Truist Financial Corporation (NYSE:TFC) Shares Sold by New Age Alpha Advisors LLC

Key Points

• New Age Alpha Advisors LLC reduced its stake in Truist Financial Corporation by 12.2%, now holding 85,359 shares valued at approximately $3.5 million after selling 11,813 shares in the first quarter.
• Truist Financial reported earnings per share (EPS) of $0.91 in its last quarter, missing analysts' expectations of $0.93, and experienced a year-over-year revenue decline of 406%.
• The company announced a quarterly dividend of $0.52, yielding 4.8%, with a payout ratio of 56.68% for shareholders on record by August 8.

New Age Alpha Advisors LLC lessened its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 12.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 85,359 shares of the insurance provider's stock after selling 11,813 shares during the quarter. New Age Alpha Advisors LLC's holdings in Truist Financial were worth $3,513,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of TFC. Navigoe LLC acquired a new position in shares of Truist Financial during the fourth quarter valued at about $26,000. Centennial Bank AR grew its holdings in 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 buying an additional 580 shares in the last quarter. Motco lifted its stake in Truist Financial by 435.6% in the 1st quarter. Motco now owns 798 shares of the insurance provider's stock worth $33,000 after purchasing an additional 649 shares in the last quarter. Meeder Asset Management Inc. raised its position 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 buying an additional 468 shares in the last quarter. Finally, Sierra Ocean LLC raised its position 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 buying an additional 352 shares in the last quarter. Institutional investors 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 business'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. The trade was a 96.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.17% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. TD Cowen started coverage on shares of Truist Financial in a report on Thursday, May 15th. They issued a "hold" rating and a $44.00 price target on the stock. Argus set a $43.00 price objective on shares of Truist Financial in a report on Monday, April 21st. Morgan Stanley restated a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. Piper Sandler dropped their price target on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. Finally, Stephens dropped their price target on shares of Truist Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Seven research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Truist Financial currently has a consensus rating of "Moderate Buy" and an average target price of $48.65.

Truist Financial Stock Up 0.5%

Shares of Truist Financial stock traded up $0.23 on Friday, reaching $43.08. The stock had a trading volume of 5,313,847 shares, compared to its average volume of 7,826,328. The company has a 50 day moving average price of $42.79 and a 200 day moving average price of $42.04. 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 Corporation has a 1 year low of $33.56 and a 1 year high of $49.06. The stock has a market capitalization of $55.55 billion, a P/E ratio of 11.74, a P/E/G ratio of 1.60 and a beta of 0.87.

Truist Financial (NYSE:TFC - Get Free Report) last released its 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). Truist Financial had a return on equity of 8.69% and a net margin of 16.82%. The company had revenue of $5.04 billion during the quarter, compared to analyst estimates of $5.04 billion. During the same quarter last year, the business earned $0.91 earnings per share. The firm's revenue for the quarter was down 406.0% on a year-over-year basis. As a group, equities research analysts forecast that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 8th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend is Friday, August 8th. Truist Financial's payout ratio is presently 56.68%.

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.