Truist Financial Corporation $TFC Shares Sold by Commonwealth Equity Services LLC

Key Points

• Commonwealth Equity Services cut its Truist Financial stake by 16.7% in the third quarter, selling 99,785 shares and retaining 498,584 shares valued at about $23.1 million.
• Analysts’ consensus rating was Hold, with an average price target of $54.73; Truist’s latest quarterly EPS and revenue came in slightly below estimates.
• CEO Michael Lyons bought 25,000 shares for about $1.21 million. Truist also declared a quarterly dividend of $0.52 per share, equivalent to a 4.1% yield.

Commonwealth Equity Services LLC lessened its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 16.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 498,584 shares of the insurance provider's stock after selling 99,785 shares during the period. Commonwealth Equity Services LLC's holdings in Truist Financial were worth $23,084,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Kestra Private Wealth Services LLC increased its holdings in Truist Financial by 4.9% in the 3rd quarter. Kestra Private Wealth Services LLC now owns 105,876 shares of the insurance provider's stock valued at $4,902,000 after buying an additional 4,971 shares during the period. Chicago Partners Investment Group LLC raised its stake in shares of Truist Financial by 13.2% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 11,055 shares of the insurance provider's stock valued at $535,000 after buying an additional 1,285 shares in the last quarter. Covestor Ltd lifted its holdings in shares of Truist Financial by 30.3% during the 3rd quarter. Covestor Ltd now owns 1,847 shares of the insurance provider's stock worth $86,000 after acquiring an additional 429 shares during the period. Ascent Group LLC lifted its holdings in shares of Truist Financial by 5.1% during the 3rd quarter. Ascent Group LLC now owns 53,498 shares of the insurance provider's stock worth $2,477,000 after acquiring an additional 2,575 shares during the period. Finally, 3Chopt Investment Partners LLC lifted its holdings in shares of Truist Financial by 15.9% during the 3rd quarter. 3Chopt Investment Partners LLC now owns 17,951 shares of the insurance provider's stock worth $831,000 after acquiring an additional 2,468 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on TFC shares. JPMorgan Chase & Co. upped their target price on shares of Truist Financial from $50.50 to $51.50 and gave the company an "underweight" rating in a research note on Friday, October 30th. Weiss Ratings reissued a "buy (b)" rating on shares of Truist Financial in a research report on Tuesday, October 27th. Stephens cut their price target on shares of Truist Financial from $55.00 to $54.00 and set an "overweight" rating for the company in a research note on Tuesday, October 20th. Keefe, Bruyette & Woods decreased their price objective on Truist Financial from $55.00 to $54.00 and set a "market perform" rating on the stock in a report on Monday, October 19th. Finally, Robert W. Baird lifted their price objective on Truist Financial from $55.00 to $56.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Nine equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $54.73.

Insider Transactions at Truist Financial

In other news, CEO Michael Lyons acquired 25,000 shares of Truist Financial stock in a transaction on Wednesday, October 28th. The shares were purchased at an average price of $48.36 per share, with a total value of $1,209,000.00. Following the acquisition, the chief executive officer owned 46,000 shares in the company, valued at $2,224,560. This represents a 119.05% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.15% of the company's stock.

Truist Financial Trading Up 2.1%

TFC opened at $50.40 on Tuesday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $60.41 billion, a PE ratio of 11.06, a PEG ratio of 1.13 and a beta of 0.90. Truist Financial Corporation has a 1-year low of $43.13 and a 1-year high of $56.19. The firm has a 50-day moving average price of $48.34 and a two-hundred day moving average price of $49.50.

Truist Financial (NYSE:TFC - Get Free Report) last announced its earnings results on Friday, October 16th. The insurance provider reported $1.16 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.17 by ($0.01). The company had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.35 billion. Truist Financial had a return on equity of 10.37% and a net margin of 18.01%. Truist Financial's revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.04 earnings per share. As a group, equities analysts anticipate that Truist Financial Corporation will post 4.66 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 13th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $2.08 annualized dividend and a yield of 4.1%. Truist Financial's dividend payout ratio is currently 53.61%.

About Truist Financial

Truist Financial Corporation NYSE: TFC is a financial services company headquartered in Charlotte, North Carolina. It provides banking and related services to individuals, businesses and institutions, including deposit accounts, loans, credit cards, payment services and treasury management.

The company also offers wealth management, investment and mortgage services, along with commercial banking and capital markets solutions. Its operations are concentrated in the southeastern and mid-Atlantic United States, serving customers through branches, digital channels and other delivery platforms.

Truist was formed in 2019 through the merger of BB&T Corporation and SunTrust Banks.

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