Samlyn Capital LLC Sells 1,984,004 Shares of Truist Financial Corporation $TFC

Key Points

• Samlyn Capital LLC reduced its stake in Truist Financial Corporation by 56.7%, selling nearly 2 million shares, leaving it with 1,514,502 shares valued at approximately $62 million.
• Truist Financial reported a quarterly earnings of $0.91 per share, which fell short of analysts' expectations of $0.93, with revenue remaining flat at $5.04 billion.
• The company recently announced a quarterly dividend of $0.52 per share with a yield of 4.5%, and its dividend payout ratio stands at 56.68%.

Samlyn Capital LLC trimmed its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 56.7% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 1,514,502 shares of the insurance provider's stock after selling 1,984,004 shares during the period. Samlyn Capital LLC owned about 0.12% of Truist Financial worth $62,322,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Nissay Asset Management Corp Japan ADV boosted its position in Truist Financial by 0.4% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 161,749 shares of the insurance provider's stock valued at $6,656,000 after buying an additional 653 shares during the last quarter. NewEdge Advisors LLC boosted its position in shares of Truist Financial by 19.1% in the 1st quarter. NewEdge Advisors LLC now owns 190,719 shares of the insurance provider's stock worth $7,848,000 after purchasing an additional 30,631 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Truist Financial by 41.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 242,489 shares of the insurance provider's stock worth $9,964,000 after purchasing an additional 70,456 shares during the last quarter. Integrated Wealth Concepts LLC boosted its position in shares of Truist Financial by 3.6% in the 1st quarter. Integrated Wealth Concepts LLC now owns 28,965 shares of the insurance provider's stock worth $1,192,000 after purchasing an additional 999 shares during the last quarter. Finally, EJF Capital LLC bought a new position in shares of Truist Financial in the 1st quarter worth $3,055,000. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Trading Down 1.6%

Shares of TFC stock traded down $0.72 during trading hours on Tuesday, hitting $45.29. 11,561,315 shares of the company were exchanged, compared to its average volume of 6,713,004. The firm has a market cap of $58.40 billion, a P/E ratio of 12.34, a P/E/G ratio of 1.72 and a beta of 0.88. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week 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. The company has a 50 day simple moving average of $45.02 and a two-hundred day simple moving average of $41.72.

Truist Financial (NYSE:TFC - Get Free Report) last issued its 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). Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The firm had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $5.04 billion. During the same quarter in the prior year, the business earned $0.91 earnings per share. Truist Financial's revenue for the quarter was down 406.0% on a year-over-year basis. Equities analysts anticipate that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

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

Insiders Place Their Bets

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 stock was sold at an average price of $45.19, for a total transaction of $566,682.60. Following the transaction, the insider directly owned 500 shares in the company, valued at approximately $22,595. This trade represents a 96.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.14% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on TFC shares. TD Cowen started coverage on Truist Financial in a research report on Thursday, May 15th. They issued a "hold" rating and a $44.00 price target on the stock. Morgan Stanley restated a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. Wells Fargo & Company restated an "equal weight" rating and issued a $47.00 price target on shares of Truist Financial in a research report on Thursday, August 21st. Citigroup upgraded Truist Financial from a "neutral" rating to a "buy" rating and raised their price target for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Finally, Keefe, Bruyette & Woods downgraded Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective on the stock. in a research note on Wednesday, July 9th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $48.47.

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.