Truist Financial Corporation $TFC Shares Sold by Johnson Investment Counsel Inc.

Key Points

• Johnson Investment Counsel Inc. has reduced its stake in Truist Financial Corporation by 39.0%, now holding 10,865 shares valued at approximately $467,000.
• Truist Financial reported $0.91 EPS for the quarter, missing expectations, with revenue of $5.04 billion but showing a 406.0% decline from the same quarter last year.
• The company declared a quarterly dividend of $0.52, resulting in an annualized rate of $2.08 and a yield of 4.8%.

Johnson Investment Counsel Inc. lessened its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 39.0% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 10,865 shares of the insurance provider's stock after selling 6,949 shares during the quarter. Johnson Investment Counsel Inc.'s holdings in Truist Financial were worth $467,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in TFC. Wealth Preservation Advisors LLC acquired a new position in Truist Financial in the 1st quarter valued at approximately $25,000. Centennial Bank AR increased its stake in Truist Financial by 360.2% in the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock valued at $30,000 after buying an additional 580 shares during the period. Motco increased its stake in Truist Financial by 435.6% in the 1st quarter. Motco now owns 798 shares of the insurance provider's stock valued at $33,000 after buying an additional 649 shares during the period. Ramirez Asset Management Inc. increased its stake in Truist Financial by 60.0% in the 2nd quarter. Ramirez Asset Management Inc. now owns 800 shares of the insurance provider's stock valued at $34,000 after buying an additional 300 shares during the period. Finally, Meeder Asset Management Inc. increased its stake in Truist Financial by 115.3% in the 1st quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider's stock valued at $36,000 after buying an additional 468 shares during the period. Institutional investors and hedge funds own 71.28% of the company's stock.

Truist Financial Stock Performance

Shares of TFC opened at $43.26 on Thursday. The company has a market capitalization of $55.79 billion, a PE ratio of 11.79, a price-to-earnings-growth ratio of 1.40 and a beta of 0.88. Truist Financial Corporation has a one year low of $33.56 and a one year high of $49.06. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. The company's fifty day moving average price is $45.16 and its 200 day moving average price is $42.21.

Truist Financial (NYSE:TFC - Get Free Report) last announced its earnings results on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing the consensus estimate of $0.93 by ($0.02). The firm 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%.The business's revenue was down 406.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.91 EPS. As a group, analysts expect that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.8%. The ex-dividend date was Friday, August 8th. Truist Financial's dividend payout ratio (DPR) is currently 56.68%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on TFC shares. Weiss Ratings reiterated a "hold (c+)" rating on shares of Truist Financial in a research note on Wednesday, October 8th. Morgan Stanley upped their price objective on shares of Truist Financial from $48.00 to $54.00 and gave the company an "equal weight" rating in a research note on Monday, September 29th. Raymond James Financial restated an "outperform" rating on shares of Truist Financial in a research note on Tuesday, October 7th. Evercore ISI increased their price target on shares of Truist Financial from $48.00 to $50.00 and gave the stock an "in-line" rating in a research note on Tuesday, September 30th. Finally, Citigroup upgraded shares of Truist Financial from a "neutral" rating to a "buy" rating and increased their price target for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.89.

Insider Transactions at Truist Financial

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the firm's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the sale, the insider directly owned 500 shares in the company, valued at $22,595. This trade represents a 96.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.17% of the stock is owned by corporate insiders.

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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