Truist Financial Corporation $TFC Shares Sold by Venturi Wealth Management LLC

Key Points

• Venturi Wealth Management LLC has reduced its stake in Truist Financial Corporation by 33.5%, now holding 11,641 shares valued at approximately $500,000.
• A majority of analysts rate Truist Financial stock with a consensus of “Moderate Buy”, with a price target averaging around $48.89.
• Truist Financial recently declared a quarterly dividend of $0.52 per share, resulting in an annualized yield of 4.7% and a payout ratio of 56.68%.

Venturi Wealth Management LLC lowered its position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 33.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,641 shares of the insurance provider's stock after selling 5,868 shares during the period. Venturi Wealth Management LLC's holdings in Truist Financial were worth $500,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in TFC. Foster Victor Wealth Advisors LLC grew its stake in shares of Truist Financial by 0.4% during the second quarter. Foster Victor Wealth Advisors LLC now owns 62,087 shares of the insurance provider's stock valued at $2,804,000 after acquiring an additional 242 shares in the last quarter. Klingman & Associates LLC grew its stake in shares of Truist Financial by 2.2% during the first quarter. Klingman & Associates LLC now owns 11,756 shares of the insurance provider's stock valued at $484,000 after acquiring an additional 248 shares in the last quarter. Haverford Trust Co grew its stake 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 valued at $319,000 after acquiring an additional 262 shares in the last quarter. Keystone Financial Group Inc. grew its stake in shares of Truist Financial by 1.3% during the second quarter. Keystone Financial Group Inc. now owns 21,283 shares of the insurance provider's stock valued at $942,000 after acquiring an additional 266 shares in the last quarter. Finally, Manchester Capital Management LLC grew its stake in shares of Truist Financial by 8.0% during the first quarter. Manchester Capital Management LLC now owns 3,898 shares of the insurance provider's stock valued at $160,000 after acquiring an additional 288 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on TFC. Keefe, Bruyette & Woods downgraded Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price for the company. in a research note on Wednesday, July 9th. Morgan Stanley raised their target price on Truist Financial from $48.00 to $54.00 and gave the company an "equal weight" rating in a research note on Monday, September 29th. Wells Fargo & Company restated an "equal weight" rating and set a $47.00 target price on shares of Truist Financial in a research note on Thursday, August 21st. 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 report on Tuesday, September 30th. Finally, Citigroup raised 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 report on Thursday, June 26th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.89.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $44.22 on Friday. 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 firm's 50-day moving average price is $45.17 and its two-hundred day moving average price is $42.16. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $49.06. The stock has a market capitalization of $57.02 billion, a P/E ratio of 12.05, a P/E/G ratio of 1.42 and a beta of 0.88.

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 business had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $5.04 billion. During the same period in the prior year, the business earned $0.91 EPS. The business's revenue was down 406.0% on a year-over-year basis. As a group, sell-side analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial's payout ratio is 56.68%.

Insider Buying and Selling at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction that occurred 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 sale, the insider owned 500 shares of the company's stock, valued at approximately $22,595. The trade was a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.17% of the company's stock.

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.

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