Raymond James Financial Inc. Sells 142,898 Shares of Truist Financial Corporation $TFC

Key Points

• Raymond James Financial Inc. reduced its stake in Truist Financial Corporation by 3.1%, owning 4,422,589 shares worth approximately $181.99 million at the end of the last quarter.
• Several institutional investors, including Northern Trust Corp and Invesco Ltd., have increased their stakes in Truist Financial, indicating strong institutional interest as they collectively own 71.28% of the company's stock.
• Truist Financial reported a quarterly EPS of $0.91, missing analysts' expectations, and will pay a $0.52 quarterly dividend in September, representing a yield of 4.7%.

Raymond James Financial Inc. decreased its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 3.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,422,589 shares of the insurance provider's stock after selling 142,898 shares during the period. Raymond James Financial Inc. owned 0.34% of Truist Financial worth $181,989,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Klingman & Associates LLC lifted its position in shares of Truist Financial by 2.2% during the 1st quarter. Klingman & Associates LLC now owns 11,756 shares of the insurance provider's stock worth $484,000 after purchasing an additional 248 shares during the last quarter. Manchester Capital Management LLC lifted its position in shares of Truist Financial by 8.0% during the 1st quarter. Manchester Capital Management LLC now owns 3,898 shares of the insurance provider's stock worth $160,000 after purchasing an additional 288 shares during the last quarter. Ballast Inc. lifted its position in shares of Truist Financial by 0.7% during the 1st quarter. Ballast Inc. now owns 39,348 shares of the insurance provider's stock worth $1,619,000 after purchasing an additional 290 shares during the last quarter. Integrated Advisors Network LLC lifted its position in shares of Truist Financial by 4.8% during the 4th quarter. Integrated Advisors Network LLC now owns 6,316 shares of the insurance provider's stock worth $274,000 after purchasing an additional 291 shares during the last quarter. Finally, McKinley Carter Wealth Services Inc. lifted its position in shares of Truist Financial by 1.6% during the 1st quarter. McKinley Carter Wealth Services Inc. now owns 19,657 shares of the insurance provider's stock worth $809,000 after purchasing an additional 305 shares during the last quarter. Institutional investors own 71.28% of the company's stock.

Insider Transactions at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the transaction, the insider directly owned 500 shares in the company, valued at $22,595. This trade represents a 96.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.17% of the company's stock.

Truist Financial Price Performance

NYSE TFC traded up $1.8180 during trading hours on Friday, reaching $45.8880. 4,711,492 shares of the company's stock were exchanged, compared to its average volume of 8,472,772. The firm has a fifty day moving average of $43.62 and a 200-day moving average of $41.82. Truist Financial Corporation has a one year low of $33.56 and a one year high of $49.06. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. The stock has a market cap of $59.17 billion, a PE ratio of 12.50, a price-to-earnings-growth ratio of 1.65 and a beta of 0.87.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.02). Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The firm had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. During the same period in the prior year, the company posted $0.91 EPS. The firm's quarterly revenue was down 406.0% compared to the same quarter last year. On average, equities research analysts predict that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 8th. This represents a $2.08 annualized dividend and a yield of 4.5%. Truist Financial's dividend payout ratio is currently 56.68%.

Wall Street Analyst Weigh In

TFC has been the subject of several research analyst reports. Keefe, Bruyette & Woods cut Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective for the company. in a research report on Wednesday, July 9th. Raymond James Financial raised Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price target for the company in a report on Tuesday, July 8th. TD Cowen initiated coverage on Truist Financial in a report on Thursday, May 15th. They issued a "hold" rating and a $44.00 price target for the company. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $47.00 price target on shares of Truist Financial in a report on Thursday. Finally, Morgan Stanley reaffirmed a "mixed" rating on shares of Truist Financial in a report on Monday, July 21st. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.47.

Truist Financial 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.