Professional Advisory Services Inc. Trims Stake in Truist Financial Corporation $TFC

Key Points

• Professional Advisory Services Inc. cut its Truist Financial stake by 7.2% in the second quarter, selling 29,750 shares and retaining 383,037 shares valued at approximately $19.1 million. Institutional investors collectively own 71.28% of Truist’s stock.
• Truist reported quarterly earnings of $1.23 per share, exceeding the $1.08 consensus estimate, while revenue rose 5.6% year over year to $5.31 billion.
• The company declared a quarterly dividend of $0.52 per share, or $2.08 annualized, representing a 4.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $54.67.

Professional Advisory Services Inc. reduced its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 7.2% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 383,037 shares of the insurance provider's stock after selling 29,750 shares during the quarter. Truist Financial accounts for about 2.3% of Professional Advisory Services Inc.'s investment portfolio, making the stock its 27th largest position. Professional Advisory Services Inc.'s holdings in Truist Financial were worth $19,083,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the business. Auto Owners Insurance Co raised its stake in Truist Financial by 4,821.0% in the fourth quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider's stock valued at $697,428,000 after purchasing an additional 13,884,480 shares in the last quarter. Wellington Management Group LLP grew its stake in Truist Financial by 13,511.7% in the 3rd quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider's stock worth $474,886,000 after buying an additional 10,310,523 shares in the last quarter. Norges Bank bought a new position in shares of Truist Financial in the 4th quarter worth $502,340,000. American Assets Investment Management LLC increased its holdings in shares of Truist Financial by 781.2% in the 4th quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider's stock worth $166,527,000 after buying an additional 3,000,000 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Truist Financial by 37.6% during the 4th quarter. Bank of New York Mellon Corp now owns 10,500,542 shares of the insurance provider's stock valued at $516,732,000 after buying an additional 2,867,449 shares in the last quarter. Institutional investors own 71.28% of the company's stock.

Insider Buying and Selling

In related news, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial stock in a transaction on Monday, July 20th. The shares were sold at an average price of $52.36, for a total value of $693,770.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Donta L. Wilson sold 13,280 shares of the business's 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 $2,904,066.65. The trade was a 19.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 30,516 shares of company stock valued at $1,584,428 over the last three months. 0.15% of the stock is owned by company insiders.

Truist Financial Stock Down 0.5%

Shares of NYSE:TFC opened at $52.35 on Friday. Truist Financial Corporation has a 12-month low of $40.78 and a 12-month high of $56.19. 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 stock's 50-day moving average price is $50.69 and its 200-day moving average price is $49.70. The stock has a market capitalization of $63.95 billion, a P/E ratio of 12.01, a price-to-earnings-growth ratio of 0.96 and a beta of 0.89.

Truist Financial (NYSE:TFC - Get Free Report) last issued its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.15. The company had revenue of $5.31 billion during the quarter, compared to analysts' expectations of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.Truist Financial's quarterly revenue was up 5.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.91 EPS. On average, equities analysts anticipate that Truist Financial Corporation will post 4.59 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be issued a $0.52 dividend. The ex-dividend date is Friday, August 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.0%. Truist Financial's dividend payout ratio (DPR) is currently 47.71%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Wall Street Zen raised shares of Truist Financial from a "sell" rating to a "hold" rating in a report on Saturday. Stephens lowered their price target on Truist Financial from $59.00 to $57.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 21st. Evercore reiterated an "outperform" rating and issued a $57.00 price objective on shares of Truist Financial in a report on Monday, July 6th. Keefe, Bruyette & Woods raised their price objective on Truist Financial from $53.00 to $55.00 and gave the company a "market perform" rating in a report on Monday, July 20th. Finally, Raymond James Financial restated a "market perform" rating on shares of Truist Financial in a research report on Wednesday, July 1st. Seven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company has an average 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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