Salem Investment Counselors Inc. Has $7.54 Million Stock Holdings in Truist Financial Corporation $TFC

Key Points

• Salem Investment Counselors reduced its Truist Financial stake by 44.6% in the second quarter, selling 121,587 shares and retaining 151,238 shares valued at approximately $7.54 million. Institutional investors and hedge funds collectively own 71.28% of the company.
• Analyst sentiment remains mixed, with seven Buy, nine Hold and two Sell ratings; Truist has a consensus rating of Hold and an average price target of $54.67.
• Truist exceeded quarterly expectations with $1.23 in EPS and $5.31 billion in revenue, while revenue rose 5.6% year over year. The company declared a quarterly dividend of $0.52 per share, representing a 3.9% annualized yield.

Salem Investment Counselors Inc. decreased its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 44.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 151,238 shares of the insurance provider's stock after selling 121,587 shares during the period. Salem Investment Counselors Inc.'s holdings in Truist Financial were worth $7,535,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Kemnay Advisory Services Inc. acquired a new stake in shares of Truist Financial in the 4th quarter valued at approximately $25,000. Swiss RE Ltd. acquired a new position in Truist Financial during the 4th quarter worth approximately $26,000. McMillan Office Inc. bought a new position in Truist Financial in the 4th quarter valued at approximately $31,000. Mowery & Schoenfeld Wealth Management LLC boosted its holdings in shares of Truist Financial by 190.7% during the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider's stock valued at $32,000 after acquiring an additional 431 shares in the last quarter. Finally, Ancora Advisors LLC boosted its holdings in shares of Truist Financial by 259.1% during the 3rd quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider's stock valued at $32,000 after acquiring an additional 500 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TFC has been the subject of a number of recent research reports. Robert W. Baird upped their target price on Truist Financial from $55.00 to $56.00 and gave the stock a "neutral" rating in a report on Monday, July 20th. Stephens reduced their price target on Truist Financial from $59.00 to $57.00 and set an "overweight" rating on the stock in a report on Tuesday, July 21st. Morgan Stanley reaffirmed an "equal weight" rating and issued a $54.00 price objective (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. Evercore reiterated an "outperform" rating and set a $57.00 target price on shares of Truist Financial in a research report on Monday, July 6th. Finally, UBS Group lowered shares of Truist Financial from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $58.00 to $55.00 in a report on Tuesday, July 7th. Seven investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Truist Financial has a consensus rating of "Hold" and an average target price of $54.67.

Truist Financial Trading Up 0.7%

NYSE TFC opened at $52.67 on Thursday. The firm has a market capitalization of $64.34 billion, a PE ratio of 12.08, a price-to-earnings-growth ratio of 0.95 and a beta of 0.89. The business's 50-day moving average price is $50.98 and its two-hundred day moving average price is $49.75. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. Truist Financial Corporation has a 12 month low of $40.78 and a 12 month 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. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The firm's revenue was up 5.6% compared to the same quarter last year. During the same period last year, the company earned $0.91 earnings per share. On average, analysts expect that Truist Financial Corporation will post 4.59 EPS for the current year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders 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 dividend payout ratio (DPR) is presently 47.71%.

Insider Transactions at Truist Financial

In other news, insider Donta L. Wilson sold 13,280 shares of the company's 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 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the stock in a transaction on Monday, July 20th. The stock was sold at an average price of $52.36, for a total transaction of $693,770.00. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 30,516 shares of company stock worth $1,584,428. Company insiders own 0.15% of the company's stock.

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.

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