Magnetar Financial LLC Sells 26,532 Shares of Truist Financial Corporation $TFC

Key Points

• Magnetar Financial LLC reduced its holdings in Truist Financial by 20.5%, selling 26,532 shares and now owning 103,069 shares valued at approximately $4.24 million.
• Truist Financial reported a missed earnings per share (EPS) estimate of $0.91 for the last quarter, compared to the expected $0.93, along with a significant year-over-year revenue decline of 406%.
• The company recently announced a quarterly dividend of $0.52 per share, representing a 4.4% yield, with an upcoming payment date of September 2nd.

Magnetar Financial LLC lessened its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 20.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 103,069 shares of the insurance provider's stock after selling 26,532 shares during the quarter. Magnetar Financial LLC's holdings in Truist Financial were worth $4,241,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wealth Preservation Advisors LLC acquired a new position in Truist Financial in the first quarter valued at about $25,000. Centennial Bank AR raised its stake in Truist Financial by 360.2% in the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock valued at $30,000 after purchasing an additional 580 shares in the last quarter. Motco raised its stake in Truist Financial by 435.6% in the first quarter. Motco now owns 798 shares of the insurance provider's stock valued at $33,000 after purchasing an additional 649 shares in the last quarter. Meeder Asset Management Inc. raised its stake in Truist Financial by 115.3% in the first quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider's stock valued at $36,000 after purchasing an additional 468 shares in the last quarter. Finally, Sierra Ocean LLC raised its stake in Truist Financial by 64.4% in the first quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock valued at $37,000 after purchasing an additional 352 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company's stock.

Insider Buying and Selling

In related news, insider Bradley D. Bender sold 12,540 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the sale, the insider directly owned 500 shares in the company, valued at $22,595. This represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.17% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts have commented on TFC shares. Morgan Stanley reissued a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. Citigroup raised Truist Financial from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Keefe, Bruyette & Woods downgraded Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price for the company. in a research note on Wednesday, July 9th. Raymond James Financial raised Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 target price for the company in a research note on Tuesday, July 8th. Finally, Wall Street Zen raised Truist Financial from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. 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's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $48.47.

Truist Financial Trading Up 0.3%

Shares of NYSE:TFC traded up $0.14 during midday trading on Thursday, hitting $46.55. 1,490,646 shares of the stock were exchanged, compared to its average volume of 8,428,019. The stock has a market capitalization of $60.03 billion, a price-to-earnings ratio of 12.68, a P/E/G ratio of 1.75 and a beta of 0.88. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. The business's 50-day moving average price is $44.77 and its 200 day moving average price is $41.78. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last announced 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). 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 quarter in the previous year, the company earned $0.91 earnings per share. The business's revenue was down 406.0% on a year-over-year basis. Analysts predict that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The business 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 was Friday, August 8th. This represents a $2.08 annualized dividend and a yield of 4.5%. Truist Financial's dividend payout ratio is presently 56.68%.

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.