Truist Financial Corporation $TFC Shares Sold by UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC

Key Points

• UBS Asset Management has reduced its stake in Truist Financial by 3.5%, totaling approximately 10.36 million shares and valued at $426.5 million.
• Analysts have mixed ratings on Truist Financial, with Raymond James upgrading to "outperform" with a target of $50, while Keefe, Bruyette & Woods downgraded to "market perform" with a target of $48.
• The company recently declared a quarterly dividend of $0.52, translating to a 4.6% annual yield, with a payout ratio of 56.68%.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC cut its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 3.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,365,095 shares of the insurance provider's stock after selling 373,194 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned approximately 0.79% of Truist Financial worth $426,524,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Wealth Preservation Advisors LLC acquired a new position in shares of Truist Financial in the first quarter valued at about $25,000. Centennial Bank AR increased its holdings in shares of Truist Financial by 360.2% in the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock valued at $30,000 after purchasing an additional 580 shares during the period. Motco increased its holdings in shares of Truist Financial by 435.6% in the first quarter. Motco now owns 798 shares of the insurance provider's stock valued at $33,000 after purchasing an additional 649 shares during the period. Meeder Asset Management Inc. increased its holdings in shares of Truist Financial by 115.3% in the first quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider's stock valued at $36,000 after purchasing an additional 468 shares during the period. Finally, Sierra Ocean LLC increased its holdings in shares of Truist Financial by 64.4% in the first quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock valued at $37,000 after purchasing an additional 352 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Raymond James Financial upgraded Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 target price on the stock in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods downgraded Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price on the stock. in a research note on Wednesday, July 9th. TD Cowen assumed coverage on Truist Financial in a research note on Thursday, May 15th. They issued a "hold" rating and a $44.00 target price on the stock. Citigroup upgraded Truist Financial from a "neutral" rating to a "buy" rating and upped their target price for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Finally, Wells Fargo & Company restated an "equal weight" rating and issued a $47.00 target price on shares of Truist Financial in a research note on Thursday, August 21st. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Truist Financial currently has an average rating of "Moderate Buy" and an average target price of $48.47.

Insider Buying and Selling at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the firm'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 transaction, the insider owned 500 shares in the company, valued at $22,595. This trade represents a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.14% of the stock is currently owned by company insiders.

Truist Financial Stock Performance

Shares of TFC stock opened at $45.29 on Wednesday. The company has a market capitalization 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. The business's 50 day moving average is $45.02 and its two-hundred day moving average is $41.72. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last issued 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 business had revenue of $5.04 billion for the quarter, compared to analysts' expectations 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 for the quarter was down 406.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.91 EPS. Analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

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

Truist Financial 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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