State of Alaska Department of Revenue Decreases Stake in Truist Financial Corporation $TFC

Key Points

• The State of Alaska Department of Revenue reduced its stake in Truist Financial by 4.6%, now holding 147,083 shares valued at approximately $6.3 million.
• Truist Financial reported earnings of $0.91 per share for the last quarter, missing the expected $0.93, with a net margin of 16.82%.
• The company announced a quarterly dividend of $0.52 per share, resulting in an annualized dividend yield of 4.5%.

State of Alaska Department of Revenue lowered its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 4.6% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 147,083 shares of the insurance provider's stock after selling 7,100 shares during the quarter. State of Alaska Department of Revenue's holdings in Truist Financial were worth $6,323,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Wealth Preservation Advisors LLC purchased a new stake in Truist Financial in the 1st quarter worth about $25,000. Centennial Bank AR increased its position in shares of Truist Financial by 360.2% during the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock valued at $30,000 after buying an additional 580 shares during the period. Motco increased its position in shares of Truist Financial by 435.6% during the first quarter. Motco now owns 798 shares of the insurance provider's stock valued at $33,000 after buying an additional 649 shares during the period. Meeder Asset Management Inc. increased its position in shares of Truist Financial by 115.3% during the first quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider's stock valued at $36,000 after buying an additional 468 shares during the period. Finally, Sierra Ocean LLC increased its position in shares of Truist Financial by 64.4% during the first quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock valued at $37,000 after buying an additional 352 shares during the period. Hedge funds and other institutional investors own 71.28% of the company's stock.

Truist Financial Stock Performance

Shares of TFC stock opened at $46.06 on Monday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06. The stock has a 50 day moving average price of $45.12 and a two-hundred day moving average price of $41.92. The company has a market capitalization of $59.39 billion, a P/E ratio of 12.55, a PEG ratio of 1.48 and a beta of 0.88.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings data 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). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The company had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $5.04 billion. During the same quarter in the previous year, the firm posted $0.91 EPS. The business's revenue for the quarter was down 406.0% compared to the same quarter last year. Analysts expect 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 paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.5%. Truist Financial's payout ratio is 56.68%.

Insider Activity

In other news, insider Bradley D. Bender sold 12,540 shares of the business's stock in a transaction that occurred 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 directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.14% of the company's stock.

Wall Street Analyst Weigh In

TFC has been the topic of several analyst reports. Morgan Stanley reiterated a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. Keefe, Bruyette & Woods cut Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price target on the stock. in a research report on Wednesday, July 9th. Wells Fargo & Company reiterated an "equal weight" rating and set a $47.00 price target on shares of Truist Financial in a research report on Thursday, August 21st. Citigroup upgraded Truist Financial from a "neutral" rating to a "buy" rating and upped their price target for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Finally, Raymond James Financial upgraded 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. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $48.47.

About Truist Financial

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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