Sheaff Brock Investment Advisors LLC Decreases Position 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 trimmed its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 3.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 192,888 shares of the insurance provider's stock after selling 7,307 shares during the quarter. Sheaff Brock Investment Advisors LLC's holdings in Truist Financial were worth $7,937,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of TFC. Brighton Jones LLC lifted its stake in Truist Financial by 148.5% in the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider's stock worth $1,023,000 after purchasing an additional 14,093 shares in the last quarter. Norges Bank purchased a new position in Truist Financial in the 4th quarter worth approximately $402,828,000. Nomura Asset Management Co. Ltd. lifted its stake in Truist Financial by 9.2% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 457,320 shares of the insurance provider's stock worth $19,839,000 after purchasing an additional 38,604 shares in the last quarter. Pictet Asset Management Holding SA lifted its stake in Truist Financial by 13.4% in the 4th quarter. Pictet Asset Management Holding SA now owns 885,234 shares of the insurance provider's stock worth $38,401,000 after purchasing an additional 104,363 shares in the last quarter. Finally, Orion Portfolio Solutions LLC lifted its stake in Truist Financial by 2.8% in the 4th quarter. Orion Portfolio Solutions LLC now owns 99,943 shares of the insurance provider's stock worth $4,336,000 after purchasing an additional 2,702 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Stock Performance

NYSE:TFC opened at $45.64 on Monday. The company has a fifty day simple moving average of $42.08 and a two-hundred day simple moving average of $42.09. The company has a market cap of $59.76 billion, a price-to-earnings ratio of 12.44, a price-to-earnings-growth ratio of 1.70 and a beta of 0.85. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $49.06.

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

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 9th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.56%. Truist Financial's payout ratio is currently 56.68%.

Insider Activity at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the company'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 directly owned 500 shares of the company's stock, valued at approximately $22,595. This represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.14% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on TFC shares. JPMorgan Chase & Co. reduced their price target on shares of Truist Financial from $48.00 to $42.00 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Wall Street Zen raised shares of Truist Financial from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Raymond James Financial raised shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price target on the stock in a research report on Tuesday, July 8th. Piper Sandler reduced their price target on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating on the stock in a research report on Monday, April 21st. Finally, Barclays reduced their price target on shares of Truist Financial from $51.00 to $47.00 and set an "equal weight" rating on the stock in a research report on Monday, April 21st. Seven analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $48.65.

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.

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