Triangle Securities Wealth Management Cuts Stake in Truist Financial Corporation $TFC

Key Points

• Triangle Securities Wealth Management sold 25,933 shares of Truist Financial, reducing its stake by 51% and holding 24,868 shares valued at approximately $1,069,000.
• Several institutional investors have significantly increased their holdings in Truist Financial, with Victory Capital Management raising its stake by 922.9% in the first quarter.
• Truist Financial reported earnings of $0.91 per share for the last quarter, missing estimates, with a dividend yield of 4.5% following a recent quarterly dividend payout.

Triangle Securities Wealth Management trimmed its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 51.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,868 shares of the insurance provider's stock after selling 25,933 shares during the period. Triangle Securities Wealth Management's holdings in Truist Financial were worth $1,069,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Carderock Capital Management Inc. bought a new stake in shares of Truist Financial in the 2nd quarter valued at about $135,000. HF Advisory Group LLC raised its position in shares of Truist Financial by 36.4% in the 2nd quarter. HF Advisory Group LLC now owns 54,694 shares of the insurance provider's stock valued at $2,351,000 after buying an additional 14,598 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Truist Financial by 6.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 759,177 shares of the insurance provider's stock worth $34,573,000 after purchasing an additional 49,275 shares in the last quarter. Wedmont Private Capital increased its position in Truist Financial by 18.6% during the 2nd quarter. Wedmont Private Capital now owns 13,237 shares of the insurance provider's stock worth $598,000 after purchasing an additional 2,075 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its position in Truist Financial by 2.5% in the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 200,385 shares of the insurance provider's stock valued at $8,615,000 after acquiring an additional 4,910 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on TFC. Raymond James Financial raised shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price objective on the stock in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods downgraded shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price for the company. in a report on Wednesday, July 9th. Morgan Stanley restated a "mixed" rating on shares of Truist Financial in a report on Monday, July 21st. Wells Fargo & Company restated an "equal weight" rating and set a $47.00 price objective on shares of Truist Financial in a report on Thursday, August 21st. Finally, Citigroup upgraded shares of Truist Financial from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $48.47.

Insider Transactions at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the transaction, the insider owned 500 shares in the company, valued at $22,595. This represents a 96.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.17% of the company's stock.

Truist Financial Stock Down 0.2%

Truist Financial stock traded down $0.11 during mid-day trading on Friday, reaching $45.97. The stock had a trading volume of 19,223,350 shares, compared to its average volume of 7,549,722. The company has a market capitalization of $59.28 billion, a price-to-earnings ratio of 12.53, a PEG ratio of 1.72 and a beta of 0.88. The company has a 50-day moving average price of $45.02 and a two-hundred day moving average price of $41.74. Truist Financial Corporation has a one year low of $33.56 and a one year high of $49.06. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly 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 firm had revenue of $5.04 billion during the quarter, compared to the consensus estimate 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 for the quarter was down 406.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.91 EPS. On average, analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

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

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.