Truist Financial Corporation $TFC Stock Holdings Lessened 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 trimmed its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 16.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in TFC. Wealth Preservation Advisors LLC purchased a new stake in shares of Truist Financial in the first quarter worth approximately $25,000. Centennial Bank AR lifted its position 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 worth $30,000 after purchasing an additional 580 shares in the last quarter. Motco lifted its position in shares of Truist Financial by 435.6% in the first quarter. Motco now owns 798 shares of the insurance provider's stock worth $33,000 after purchasing an additional 649 shares in the last quarter. Meeder Asset Management Inc. lifted its position 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 worth $36,000 after purchasing an additional 468 shares in the last quarter. Finally, Sierra Ocean LLC lifted its position 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 worth $37,000 after purchasing an additional 352 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Keefe, Bruyette & Woods lowered shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price target for the company. in a research report on Wednesday, July 9th. Morgan Stanley reaffirmed a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. Raymond James Financial raised shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price objective on the stock in a research report on Tuesday, July 8th. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and raised their price objective for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Finally, Wells Fargo & Company reaffirmed an "equal weight" rating and set a $47.00 price objective on shares of Truist Financial in a research report 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 assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $48.47.

Truist Financial Trading Down 0.2%

NYSE:TFC opened at $45.22 on Friday. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $49.06. The firm has a market cap of $58.30 billion, a price-to-earnings ratio of 12.32, a P/E/G ratio of 1.69 and a beta of 0.88. 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 company's 50 day moving average is $45.02 and its 200-day moving average is $41.75.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The firm 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 company's revenue for the quarter was down 406.0% compared to the same quarter last year. Equities analysts anticipate that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were given a $0.52 dividend. 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 4.6%. Truist Financial's dividend payout ratio (DPR) is currently 56.68%.

Insider Activity 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 shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the transaction, the insider owned 500 shares of the company's stock, valued at $22,595. This trade represents a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.17% of the stock is currently owned by corporate insiders.

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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