Montgomery Investment Management Inc. Has $13.75 Million Position in Truist Financial Corporation $TFC

Key Points

• Montgomery Investment Management Inc. has reduced its stake in Truist Financial Corporation by 3.7%, now holding 319,741 shares valued at approximately $13.75 million.
• Truist Financial reported Q2 earnings of $0.91 per share, missing estimates of $0.93, with revenue declining by 406.0% year-over-year.
• The company has declared a quarterly dividend of $0.52 per share, reflecting an annualized dividend yield of 4.6% and a payout ratio of 56.68%.

Montgomery Investment Management Inc. decreased its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 3.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 319,741 shares of the insurance provider's stock after selling 12,348 shares during the period. Truist Financial makes up 5.3% of Montgomery Investment Management Inc.'s portfolio, making the stock its 3rd biggest holding. Montgomery Investment Management Inc.'s holdings in Truist Financial were worth $13,746,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in TFC. Wealth Preservation Advisors LLC bought a new stake in shares of Truist Financial during the 1st quarter worth $25,000. Centennial Bank AR boosted its stake 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 worth $30,000 after acquiring an additional 580 shares in the last quarter. Motco boosted its position in shares of Truist Financial by 435.6% in the 1st 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. Meeder Asset Management Inc. boosted its position in shares of Truist Financial by 115.3% in the 1st 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. Finally, Sierra Ocean LLC boosted its position in shares of Truist Financial by 64.4% in the 1st quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock valued at $37,000 after purchasing an additional 352 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Trading Down 0.3%

Shares of NYSE:TFC opened at $45.60 on Thursday. The firm has a fifty day moving average of $45.15 and a two-hundred day moving average of $42.01. The firm has a market capitalization of $58.79 billion, a P/E ratio of 12.42, a price-to-earnings-growth ratio of 1.47 and a beta of 0.88. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $49.06. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75.

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 analysts' consensus estimates of $0.93 by ($0.02). The firm had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. Truist Financial's revenue for the quarter was down 406.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.91 EPS. On average, equities analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

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

Analyst Ratings Changes

TFC has been the subject of several recent analyst reports. Evercore ISI raised 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. Keefe, Bruyette & Woods lowered shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective for the company. in a research note on Wednesday, July 9th. 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 research note on Thursday, June 26th. Morgan Stanley raised their target price on Truist Financial from $48.00 to $54.00 and gave the stock an "equal weight" rating in a research report on Monday. Finally, 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 report on Tuesday, July 8th. 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. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $48.89.

Insider Activity

In other news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total transaction of $566,682.60. Following the completion of the sale, the insider directly owned 500 shares in the company, valued at $22,595. The trade was a 96.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.17% of the stock is currently owned by corporate insiders.

About Truist Financial

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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