OMERS ADMINISTRATION Corp Sells 41,301 Shares of Truist Financial Corporation $TFC

Key Points

• OMERS Administration Corp. reduced its Truist Financial stake by 37.5% in the second quarter, selling 41,301 shares and retaining 68,869 shares valued at approximately $3.43 million.
• Truist reported stronger-than-expected quarterly results, with EPS of $1.23 versus the $1.08 estimate and revenue up 5.6% year over year to $5.31 billion. The company also declared a quarterly dividend of $0.52, implying a 4.1% annualized yield.
• Analysts maintain a consensus “Hold” rating with an average price target of $55.12, while Truist shares opened at $50.40; insiders sold $1.58 million of stock over the past three months.

OMERS ADMINISTRATION Corp lessened its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 37.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 68,869 shares of the insurance provider's stock after selling 41,301 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in Truist Financial were worth $3,431,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in TFC. BlackRock Inc. bought a new stake in shares of Truist Financial in the 2nd quarter worth approximately $4,959,834,000. Pinnacle Financial Partners Inc. increased its position in Truist Financial by 30.0% in the third quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider's stock worth $7,994,000 after buying an additional 40,393 shares during the last quarter. Fifth Third Bancorp increased its position in Truist Financial by 531.8% in the first quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider's stock worth $20,059,000 after buying an additional 367,291 shares during the last quarter. Franklin Street Advisors Inc. NC raised its stake in shares of Truist Financial by 129.1% in the second quarter. Franklin Street Advisors Inc. NC now owns 37,253 shares of the insurance provider's stock valued at $1,856,000 after buying an additional 20,991 shares during the period. Finally, Axxcess Wealth Management LLC lifted its position in shares of Truist Financial by 77.2% during the 4th quarter. Axxcess Wealth Management LLC now owns 158,394 shares of the insurance provider's stock valued at $7,795,000 after buying an additional 68,990 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Truist Financial

In related news, Director K. David Jr. Boyer sold 3,986 shares of the company's stock in a transaction on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total value of $202,090.20. Following the completion of the transaction, the director directly owned 10,270 shares in the company, valued at approximately $520,689. The trade was a 27.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Donta L. Wilson sold 13,280 shares of the stock in a transaction on Friday, July 31st. The shares were sold at an average price of $51.85, for a total value of $688,568.00. Following the completion of the transaction, the insider directly owned 56,009 shares in the company, valued at approximately $2,904,066.65. This represents a 19.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 30,516 shares of company stock worth $1,584,428 over the last three months. 0.15% of the stock is owned by insiders.

Truist Financial Stock Down 0.8%

TFC opened at $50.40 on Wednesday. The company has a fifty day moving average price of $51.34 and a 200-day moving average price of $49.74. The firm has a market capitalization of $61.57 billion, a P/E ratio of 11.56, a price-to-earnings-growth ratio of 1.07 and a beta of 0.89. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial Corporation has a one year low of $40.78 and a one year high of $56.19.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.08 by $0.15. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. During the same quarter last year, the business posted $0.91 earnings per share. The firm's revenue was up 5.6% compared to the same quarter last year. Equities research analysts expect that Truist Financial Corporation will post 4.58 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Friday, August 14th. Truist Financial's dividend payout ratio is 47.71%.

Analysts Set New Price Targets

TFC has been the subject of several recent research reports. Raymond James Financial reissued a "market perform" rating on shares of Truist Financial in a report on Wednesday, July 1st. Stephens cut their price objective on shares of Truist Financial from $59.00 to $57.00 and set an "overweight" rating for the company in a report on Tuesday, July 21st. Citigroup cut shares of Truist Financial from a "buy" rating to a "neutral" rating and lowered their target price for the company from $63.00 to $54.00 in a report on Tuesday, June 30th. Evercore reissued an "outperform" rating and set a $57.00 price objective on shares of Truist Financial in a report on Monday, July 6th. Finally, Robert W. Baird lifted their target price on Truist Financial from $55.00 to $56.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Seven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, Truist Financial currently has a consensus rating of "Hold" and an average price target of $55.12.

Truist Financial Company Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.

Want to see what other hedge funds are holding TFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Truist Financial Corporation (NYSE:TFC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source