Truist Financial Corporation $TFC Shares Sold by Marotta Asset Management

Key Points

• Marotta Asset Management reduced its stake in Truist Financial Corporation by 16.5%, holding 35,216 shares valued at approximately $1.5 million after selling 6,981 shares in Q2.
• Multiple hedge funds are adjusting their positions in Truist, with notable increases from Centennial Bank AR (360.2% lift) and Motco (435.6% lift) in the first quarter.
• Truist Financial reported a $0.91 EPS for the last quarter, slightly missing analyst expectations of $0.93, with a significant decline in revenue compared to the same quarter last year.

Marotta Asset Management lessened its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 16.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 35,216 shares of the insurance provider's stock after selling 6,981 shares during the quarter. Marotta Asset Management's holdings in Truist Financial were worth $1,514,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Klingman & Associates LLC increased its stake in Truist Financial by 2.2% in the 1st 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 raised its holdings in shares of Truist Financial by 3.5% during the 1st quarter. Haverford Trust Co now owns 7,751 shares of the insurance provider's stock worth $319,000 after acquiring an additional 262 shares in the last quarter. Manchester Capital Management LLC lifted its position in 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 purchasing an additional 288 shares during the last quarter. Ballast Inc. increased its holdings in shares of Truist Financial by 0.7% in the 1st quarter. Ballast Inc. now owns 39,348 shares of the insurance provider's stock worth $1,619,000 after buying an additional 290 shares during the last quarter. Finally, Integrated Advisors Network LLC raised its position in shares of Truist Financial by 4.8% during the 4th quarter. Integrated Advisors Network LLC now owns 6,316 shares of the insurance provider's stock valued at $274,000 after buying an additional 291 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on TFC. Raymond James Financial upgraded 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 shares of Truist Financial from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $47.00 target price on shares of Truist Financial in a research report on Thursday, August 21st. Keefe, Bruyette & Woods cut shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective for the company. in a research report on Wednesday, July 9th. Finally, Morgan Stanley reiterated a "mixed" rating on shares of Truist Financial in a report on Monday, July 21st. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $48.47.

Truist Financial Stock Up 1.1%

TFC traded up $0.50 during trading hours on Thursday, hitting $45.88. 3,647,570 shares of the company's stock were exchanged, compared to its average volume of 8,416,806. The firm has a market cap of $59.15 billion, a P/E ratio of 12.50, a price-to-earnings-growth ratio of 1.66 and a beta of 0.88. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $49.06. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. The firm has a 50 day moving average of $45.00 and a 200 day moving average of $41.73.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 EPS 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 business had revenue of $5.04 billion during the quarter, compared to analyst estimates of $5.04 billion. During the same quarter last year, the firm earned $0.91 EPS. The business's revenue was down 406.0% on a year-over-year basis. Analysts predict that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.5%. Truist Financial's payout ratio is currently 56.68%.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the business's stock in a transaction that occurred on 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 owned 500 shares in the company, valued at $22,595. The trade was a 96.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.17% of the company's stock.

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.