McKinley Carter Wealth Services Inc. Sells 7,164 Shares of Truist Financial Corporation $TFC

Key Points

• McKinley Carter Wealth Services Inc. sold 7,164 shares of Truist Financial, reducing its holdings by 36.4% to a total of 12,493 shares.
• Insider Bradley D. Bender sold 12,540 shares for approximately $566,682.60, resulting in a 96.17% decrease in his position.
• Truist Financial's recent earnings report showed an EPS of $0.91, missing analyst expectations, with a quarterly revenue decline of 406% year-over-year.

McKinley Carter Wealth Services Inc. lowered its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 36.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,493 shares of the insurance provider's stock after selling 7,164 shares during the period. McKinley Carter Wealth Services Inc.'s holdings in Truist Financial were worth $537,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Wealth Preservation Advisors LLC bought a new stake in shares of Truist Financial in the first quarter valued at approximately $25,000. Centennial Bank AR raised its position in shares of 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 during the period. Motco raised its position in shares of 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 during the period. Ramirez Asset Management Inc. raised its position in shares of Truist Financial by 60.0% in the second quarter. Ramirez Asset Management Inc. now owns 800 shares of the insurance provider's stock valued at $34,000 after purchasing an additional 300 shares during the period. Finally, Meeder Asset Management Inc. raised its position in shares of 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 during the period. Institutional investors own 71.28% of the company's stock.

Insider Activity

In other news, insider Bradley D. Bender sold 12,540 shares of the company'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 sale, the insider owned 500 shares of the company's stock, valued at approximately $22,595. This represents a 96.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.17% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TFC. Wells Fargo & Company reissued an "equal weight" rating and issued a $47.00 price target on shares of Truist Financial in a research report on Thursday, August 21st. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and upped their target price for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. Keefe, Bruyette & Woods lowered 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. Evercore ISI upped their target price on shares of Truist Financial from $48.00 to $50.00 and gave the stock an "in-line" rating in a report on Tuesday, September 30th. Finally, Morgan Stanley upped their target price on shares of Truist Financial from $48.00 to $54.00 and gave the stock an "equal weight" rating in a report on Monday, September 29th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat, Truist Financial has a consensus rating of "Moderate Buy" and an average target price of $48.89.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $42.32 on Friday. The company's fifty day moving average price is $45.16 and its 200-day moving average price is $42.16. The firm has a market capitalization of $54.57 billion, a price-to-earnings ratio of 11.53, a PEG ratio of 1.42 and a beta of 0.88. Truist Financial Corporation has a one year low of $33.56 and a one year high of $49.06. 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 issued its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). The company 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%.Truist Financial's quarterly revenue was down 406.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.91 EPS. On average, equities research analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were paid 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 4.9%. Truist Financial's dividend payout ratio is 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.

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