Truist Financial Corporation $TFC Shares Sold by Korea Investment CORP

Key Points

• Korea Investment CORP cut its Truist Financial stake by 17.7% in the second quarter, selling 125,400 shares and retaining 584,020 shares worth approximately $29.1 million. Institutional investors collectively own 71.28% of TFC.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $55.12. Citigroup downgraded the stock to “neutral,” while Evercore maintained an “outperform” rating with a $57 target.
• Truist exceeded quarterly expectations, reporting $1.23 in EPS versus the $1.08 consensus and $5.31 billion in revenue. The company also declared a quarterly dividend of $0.52 per share, representing a 4.1% annualized yield.

Korea Investment CORP reduced its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 17.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 584,020 shares of the insurance provider's stock after selling 125,400 shares during the quarter. Korea Investment CORP's holdings in Truist Financial were worth $29,096,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Kemnay Advisory Services Inc. bought a new position in shares of Truist Financial in the fourth quarter valued at $25,000. Swiss RE Ltd. acquired a new stake in shares of Truist Financial during the 4th quarter valued at $26,000. N.E.W. Advisory Services LLC acquired a new stake in shares of Truist Financial during the 2nd quarter valued at $30,000. Navigoe LLC bought a new stake in shares of Truist Financial during the 2nd quarter worth $30,000. Finally, McMillan Office Inc. bought a new stake in shares of Truist Financial during the 4th quarter worth $31,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on TFC shares. Citigroup lowered Truist Financial from a "buy" rating to a "neutral" rating and cut their target price for the stock from $63.00 to $54.00 in a research report on Tuesday, June 30th. Wall Street Zen upgraded Truist Financial from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Raymond James Financial reissued a "market perform" rating on shares of Truist Financial in a research note on Wednesday, July 1st. Evercore restated an "outperform" rating and set a $57.00 price objective on shares of Truist Financial in a report on Monday, July 6th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Truist Financial in a research note on Wednesday, July 29th. Seven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $55.12.

Truist Financial Stock Performance

TFC stock opened at $50.48 on Friday. The firm has a 50 day simple moving average of $51.26 and a 200 day simple moving average of $49.82. Truist Financial Corporation has a 52 week low of $40.78 and a 52 week high of $56.19. The stock has a market cap of $61.67 billion, a P/E ratio of 11.58, a P/E/G ratio of 1.06 and a beta of 0.89. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.24 billion. During the same quarter in the prior year, the business earned $0.91 EPS. The company's revenue for the quarter was up 5.6% compared to the same quarter last year. Research analysts anticipate that Truist Financial Corporation will post 4.58 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Friday, August 14th. Truist Financial's payout ratio is currently 47.71%.

Insider Transactions at Truist Financial

In other news, insider Donta L. Wilson sold 13,280 shares of the company's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $51.85, for a total value of $688,568.00. Following the transaction, the insider directly owned 56,009 shares of the company's stock, valued at approximately $2,904,066.65. This represents a 19.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the stock in a transaction on Monday, July 20th. The stock was sold at an average price of $52.36, for a total value of $693,770.00. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 30,516 shares of company stock valued at $1,584,428. 0.15% of the stock is owned by insiders.

Truist Financial Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.

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