Truist Financial Corporation $TFC Stock Sold by Carnegie Investment Counsel

Key Points

• Carnegie Investment Counsel reduced its Truist Financial stake by 26.7% in the third quarter, selling 27,910 shares and retaining 76,568 shares valued at approximately $3.55 million. Institutional investors collectively own 71.28% of TFC.
• Truist reported quarterly earnings of $1.16 per share, slightly below the $1.17 consensus estimate, while revenue of $5.30 billion also missed expectations. Shares opened at $47.73, near the lower end of their 12-month range.
• The company maintains a quarterly dividend of $0.52 per share, equivalent to an annualized $2.08 payout and a 4.4% yield. Analysts’ consensus rating is “Hold,” with an average price target of $53.87.

Carnegie Investment Counsel trimmed its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 26.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 76,568 shares of the insurance provider's stock after selling 27,910 shares during the period. Carnegie Investment Counsel's holdings in Truist Financial were worth $3,545,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of TFC. PCB Capital LLC grew its holdings in shares of Truist Financial by 3.0% in the 1st quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider's stock worth $310,000 after acquiring an additional 198 shares during the period. First Dallas Securities Inc. increased its stake in Truist Financial by 1.5% in the 1st quarter. First Dallas Securities Inc. now owns 14,659 shares of the insurance provider's stock valued at $674,000 after purchasing an additional 211 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its stake in Truist Financial by 4.0% in the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,456 shares of the insurance provider's stock valued at $272,000 after purchasing an additional 211 shares in the last quarter. Csenge Advisory Group increased its stake in Truist Financial by 0.3% in the 2nd quarter. Csenge Advisory Group now owns 69,426 shares of the insurance provider's stock valued at $3,459,000 after purchasing an additional 227 shares in the last quarter. Finally, Apella Capital LLC raised its holdings in Truist Financial by 0.5% during the second quarter. Apella Capital LLC now owns 43,030 shares of the insurance provider's stock worth $2,210,000 after purchasing an additional 232 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.

Truist Financial Stock Up 0.8%

Shares of NYSE TFC opened at $47.73 on Thursday. The firm's 50-day moving average is $48.86 and its two-hundred day moving average is $49.66. The company has a market capitalization of $58.31 billion, a PE ratio of 10.29, a price-to-earnings-growth ratio of 1.07 and a beta of 0.92. Truist Financial Corporation has a 12-month low of $43.13 and a 12-month high of $56.19. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.88 and a quick ratio of 0.88.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings data on Friday, October 16th. The insurance provider reported $1.16 earnings per share for the quarter, missing analysts' consensus estimates of $1.17 by ($0.01). Truist Financial had a return on equity of 10.37% and a net margin of 18.01%. The business had revenue of $5.30 billion for the quarter, compared to analysts' expectations of $5.35 billion. During the same period last year, the business earned $1.04 earnings per share. The company's revenue for the quarter was up 1.3% on a year-over-year basis. Equities analysts anticipate that Truist Financial Corporation will post 4.65 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a yield of 4.4%. Truist Financial's dividend payout ratio is presently 53.61%.

Analyst Ratings Changes

A number of analysts have commented on TFC shares. UBS Group decreased their target price on Truist Financial from $55.00 to $50.00 and set a "neutral" rating on the stock in a research report on Monday, October 5th. Wall Street Zen raised Truist Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Royal Bank Of Canada dropped their price target on Truist Financial from $53.00 to $51.00 and set an "outperform" rating for the company in a research report on Monday. Keefe, Bruyette & Woods cut their price target on Truist Financial from $55.00 to $54.00 and set a "market perform" rating for the company in a research note on Monday. Finally, JPMorgan Chase & Co. cut their price target on Truist Financial from $54.00 to $50.50 and set an "underweight" rating for the company in a research note on Friday, October 2nd. Seven analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $53.87.

Insider Buying and Selling

In other Truist Financial news, insider Dontá Wilson sold 13,280 shares of the firm's stock in a transaction on Friday, July 31st. The stock was sold at an average price of $51.85, for a total transaction of $688,568.00. Following the completion of the transaction, the insider owned 56,009 shares of the company's stock, valued at approximately $2,904,066.65. This trade represents a 19.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Michael P. Lyons purchased 21,000 shares of the business's stock in a transaction dated Thursday, September 17th. The stock was bought at an average cost of $48.36 per share, with a total value of $1,015,560.00. Following the completion of the acquisition, the chief executive officer owned 21,000 shares of the company's stock, valued at approximately $1,015,560. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 0.15% of the stock is currently owned by corporate insiders.

Truist Financial Company Profile

Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.

Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.

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