Signaturefd LLC Sells 10,525 Shares of Truist Financial Corporation $TFC

Key Points

• Signaturefd LLC has reduced its stake in Truist Financial Corporation by 21.8%, selling 10,525 shares, and now owns a total of 37,675 shares valued at approximately $1.62 million.
• Truist Financial reported quarterly earnings of $0.91 per share, which fell short of consensus estimates by $0.02, with revenues of $5.04 billion.
• The company announced a quarterly dividend of $0.52 per share, translating to an annual yield of 4.5%, with a dividend payout ratio of 56.68%.

Signaturefd LLC lowered its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 21.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 37,675 shares of the insurance provider's stock after selling 10,525 shares during the period. Signaturefd LLC's holdings in Truist Financial were worth $1,620,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Wealth Preservation Advisors LLC purchased a new stake in shares of Truist Financial during the 1st quarter valued at approximately $25,000. Centennial Bank AR lifted its holdings in shares of Truist Financial by 360.2% in the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock worth $30,000 after buying an additional 580 shares in the last quarter. Motco lifted its holdings in shares of Truist Financial by 435.6% in the first quarter. Motco now owns 798 shares of the insurance provider's stock worth $33,000 after buying an additional 649 shares in the last quarter. Meeder Asset Management Inc. increased its holdings in Truist Financial by 115.3% during the 1st quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider's stock worth $36,000 after acquiring an additional 468 shares during the period. Finally, Sierra Ocean LLC increased its holdings in Truist Financial by 64.4% during the 1st quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock worth $37,000 after acquiring an additional 352 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

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 transaction of $566,682.60. Following the transaction, the insider owned 500 shares in the company, valued at approximately $22,595. This trade represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.14% of the stock is currently owned by company insiders.

Truist Financial Stock Performance

TFC stock opened at $46.06 on Monday. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06. The company has a market cap of $59.39 billion, a P/E ratio of 12.55, a price-to-earnings-growth ratio of 1.48 and a beta of 0.88. 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 stock's fifty day moving average price is $45.12 and its 200-day moving average price is $41.92.

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

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.5%. The ex-dividend date was Friday, August 8th. Truist Financial's dividend payout ratio (DPR) is 56.68%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on TFC. Raymond James Financial raised Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price objective for the company in a research note on Tuesday, July 8th. Morgan Stanley restated a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Keefe, Bruyette & Woods cut shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price target for the company. in a research note on Wednesday, July 9th. Finally, Wells Fargo & Company reaffirmed an "equal weight" rating and set a $47.00 price objective on shares of Truist Financial in a report on Thursday, August 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. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $48.47.

Truist Financial Company 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.

Want to see what other hedge funds are holding TFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Truist Financial Corporation (NYSE:TFC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.