UMB Bank n.a. Cuts Stake in Truist Financial Corporation $TFC

Key Points

• UMB Bank n.a. reduced its stake in Truist Financial Corporation by 44.5%, selling 16,995 shares, leaving it with 21,213 shares valued at approximately $912,000.
• Insiders, including Bradley D. Bender, sold a notable number of shares, with Bender reducing his ownership by 96.17% after selling 12,540 shares for about $566,682.
• Several analysts issued varied ratings for Truist Financial, with Citigroup upgrading its rating from "neutral" to "buy" and setting a new price target of $55.

UMB Bank n.a. cut its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 44.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,213 shares of the insurance provider's stock after selling 16,995 shares during the quarter. UMB Bank n.a.'s holdings in Truist Financial were worth $912,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TFC. Wealth Preservation Advisors LLC bought a new position in shares of Truist Financial during the first quarter valued at approximately $25,000. Centennial Bank AR lifted its holdings in Truist Financial by 360.2% during the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock worth $30,000 after buying an additional 580 shares during the period. Motco boosted its position in Truist Financial by 435.6% during the 1st quarter. Motco now owns 798 shares of the insurance provider's stock valued at $33,000 after acquiring an additional 649 shares in the last quarter. Meeder Asset Management Inc. increased its holdings in shares of Truist Financial by 115.3% in the 1st quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider's stock valued at $36,000 after acquiring an additional 468 shares during the period. Finally, Sierra Ocean LLC increased its holdings in shares of Truist Financial by 64.4% in the 1st quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock valued at $37,000 after acquiring an additional 352 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Insider Transactions 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 stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the transaction, the insider directly 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.14% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Keefe, Bruyette & Woods cut Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective for the company. in a research note on Wednesday, July 9th. Citigroup raised 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. Raymond James Financial raised 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. Morgan Stanley reaffirmed a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. 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 research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Truist Financial has a consensus rating of "Moderate Buy" and an average price target of $48.47.

Truist Financial Trading Down 0.2%

Truist Financial stock opened at $45.97 on Monday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $49.06. The company has a market capitalization of $59.28 billion, a price-to-earnings ratio of 12.53, a price-to-earnings-growth ratio of 1.71 and a beta of 0.88. The stock has a 50-day moving average price of $45.02 and a 200 day moving average price of $41.73.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly 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 net margin of 16.82% and a return on equity of 8.69%. The company had revenue of $5.04 billion during the quarter, compared to analyst estimates of $5.04 billion. During the same period in the previous year, the firm posted $0.91 earnings per share. The company's revenue was down 406.0% compared to the same quarter last year. Sell-side analysts anticipate that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were issued 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 yield of 4.5%. Truist Financial's payout ratio is presently 56.68%.

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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