Truist Financial Corporation $TFC Shares Sold by Benjamin Edwards Inc.

Key Points

• Benjamin Edwards trimmed its Truist stake by 33.4%, selling 86,676 shares and leaving it with 173,112 shares valued at about $8.52 million.
• Truist beat quarterly estimates with $1.09 EPS vs. $1.00 expected and revenue of $5.20 billion (+5% YoY), and announced a quarterly dividend of $0.52 ($2.08 annualized, 4.1% yield) with an ex-dividend date of May 8.
• Institutional ownership is high at 71.28%, with large position changes such as Wellington Management boosting its stake to 10.39 million shares, and analysts rate Truist a "Moderate Buy" with an average target of $55.59.

Benjamin Edwards Inc. trimmed its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 33.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 173,112 shares of the insurance provider's stock after selling 86,676 shares during the quarter. Benjamin Edwards Inc.'s holdings in Truist Financial were worth $8,519,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of TFC. Wellington Management Group LLP raised its stake in Truist Financial by 13,511.7% during the 3rd quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider's stock worth $474,886,000 after acquiring an additional 10,310,523 shares in the last quarter. Jennison Associates LLC raised its stake in Truist Financial by 203.1% during the 3rd quarter. Jennison Associates LLC now owns 3,918,994 shares of the insurance provider's stock worth $179,176,000 after acquiring an additional 2,625,847 shares in the last quarter. Azora Capital LP acquired a new stake in Truist Financial during the 3rd quarter worth $115,417,000. Skandinaviska Enskilda Banken AB publ raised its stake in Truist Financial by 164.0% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 2,308,054 shares of the insurance provider's stock worth $105,490,000 after acquiring an additional 1,433,934 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in Truist Financial by 71.9% during the 2nd quarter. AQR Capital Management LLC now owns 3,165,033 shares of the insurance provider's stock worth $136,065,000 after acquiring an additional 1,323,866 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Trading Up 0.1%

Shares of Truist Financial stock opened at $50.98 on Monday. Truist Financial Corporation has a 1 year low of $38.27 and a 1 year high of $56.19. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market capitalization of $63.26 billion, a P/E ratio of 12.65, a PEG ratio of 0.87 and a beta of 0.92. The company's fifty day moving average is $48.10 and its two-hundred day moving average is $48.31.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The company had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.18 billion. During the same period last year, the firm posted $0.87 EPS. Truist Financial's revenue for the quarter was up 5.0% on a year-over-year basis. Analysts forecast that Truist Financial Corporation will post 4.52 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 8th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend is Friday, May 8th. Truist Financial's dividend payout ratio (DPR) is presently 51.61%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on TFC. Morgan Stanley cut their price target on shares of Truist Financial from $63.00 to $62.00 and set an "overweight" rating on the stock in a research note on Monday, April 20th. Jefferies Financial Group reiterated a "mixed" rating and set a $45.00 price target on shares of Truist Financial in a research note on Friday, April 17th. TD Cowen lifted their price target on shares of Truist Financial from $59.00 to $60.00 and gave the stock a "buy" rating in a research note on Thursday, January 22nd. Royal Bank Of Canada lifted their price target on shares of Truist Financial from $51.00 to $53.00 and gave the stock an "outperform" rating in a research note on Monday, April 20th. Finally, The Goldman Sachs Group reiterated a "buy" rating and set a $58.00 price target on shares of Truist Financial in a research note on Tuesday, January 6th. Nine equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Truist Financial presently has an average rating of "Moderate Buy" and an average target price of $55.59.

Truist Financial Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.

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