Nisa Investment Advisors LLC Sells 53,117 Shares of Truist Financial Corporation $TFC

Key Points

• Nisa Investment Advisors reduced its Truist Financial stake by 14.8%, selling 53,117 shares during the third quarter and retaining 306,361 shares valued at approximately $14.2 million. Institutional investors collectively own 71.28% of TFC.
• Analyst sentiment remains mixed: Truist has an average rating of “Hold” and an average price target of $53.87, with targets ranging from $50.50 to $61.00.
• Truist reported quarterly EPS of $1.16, slightly below the $1.17 consensus estimate, while revenue reached $5.30 billion. The company maintains a quarterly dividend of $0.52, equivalent to a 4.4% annualized yield.

Nisa Investment Advisors LLC lowered its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 14.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 306,361 shares of the insurance provider's stock after selling 53,117 shares during the period. Nisa Investment Advisors LLC's holdings in Truist Financial were worth $14,185,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in TFC. Diversify Advisory Services LLC raised its holdings in Truist Financial by 5.4% during the third quarter. Diversify Advisory Services LLC now owns 5,893 shares of the insurance provider's stock worth $274,000 after buying an additional 300 shares during the last quarter. Investors Asset Management of Georgia Inc. GA ADV grew its holdings in shares of Truist Financial by 1.2% during the third quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 42,329 shares of the insurance provider's stock valued at $1,960,000 after buying an additional 496 shares during the last quarter. Ballast Inc. grew its holdings in shares of Truist Financial by 3.8% during the third quarter. Ballast Inc. now owns 50,671 shares of the insurance provider's stock valued at $2,346,000 after buying an additional 1,840 shares during the last quarter. AA Financial Advisors LLC grew its holdings in shares of Truist Financial by 4.4% during the third quarter. AA Financial Advisors LLC now owns 8,919 shares of the insurance provider's stock valued at $413,000 after buying an additional 376 shares during the last quarter. Finally, Fortitude Financial LLC bought a new stake in shares of Truist Financial during the third quarter worth about $1,389,000. Institutional investors and hedge funds own 71.28% of the company's stock.

Insider Activity

In related news, insider Donta L. Wilson sold 13,280 shares of the stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the completion of the transaction, the insider owned 56,009 shares in the company, valued at approximately $2,904,066.65. This represents a 19.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Lyons acquired 21,000 shares of the firm's stock in a transaction that occurred on Thursday, September 17th. The shares were bought at an average price of $48.36 per share, with a total value of $1,015,560.00. Following the acquisition, the chief executive officer directly owned 21,000 shares of the company's stock, valued at $1,015,560. The trade was a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 0.15% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

TFC has been the topic of a number of analyst reports. Stephens lowered their target price on shares of Truist Financial from $55.00 to $54.00 and set an "overweight" rating on the stock in a report on Tuesday. Raymond James Financial reaffirmed a "market perform" rating on shares of Truist Financial in a research report on Wednesday, July 1st. JPMorgan Chase & Co. cut their price target on Truist Financial from $54.00 to $50.50 and set an "underweight" rating for the company in a research note on Friday, October 2nd. Robert W. Baird lifted their price target on Truist Financial from $55.00 to $56.00 and gave the company a "neutral" rating in a research note on Monday, July 20th. Finally, HSBC assumed coverage on Truist Financial in a report on Monday, September 28th. They set a "buy" rating and a $61.00 price objective for the company. Seven analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $53.87.

Truist Financial Stock Up 0.8%

TFC stock opened at $47.73 on Thursday. The stock's fifty day simple moving average is $48.86 and its two-hundred day simple moving average is $49.66. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.95. Truist Financial Corporation has a 1-year low of $43.13 and a 1-year high of $56.19. The stock has a market cap of $58.31 billion, a P/E ratio of 12.30, a P/E/G ratio of 1.07 and a beta of 0.92.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings data on Friday, October 16th. The insurance provider reported $1.16 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.17 by ($0.01). Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. The business had revenue of $5.30 billion during the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter last year, the company earned $1.04 EPS. The firm's revenue for the quarter was up 1.3% compared to the same quarter last year. Analysts expect that Truist Financial Corporation will post 4.65 EPS for the current year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Friday, August 14th. Truist Financial's payout ratio is 53.61%.

About Truist Financial

Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.

Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.

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