Truist Financial Corporation $TFC Stock Holdings Reduced by Marino Stram & Associates LLC

Key Points

• Marino Stram & Associates LLC reduced its holdings in Truist Financial Corporation by 33.4%, owning 14,728 shares after selling 7,396 shares during the second quarter.
• Several hedge funds modified their positions in Truist Financial, with Foster Victor Wealth Advisors LLC increasing its stake by 0.4% to 62,087 shares.
• Wall Street analysts have mixed ratings for Truist Financial, with a consensus average rating of "Moderate Buy" and a price target of approximately $48.89.

Marino Stram & Associates LLC lessened its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 33.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 14,728 shares of the insurance provider's stock after selling 7,396 shares during the quarter. Marino Stram & Associates LLC's holdings in Truist Financial were worth $633,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the business. Foster Victor Wealth Advisors LLC grew its position in Truist Financial by 0.4% during the 2nd quarter. Foster Victor Wealth Advisors LLC now owns 62,087 shares of the insurance provider's stock worth $2,804,000 after acquiring an additional 242 shares during the last quarter. Klingman & Associates LLC boosted its stake in Truist Financial by 2.2% in the first quarter. Klingman & Associates LLC now owns 11,756 shares of the insurance provider's stock worth $484,000 after purchasing an additional 248 shares in the last quarter. Haverford Trust Co raised its holdings in shares of Truist Financial by 3.5% in the first quarter. Haverford Trust Co now owns 7,751 shares of the insurance provider's stock valued at $319,000 after buying an additional 262 shares during the last quarter. Manchester Capital Management LLC raised its holdings in shares of Truist Financial by 8.0% in the first quarter. Manchester Capital Management LLC now owns 3,898 shares of the insurance provider's stock valued at $160,000 after buying an additional 288 shares during the last quarter. Finally, Ballast Inc. raised its holdings in shares of Truist Financial by 0.7% in the first quarter. Ballast Inc. now owns 39,348 shares of the insurance provider's stock valued at $1,619,000 after buying an additional 290 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on TFC shares. Raymond James Financial upgraded shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price objective for the company in a research report on Tuesday, July 8th. 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 report on Wednesday, July 9th. Morgan Stanley boosted their target price on Truist Financial from $48.00 to $54.00 and gave the stock an "equal weight" rating in a research report on Monday. Wells Fargo & Company restated an "equal weight" rating and set a $47.00 target price on shares of Truist Financial in a research report on Thursday, August 21st. Finally, Citigroup upgraded Truist Financial from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $48.89.

Truist Financial Stock Performance

Shares of NYSE:TFC opened at $45.70 on Wednesday. The company has a market capitalization of $58.93 billion, a price-to-earnings ratio of 12.45, a P/E/G ratio of 1.47 and a beta of 0.88. The firm's 50 day simple moving average is $45.15 and its 200 day simple moving average is $41.99. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last issued its 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 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 previous year, the company posted $0.91 EPS. The firm's revenue for the quarter 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 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were issued 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 payout ratio is currently 56.68%.

Insiders Place Their Bets

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction dated 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. The trade was a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.14% of the company's stock.

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.

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