Octavia Wealth Advisors LLC Has $1.45 Million Holdings in Truist Financial Corporation $TFC

Key Points

• Octavia Wealth Advisors LLC has reduced its holdings in Truist Financial by 14.6%, owning 33,619 shares valued at approximately $1.45 million after selling 5,741 shares during the second quarter.
• Truist Financial reported earnings of $0.91 EPS, missing expectations by $0.02, with a net margin of 16.82% and revenue of $5.04 billion for the quarter.
• The company announced a $0.52 quarterly dividend, representing an annualized yield of 4.5%, with a current dividend payout ratio of 56.68%.

Octavia Wealth Advisors LLC trimmed its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 14.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,619 shares of the insurance provider's stock after selling 5,741 shares during the quarter. Octavia Wealth Advisors LLC's holdings in Truist Financial were worth $1,445,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Castleview Partners LLC boosted its position in Truist Financial by 7.0% in the second quarter. Castleview Partners LLC now owns 6,066 shares of the insurance provider's stock valued at $261,000 after buying an additional 399 shares in the last quarter. First City Capital Management Inc. lifted its holdings in Truist Financial by 9.3% in the second quarter. First City Capital Management Inc. now owns 14,346 shares of the insurance provider's stock valued at $617,000 after buying an additional 1,224 shares during the period. Foster Victor Wealth Advisors LLC lifted its holdings in Truist Financial by 0.4% in the second quarter. Foster Victor Wealth Advisors LLC now owns 62,087 shares of the insurance provider's stock valued at $2,804,000 after buying an additional 242 shares during the period. Ballentine Partners LLC increased its stake in Truist Financial by 8.5% in the second quarter. Ballentine Partners LLC now owns 31,482 shares of the insurance provider's stock valued at $1,353,000 after purchasing an additional 2,454 shares in the last quarter. Finally, BCS Wealth Management increased its stake in Truist Financial by 3.3% in the second quarter. BCS Wealth Management now owns 29,869 shares of the insurance provider's stock valued at $1,284,000 after purchasing an additional 968 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company's stock.

Insider Buying and Selling at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the 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 sale, the insider owned 500 shares of the company's stock, valued at approximately $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 can be accessed through this link. Corporate insiders own 0.17% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TFC. Morgan Stanley reaffirmed a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. Keefe, Bruyette & Woods cut shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price target for the company. in a research report on Wednesday, July 9th. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and lifted their price target for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Wells Fargo & Company restated an "equal weight" rating and set a $47.00 price objective on shares of Truist Financial in a research note on Thursday, August 21st. Finally, Raymond James Financial raised shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 target price for the company in a report on Tuesday, July 8th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $48.47.

Truist Financial Price Performance

TFC stock opened at $45.91 on Thursday. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week 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. The company has a fifty day simple moving average of $45.07 and a two-hundred day simple moving average of $41.81. The firm has a market capitalization of $59.20 billion, a P/E ratio of 12.51, a price-to-earnings-growth ratio of 1.70 and a beta of 0.88.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings data 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 business had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $5.04 billion. During the same quarter last year, the business earned $0.91 EPS. Truist Financial's revenue for the quarter was down 406.0% compared to the same quarter last year. Analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced 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 annualized dividend and a dividend yield of 4.5%. Truist Financial's dividend payout ratio is currently 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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