Truist Financial Corporation (NYSE:TFC) Stake Lessened by Equitable Trust Co.

Key Points

• Equitable Trust Co. reduced its stake in Truist Financial Corporation by 8.2%, holding 83,973 shares valued at approximately $3.46 million after selling 7,498 shares in the first quarter.
• Other institutional investors have shown activity as well, with Capital International Investors increasing its stake by 26.0% and Victory Capital Management Inc. by an astonishing 922.9% during the same period.
• Truist Financial reported an earnings per share (EPS) of $0.91 for the latest quarter, missing analysts' expectations of $0.93, and experienced a 406.0% decrease in quarterly revenue year-over-year.

Equitable Trust Co. lessened its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 8.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 83,973 shares of the insurance provider's stock after selling 7,498 shares during the period. Equitable Trust Co.'s holdings in Truist Financial were worth $3,455,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Capital International Investors increased its stake in Truist Financial by 26.0% during the fourth quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider's stock valued at $3,930,983,000 after purchasing an additional 18,712,246 shares during the last quarter. Norges Bank bought a new stake in Truist Financial during the fourth quarter valued at $402,828,000. Victory Capital Management Inc. increased its stake in Truist Financial by 922.9% during the first quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider's stock valued at $274,237,000 after purchasing an additional 6,012,817 shares during the last quarter. FMR LLC increased its stake in Truist Financial by 109.1% during the fourth quarter. FMR LLC now owns 10,460,159 shares of the insurance provider's stock valued at $453,762,000 after purchasing an additional 5,457,053 shares during the last quarter. Finally, Northern Trust Corp increased its stake in Truist Financial by 20.5% during the fourth quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider's stock valued at $626,154,000 after purchasing an additional 2,452,239 shares during the last quarter. Institutional investors own 71.28% of the company's stock.

Insider Transactions at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of 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 filing with the SEC, which is available at this hyperlink. 0.17% of the stock is owned by corporate insiders.

Truist Financial Stock Performance

Shares of TFC opened at $45.51 on Friday. The firm has a 50-day moving average price of $42.00 and a 200 day moving average price of $42.10. The firm has a market capitalization of $59.59 billion, a PE ratio of 12.40, a P/E/G ratio of 1.71 and a beta of 0.85. 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 Corporation has a 52-week low of $33.56 and a 52-week high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last announced its 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 company had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The business's quarterly revenue was down 406.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.91 EPS. On average, sell-side analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 9th were given a $0.52 dividend. The ex-dividend date was Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 4.57%. Truist Financial's dividend payout ratio is presently 56.68%.

Analyst Ratings Changes

Several research firms have weighed in on TFC. Stephens lowered their target price on shares of Truist Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Raymond James Financial upgraded shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 target price for the company in a research note on Tuesday, July 8th. Piper Sandler lowered their target price on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. Argus set a $43.00 price target on shares of Truist Financial in a research report on Monday, April 21st. Finally, TD Cowen assumed coverage on shares of Truist Financial in a research report on Thursday, May 15th. They set a "hold" rating and a $44.00 price target for the company. Seven 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 company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $48.65.

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.

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