Truist Financial Corporation (NYSE:TFC) Shares Sold by TD Asset Management Inc

TD Asset Management Inc lowered its position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 4.9% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 612,107 shares of the insurance provider's stock after selling 31,502 shares during the quarter. TD Asset Management Inc's holdings in Truist Financial were worth $25,188,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Comerica Bank raised its stake in shares of Truist Financial by 3.6% during the 4th quarter. Comerica Bank now owns 449,484 shares of the insurance provider's stock valued at $19,499,000 after buying 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 purchasing an additional 498,531 shares in the last quarter. Code Waechter LLC purchased a new position 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 purchasing an additional 19,286 shares in the last quarter. Finally, Stifel Financial Corp increased its stake in shares of Truist Financial by 2.8% in the 4th quarter. Stifel Financial Corp now owns 2,242,763 shares of the insurance provider's stock valued at $97,291,000 after purchasing an additional 60,848 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company's stock.

Insider Buying and Selling

In related news, insider Bradley D. Bender sold 12,540 shares of the company'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 value of $566,682.60. Following the transaction, the insider directly owned 500 shares in the company, valued at approximately $22,595. This represents a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.17% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on TFC. Wall Street Zen upgraded Truist Financial from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. TD Cowen began coverage on Truist Financial in a research note on Thursday, May 15th. They issued a "hold" rating and a $44.00 price target for the company. Morgan Stanley restated a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. Citigroup upgraded Truist Financial from a "neutral" rating to a "buy" rating and lifted their price target for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Finally, Barclays cut their price target 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. Seven equities research 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 stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $48.65.

Truist Financial Price Performance

Shares of Truist Financial stock traded down $0.75 on Friday, hitting $42.96. 8,454,705 shares of the company were exchanged, compared to its average volume of 8,734,741. The stock has a market capitalization of $56.26 billion, a price-to-earnings ratio of 11.71, a price-to-earnings-growth ratio of 1.65 and a beta of 0.85. The company has a 50-day moving average price of $42.42 and a 200 day moving average price of $42.14. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. 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 (NYSE:TFC - Get Free Report) last issued its 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 company had revenue of $5.04 billion for 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 company's revenue for the quarter was down 406.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.91 earnings per share. As a group, sell-side analysts predict that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 8th will be issued a $0.52 dividend. The ex-dividend date is Friday, August 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.8%. Truist Financial's dividend payout ratio is currently 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.