Jones Financial Companies Lllp Trims Stock Holdings in Truist Financial Corporation $TFC

Key Points

• Jones Financial Companies Lllp significantly reduced its stake in Truist Financial Corporation by 93.6%, now holding 53,539 shares worth $2,203,000 after selling 785,351 shares in the first quarter.
• Insider Bradley D. Bender sold 12,540 shares at a total value of $566,682.60, marking a 96.17% decrease in his position to just 500 shares.
• Research analysts have mixed views on the stock, with ratings ranging from "Strong Buy" to "Hold", and a consensus price target of $48.47.

Jones Financial Companies Lllp trimmed its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 93.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 53,539 shares of the insurance provider's stock after selling 785,351 shares during the quarter. Jones Financial Companies Lllp's holdings in Truist Financial were worth $2,203,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in TFC. Klingman & Associates LLC lifted its holdings in shares of Truist Financial by 2.2% in the first quarter. Klingman & Associates LLC now owns 11,756 shares of the insurance provider's stock worth $484,000 after buying an additional 248 shares in the last quarter. Haverford Trust Co increased its position in shares of Truist Financial by 3.5% during the first quarter. Haverford Trust Co now owns 7,751 shares of the insurance provider's stock worth $319,000 after purchasing an additional 262 shares in the last quarter. Manchester Capital Management LLC boosted its position in shares of Truist Financial by 8.0% in the 1st quarter. Manchester Capital Management LLC now owns 3,898 shares of the insurance provider's stock worth $160,000 after purchasing an additional 288 shares in the last quarter. Ballast Inc. raised its stake in Truist Financial by 0.7% in the first quarter. Ballast Inc. now owns 39,348 shares of the insurance provider's stock valued at $1,619,000 after buying an additional 290 shares during the last quarter. Finally, Integrated Advisors Network LLC boosted its holdings in Truist Financial by 4.8% in the fourth quarter. Integrated Advisors Network LLC now owns 6,316 shares of the insurance provider's stock worth $274,000 after acquiring an additional 291 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.

Truist Financial Trading Down 0.7%

Shares of TFC traded down $0.33 during midday trading on Tuesday, reaching $44.46. The company had a trading volume of 3,055,094 shares, compared to its average volume of 8,423,389. The firm has a 50 day simple moving average of $45.01 and a 200-day simple moving average of $41.68. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. The stock has a market cap of $57.32 billion, a PE ratio of 12.10, a price-to-earnings-growth ratio of 1.69 and a beta of 0.88.

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

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial's payout ratio is currently 56.68%.

Insider Activity at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the completion of the transaction, the insider directly owned 500 shares of the company's stock, valued at $22,595. This represents a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.14% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on TFC shares. Keefe, Bruyette & Woods downgraded shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price on the stock. in a research report on Wednesday, July 9th. Wells Fargo & Company reissued an "equal weight" rating and issued a $47.00 target price on shares of Truist Financial in a research report on Thursday, August 21st. Raymond James Financial raised Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price target for the company in a research report on Tuesday, July 8th. Citigroup raised Truist Financial from a "neutral" rating to a "buy" rating and increased their price objective for the company from $44.00 to $55.00 in a report on Thursday, June 26th. Finally, Morgan Stanley restated a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $48.47.

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.