KG&L Capital Management LLC Cuts Stake in Truist Financial Corporation $TFC

Key Points

• KG&L Capital Management LLC reduced its stake in Truist Financial Corporation by 23.7% in Q2, holding 19,509 shares worth $839,000 after selling 6,070 shares.
• Truist Financial reported a quarterly earnings per share (EPS) of $0.91, missing expectations by ($0.02), with revenue of $5.04 billion, showing a 406.0% year-over-year decline.
• The company declared a quarterly dividend of $0.52 per share, yielding 4.5%, and has a dividend payout ratio of 56.68%.

KG&L Capital Management LLC trimmed its position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 23.7% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 19,509 shares of the insurance provider's stock after selling 6,070 shares during the quarter. KG&L Capital Management LLC's holdings in Truist Financial were worth $839,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Wealth Preservation Advisors LLC purchased a new stake in Truist Financial during the 1st quarter valued at about $25,000. Centennial Bank AR boosted its holdings 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 valued at $30,000 after acquiring an additional 580 shares during the last quarter. Motco boosted its holdings in shares of Truist Financial by 435.6% during the 1st quarter. Motco now owns 798 shares of the insurance provider's stock valued at $33,000 after acquiring an additional 649 shares during the last quarter. Meeder Asset Management Inc. boosted its holdings in shares of Truist Financial by 115.3% during the 1st quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider's stock valued at $36,000 after acquiring an additional 468 shares during the last quarter. Finally, Sierra Ocean LLC boosted its holdings in shares of Truist Financial by 64.4% during the 1st quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock valued at $37,000 after acquiring an additional 352 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Trading Up 0.7%

Truist Financial stock opened at $46.06 on Friday. The stock has a market cap of $59.39 billion, a P/E ratio of 12.55, a PEG ratio of 1.48 and a beta of 0.88. 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 Corporation has a 1 year low of $33.56 and a 1 year high of $49.06. The firm's 50 day moving average price is $45.12 and its 200-day moving average price is $41.91.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $5.04 billion. During the same quarter in the previous year, the business earned $0.91 EPS. The company's quarterly revenue was down 406.0% on a year-over-year basis. On average, equities analysts predict that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were issued a $0.52 dividend. The ex-dividend date of this dividend 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 56.68%.

Wall Street Analyst Weigh In

TFC has been the topic of a number of recent analyst reports. 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 report on Wednesday, July 9th. Wells Fargo & Company reaffirmed an "equal weight" rating and set a $47.00 price target on shares of Truist Financial in a report on Thursday, August 21st. 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. Morgan Stanley reaffirmed a "mixed" rating on shares of Truist Financial in a report on Monday, July 21st. Finally, Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Truist Financial currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.47.

Insider Buying and Selling at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of the firm's 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 transaction, the insider directly owned 500 shares of the company's stock, valued at approximately $22,595. This trade represents a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.17% of the company's stock.

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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