Patriot Financial Group Insurance Agency LLC Has $1.04 Million Stock Position in Truist Financial Corporation $TFC

Key Points

• Patriot Financial Group cut its Truist Financial stake by 61.1% in the second quarter, selling 32,932 shares and retaining 20,970 shares valued at approximately $1.04 million. Institutional investors and hedge funds collectively own 71.28% of Truist stock.
• Truist reported quarterly EPS of $1.23, exceeding the $1.08 consensus estimate, while revenue rose 5.6% year over year to $5.31 billion. The company also declared a quarterly dividend of $0.52 per share, representing a 3.9% annualized yield.
• Analyst sentiment remains mixed: Truist has a consensus “Hold” rating and a $54.67 average price target, while several firms recently downgraded the stock or reduced their targets. Shares opened at $53.02, near the consensus target.

Patriot Financial Group Insurance Agency LLC cut its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 61.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,970 shares of the insurance provider's stock after selling 32,932 shares during the period. Patriot Financial Group Insurance Agency LLC's holdings in Truist Financial were worth $1,045,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC grew its stake in Truist Financial by 148.5% in the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider's stock valued at $1,023,000 after acquiring an additional 14,093 shares during the period. Woodline Partners LP increased its holdings in shares of Truist Financial by 39.5% during the first quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider's stock valued at $4,575,000 after acquiring an additional 31,454 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in shares of Truist Financial during the second quarter worth approximately $575,000. AXA S.A. raised its position in shares of Truist Financial by 23.1% during the second quarter. AXA S.A. now owns 26,192 shares of the insurance provider's stock worth $1,126,000 after purchasing an additional 4,921 shares during the period. Finally, Main Street Financial Solutions LLC lifted its holdings in shares of Truist Financial by 20.1% in the 2nd quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider's stock worth $292,000 after purchasing an additional 1,134 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Trading Up 0.7%

NYSE TFC opened at $53.02 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. The business has a fifty day simple moving average of $51.06 and a 200 day simple moving average of $49.78. Truist Financial Corporation has a 12 month low of $40.78 and a 12 month high of $56.19. The firm has a market capitalization of $64.77 billion, a P/E ratio of 12.16, a PEG ratio of 1.11 and a beta of 0.89.

Truist Financial (NYSE:TFC - Get Free Report) last posted 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 net margin of 19.13% and a return on equity of 10.06%. The firm had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. During the same period in the previous year, the firm earned $0.91 EPS. The business's revenue for the quarter was up 5.6% compared to the same quarter last year. On average, analysts predict that Truist Financial Corporation will post 4.58 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, August 14th. This represents a $2.08 annualized dividend and a yield of 3.9%. Truist Financial's payout ratio is 47.71%.

Insiders Place Their Bets

In other Truist Financial news, insider Donta L. Wilson sold 13,280 shares of the company's stock in a transaction dated 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 sale, the insider directly owned 56,009 shares of the company's stock, valued at approximately $2,904,066.65. This represents a 19.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director K. David Jr. Boyer sold 3,986 shares of the stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total transaction of $202,090.20. Following the completion of the sale, the director owned 10,270 shares of the company's stock, valued at approximately $520,689. This trade represents a 27.96% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 30,516 shares of company stock valued at $1,584,428. Corporate insiders own 0.15% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on TFC. Citigroup downgraded shares of Truist Financial from a "buy" rating to a "neutral" rating and reduced their price target for the company from $63.00 to $54.00 in a research report on Tuesday, June 30th. UBS Group lowered shares of Truist Financial from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $58.00 to $55.00 in a research note on Tuesday, July 7th. Jefferies Financial Group reiterated a "mixed" rating and set a $45.00 price objective on shares of Truist Financial in a report on Friday, April 17th. Stephens decreased their target price on shares of Truist Financial from $59.00 to $57.00 and set an "overweight" rating for the company in a research report on Tuesday, July 21st. Finally, Robert W. Baird raised their price target on shares of Truist Financial from $55.00 to $56.00 and gave the company a "neutral" rating in a research report on Monday, July 20th. Seven equities research 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's stock. According to MarketBeat, Truist Financial currently has a consensus rating of "Hold" and a consensus target price of $54.67.

Truist Financial 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.

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