital Management LLC's holdings in Truist Financial were worth $5,410,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Comerica Bank raised its holdings in shares of Truist Financial by 3.6% in the 4th quarter. Comerica Bank now owns 449,484 shares of the insurance provider's stock worth $19,499,000 after purchasing an additional 15,499 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its holdings in shares of Truist Financial by 81.7% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,108,466 shares of the insurance provider's stock valued at $48,085,000 after acquiring an additional 498,531 shares during the period. Code Waechter LLC acquired a new stake in shares of Truist Financial during the first quarter valued at approximately $365,000. Cantor Fitzgerald Investment Advisors L.P. raised its holdings in shares of Truist Financial by 4.6% during the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider's stock valued at $17,927,000 after acquiring an additional 19,286 shares during the period. Finally, Pinnacle Financial Partners Inc raised its holdings in shares of Truist Financial by 55.1% during the first quarter. Pinnacle Financial Partners Inc now owns 134,363 shares of the insurance provider's stock valued at $5,530,000 after acquiring an additional 47,717 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Stock Up 0.2%

TFC traded up $0.10 on Friday, reaching $46.89. 9,362,994 shares of the company traded hands, compared to its average volume of 6,731,813. The stock's 50 day moving average price is $44.45 and its 200-day moving average price is $41.74. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $49.06. The company has a market cap of $60.46 billion, a price-to-earnings ratio of 12.78, a PEG ratio of 1.75 and a beta of 0.87. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC - Get Free Report) last posted its earnings results on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing the consensus estimate of $0.93 by ($0.02). The business had revenue of $5.04 billion during 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 business's revenue was down 406.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 earnings per share. On average, sell-side analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend is Friday, August 8th. Truist Financial's payout ratio is currently 56.68%.

Analyst Upgrades and Downgrades

TFC has been the topic of a number of recent analyst reports. Raymond James Financial upgraded 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. Citigroup upgraded shares of Truist Financial from a "neutral" rating to a "buy" rating and boosted their price target for the company from $44.00 to $55.00 in a report on Thursday, June 26th. Morgan Stanley restated a "mixed" rating on shares of Truist Financial in a report on Monday, July 21st. Wells Fargo & Company restated an "equal weight" rating and set a $47.00 price target on shares of Truist Financial in a report on Thursday, August 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 objective on the stock. in a research report on Wednesday, July 9th. Two 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. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $48.47.

Insider Buying and Selling

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the business's stock in a transaction that occurred 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 $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 hyperlink. 0.17% of the stock is owned by corporate insiders.

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.