Truist Financial Corporation $TFC Shares Sold by Fiduciary Alliance LLC

Key Points

• Fiduciary Alliance LLC has reduced its stake in Truist Financial Corporation by 6.3%, now holding 92,369 shares valued at approximately $3,971,000.
• Analysts are optimistic about Truist Financial, with Raymond James and Citigroup upgrading their ratings, targeting a price of $50.00 and $55.00 respectively.
• The company recently reported quarterly earnings of $0.91 EPS, falling short of expectations by ($0.02), with a revenue of $5.04 billion for the quarter.

Fiduciary Alliance LLC cut its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 6.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 92,369 shares of the insurance provider's stock after selling 6,185 shares during the period. Fiduciary Alliance LLC's holdings in Truist Financial were worth $3,971,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the company. Victory Capital Management Inc. increased its holdings in Truist Financial by 922.9% in 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 buying an additional 6,012,817 shares during the last quarter. Invesco Ltd. boosted its position in shares of Truist Financial by 32.0% during the 1st quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider's stock worth $540,723,000 after acquiring an additional 3,188,999 shares in the last quarter. Nuveen LLC purchased a new position in shares of Truist Financial in the 1st quarter valued at about $117,929,000. Assenagon Asset Management S.A. boosted its holdings in Truist Financial by 610.8% in the first quarter. Assenagon Asset Management S.A. now owns 2,661,895 shares of the insurance provider's stock valued at $109,537,000 after purchasing an additional 2,287,410 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in Truist Financial by 21.8% in the first quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider's stock valued at $495,509,000 after purchasing an additional 2,158,639 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TFC has been the subject of several research analyst reports. 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 report on Tuesday, July 8th. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and boosted their price target for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Morgan Stanley restated a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. Wells Fargo & Company reiterated an "equal weight" rating and set a $47.00 target price on shares of Truist Financial in a research report on Thursday, August 21st. Finally, Keefe, Bruyette & Woods cut Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price for the company. in a research report on Wednesday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Truist Financial currently has an average rating of "Moderate Buy" and an average price target of $48.47.

Insider Activity at Truist Financial

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

Truist Financial Price Performance

Shares of NYSE TFC opened at $44.82 on Tuesday. 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 Corporation has a one year low of $33.56 and a one year high of $49.06. The firm has a market capitalization of $57.79 billion, a P/E ratio of 12.21, a PEG ratio of 1.69 and a beta of 0.88. The company's fifty day moving average is $45.01 and its two-hundred day moving average is $41.68.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly 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 analysts' expectations of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The business's revenue for the quarter was down 406.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.91 EPS. Analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date was Friday, August 8th. Truist Financial's dividend payout ratio (DPR) is presently 56.68%.

About Truist Financial

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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