Truist Financial Corporation $TFC Shares Sold by Drucker Wealth 3.0 LLC

Key Points

• Drucker Wealth 3.0 LLC reduced its holdings in Truist Financial Corporation by 23.1% in Q2, selling 16,258 shares, and holding a total of 53,993 shares valued at approximately $2.4 million.
• Several hedge funds, including Credit Agricole S A and Pinnacle Financial Partners Inc, significantly increased their stakes in Truist Financial during the first quarter, indicating growing institutional interest in the company.
• Truist Financial announced a quarterly dividend of $0.52 per share, translating to an annual yield of 4.9%, with a current payout ratio of 56.68%.

Drucker Wealth 3.0 LLC lessened its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 23.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 53,993 shares of the insurance provider's stock after selling 16,258 shares during the period. Drucker Wealth 3.0 LLC's holdings in Truist Financial were worth $2,438,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. First Hawaiian Bank raised its stake in shares of Truist Financial by 8.6% in the 1st quarter. First Hawaiian Bank now owns 11,991 shares of the insurance provider's stock valued at $493,000 after acquiring an additional 948 shares during the period. Code Waechter LLC purchased a new position in shares of Truist Financial in the 1st quarter valued at $365,000. Cantor Fitzgerald Investment Advisors L.P. raised its stake in shares of Truist Financial by 4.6% in the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider's stock valued at $17,927,000 after acquiring an additional 19,286 shares during the period. Pinnacle Financial Partners Inc raised its stake in shares of Truist Financial by 55.1% in the 1st quarter. Pinnacle Financial Partners Inc now owns 134,363 shares of the insurance provider's stock valued at $5,530,000 after acquiring an additional 47,717 shares during the period. Finally, Credit Agricole S A raised its stake in shares of Truist Financial by 76.4% in the 1st quarter. Credit Agricole S A now owns 500,384 shares of the insurance provider's stock valued at $20,591,000 after acquiring an additional 216,672 shares during the period. Hedge funds and other institutional investors own 71.28% of the company's stock.

Insider Buying and Selling at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the business's 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 sale, the insider owned 500 shares of the company's stock, valued at approximately $22,595. The trade was a 96.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.17% of the company's stock.

Truist Financial Price Performance

TFC opened at $42.32 on Friday. The company has a 50-day moving average of $45.16 and a 200-day moving average of $42.16. The company has a market capitalization of $54.57 billion, a P/E ratio of 11.53, a PEG ratio of 1.42 and a beta of 0.88. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC - Get Free Report) last released its earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing the consensus estimate 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 return on equity of 8.69% and a net margin of 16.82%.Truist Financial's revenue for the quarter was down 406.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.91 EPS. Equities analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders 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 dividend yield of 4.9%. Truist Financial's payout ratio is presently 56.68%.

Analysts Set New Price Targets

A number of brokerages have recently commented on TFC. Evercore ISI raised their target price 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, September 30th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Truist Financial in a research note on Wednesday. Morgan Stanley lifted their price target on shares of Truist Financial from $48.00 to $54.00 and gave the stock an "equal weight" rating in a research note on Monday, September 29th. Wells Fargo & Company reaffirmed an "equal weight" rating and set a $47.00 price target on shares of Truist Financial in a research note on Thursday, August 21st. Finally, Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $48.89.

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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