United Bank Sells 20,600 Shares of Truist Financial Corporation $TFC

Key Points

• United Bank reduced its stake in Truist Financial by 22.9%, selling 20,600 shares and leaving them with approximately 69,548 shares valued at around $2.99 million.
• Several institutional investors have increased their holdings in Truist Financial, with Victory Capital Management raising its stake by 922.9% during the first quarter.
• Truist Financial reported a quarterly EPS of $1.04, exceeding analysts' estimates, with a revenue of $5.24 billion, a 1.9% increase year-over-year.

United Bank lessened its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 22.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 69,548 shares of the insurance provider's stock after selling 20,600 shares during the period. Truist Financial makes up about 1.1% of United Bank's investment portfolio, making the stock its 26th biggest holding. United Bank's holdings in Truist Financial were worth $2,990,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of TFC. Victory Capital Management Inc. increased its stake in Truist Financial by 922.9% in the first quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider's stock valued at $274,237,000 after purchasing an additional 6,012,817 shares in the last quarter. Invesco Ltd. increased its stake in Truist Financial by 32.0% in the first quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider's stock valued at $540,723,000 after purchasing an additional 3,188,999 shares in the last quarter. Nuveen LLC acquired a new position in shares of Truist Financial in the first quarter valued at approximately $117,929,000. American Century Companies Inc. boosted its holdings in shares of Truist Financial by 21.8% in the first quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider's stock valued at $495,509,000 after buying an additional 2,158,639 shares during the period. Finally, National Bank of Canada FI boosted its holdings in shares of Truist Financial by 178.0% in the first quarter. National Bank of Canada FI now owns 2,289,868 shares of the insurance provider's stock valued at $94,228,000 after buying an additional 1,466,236 shares during the period. Institutional investors own 71.28% of the company's stock.

Wall Street Analyst Weigh In

TFC has been the subject of several research analyst reports. Wells Fargo & Company reiterated an "equal weight" rating and issued a $47.00 price target on shares of Truist Financial in a 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 target for the company. in a report on Wednesday, July 9th. Evercore ISI upped their price target on shares of Truist Financial from $48.00 to $50.00 and gave the company an "in-line" rating in a report on Tuesday, September 30th. Morgan Stanley upped their price target on shares of Truist Financial from $48.00 to $54.00 and gave the company an "equal weight" rating in a report on Monday, September 29th. Finally, Citigroup upgraded shares of Truist Financial from a "neutral" rating to a "buy" rating and upped their price target for the company from $44.00 to $55.00 in a report on Thursday, June 26th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $49.06.

Insider Buying and Selling at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction dated 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 directly owned 500 shares of the company's stock, valued at $22,595. This represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.17% of the stock is owned by insiders.

Truist Financial Stock Performance

Shares of TFC opened at $42.66 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 fifty day simple moving average of $45.11 and a 200 day simple moving average of $42.22. The stock has a market capitalization of $55.01 billion, a price-to-earnings ratio of 11.63, a PEG ratio of 1.31 and a beta of 0.88. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC - Get Free Report) last announced its earnings results on Friday, October 17th. The insurance provider reported $1.04 EPS for the quarter, topping the consensus estimate of $0.99 by $0.05. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The business had revenue of $5.24 billion during the quarter, compared to analysts' expectations of $5.20 billion. During the same quarter in the prior year, the company posted $0.97 earnings per share. The firm's revenue was up 1.9% on a year-over-year basis. Truist Financial has set its FY 2025 guidance at EPS. Q4 2025 guidance at EPS. Research analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

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 $0.52 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.9%. Truist Financial's dividend 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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