Sheaff Brock Investment Advisors LLC Has $7.94 Million Holdings in Truist Financial Corporation (NYSE:TFC)

Key Points

• Sheaff Brock Investment Advisors LLC reduced its position in Truist Financial Corporation by 3.6%, owning 192,888 shares worth $7.94 million after selling 7,307 shares during the quarter.
• Truist Financial reported quarterly earnings of $0.91 EPS, missing the consensus estimate of $0.93, while revenue was $5.04 billion, unchanged year-over-year.
• The company announced a quarterly dividend of $0.52 per share, representing a dividend yield of 4.56% with a payout ratio of 56.68%.

Sheaff Brock Investment Advisors LLC decreased its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 3.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 192,888 shares of the insurance provider's stock after selling 7,307 shares during the period. Sheaff Brock Investment Advisors LLC's holdings in Truist Financial were worth $7,937,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Comerica Bank increased its stake in shares of Truist Financial by 3.6% in the 4th quarter. Comerica Bank now owns 449,484 shares of the insurance provider's stock valued at $19,499,000 after acquiring an additional 15,499 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its stake in shares of Truist Financial by 81.7% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,108,466 shares of the insurance provider's stock valued at $48,085,000 after acquiring an additional 498,531 shares during the last quarter. Code Waechter LLC bought a new stake in shares of Truist Financial in the 1st quarter valued at about $365,000. Cantor Fitzgerald Investment Advisors L.P. increased its stake in shares of Truist Financial by 4.6% in the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider's stock valued at $17,927,000 after acquiring an additional 19,286 shares during the last quarter. Finally, Stifel Financial Corp increased its stake in Truist Financial by 2.8% during the 4th quarter. Stifel Financial Corp now owns 2,242,763 shares of the insurance provider's stock worth $97,291,000 after purchasing an additional 60,848 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on TFC shares. Wall Street Zen raised Truist Financial from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Stephens lowered their target price on Truist Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Barclays lowered their target price on Truist Financial from $51.00 to $47.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. JPMorgan Chase & Co. lowered their target price on Truist Financial from $48.00 to $42.00 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. Finally, Argus set a $43.00 target price on Truist Financial in a research note on Monday, April 21st. Seven investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Truist Financial currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.65.

Insider Activity

In other news, insider Bradley D. Bender sold 12,540 shares of the business's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the sale, the insider owned 500 shares of the company's stock, valued at approximately $22,595. The trade was a 96.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.17% of the company's stock.

Truist Financial Stock Performance

TFC stock traded down $0.29 during midday trading on Thursday, reaching $43.97. 2,557,686 shares of the company were exchanged, compared to its average volume of 8,692,899. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. The business has a 50-day moving average price of $42.34 and a two-hundred day moving average price of $42.14. Truist Financial Corporation has a one year low of $33.56 and a one year high of $49.06. The firm has a market capitalization of $57.58 billion, a price-to-earnings ratio of 11.98, a price-to-earnings-growth ratio of 1.67 and a beta of 0.85.

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

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.73%. Truist Financial's payout ratio is presently 56.68%.

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.