Truist Financial Corp Sells 209,951 Shares of Truist Financial Corporation $TFC

Key Points

• Truist Financial Corp reduced its stake in Truist Financial Corporation by 4.6%, selling 209,951 shares and owning a total of 4,373,735 shares, valued at $188 million.
• Several institutional investors have also altered their holdings, with notable increases, such as Venture Visionary Partners LLC expanding its stake by 41.1%.
• Analysts have set new price targets for Truist Financial, with upgrades from firms like Citigroup raising the target from $44 to $55, supporting a consensus rating of "Moderate Buy" with an average target price of $48.89.

Truist Financial Corp lowered its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 4.6% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,373,735 shares of the insurance provider's stock after selling 209,951 shares during the quarter. Truist Financial Corp owned 0.33% of Truist Financial worth $188,027,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Chicago Capital LLC acquired a new stake in Truist Financial in the second quarter worth $205,000. Raleigh Capital Management Inc. grew its stake in shares of Truist Financial by 3.9% in the 2nd quarter. Raleigh Capital Management Inc. now owns 35,430 shares of the insurance provider's stock valued at $1,523,000 after buying an additional 1,314 shares during the period. Janney Montgomery Scott LLC grew its stake in shares of Truist Financial by 1.7% in the 2nd quarter. Janney Montgomery Scott LLC now owns 982,866 shares of the insurance provider's stock valued at $42,253,000 after buying an additional 16,384 shares during the period. Venture Visionary Partners LLC increased its position in Truist Financial by 41.1% in the 2nd quarter. Venture Visionary Partners LLC now owns 100,632 shares of the insurance provider's stock valued at $4,326,000 after buying an additional 29,299 shares in the last quarter. Finally, Smith Chas P & Associates PA Cpas raised its stake in Truist Financial by 1.2% during the 2nd quarter. Smith Chas P & Associates PA Cpas now owns 24,027 shares of the insurance provider's stock worth $1,033,000 after buying an additional 296 shares during the period. Institutional investors and hedge funds own 71.28% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Morgan Stanley raised their price objective on Truist Financial from $48.00 to $54.00 and gave the company an "equal weight" rating in a research note on Monday. Wells Fargo & Company reiterated an "equal weight" rating and issued a $47.00 target price on shares of Truist Financial in a report on Thursday, August 21st. Evercore ISI boosted their price target on shares of Truist Financial from $48.00 to $50.00 and gave the company an "in-line" rating in a research note on Tuesday. Keefe, Bruyette & Woods downgraded shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective on the stock. in a report on Wednesday, July 9th. Finally, Citigroup upgraded shares of Truist Financial from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $44.00 to $55.00 in a report on Thursday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $48.89.

Truist Financial Stock Performance

Shares of TFC opened at $45.70 on Wednesday. The stock has a 50 day moving average of $45.15 and a 200 day moving average of $41.99. The company has a market capitalization of $58.93 billion, a price-to-earnings ratio of 12.45, a PEG ratio of 1.47 and a beta of 0.88. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $49.06. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75.

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 (EPS) for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The business had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $5.04 billion. During the same quarter last year, the company earned $0.91 EPS. The firm's revenue for the quarter was down 406.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were given a $0.52 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.08 annualized dividend and a yield of 4.6%. Truist Financial's payout ratio is currently 56.68%.

Insiders Place Their Bets

In other news, insider Bradley D. Bender sold 12,540 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the completion of the sale, the insider owned 500 shares in the company, valued at $22,595. This trade represents a 96.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.14% of the stock is currently owned by insiders.

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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