Vanguard Group Inc. Reduces Stock Position in Truist Financial Corporation (NYSE:TFC)

Vanguard Group Inc. cut its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 0.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 118,910,675 shares of the insurance provider's stock after selling 218,550 shares during the quarter. Vanguard Group Inc. owned approximately 9.08% of Truist Financial worth $4,893,174,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of TFC. Legacy Capital Group California Inc. raised its holdings in shares of Truist Financial by 47.2% during the first quarter. Legacy Capital Group California Inc. now owns 14,930 shares of the insurance provider's stock valued at $614,000 after acquiring an additional 4,788 shares in the last quarter. Twin City Private Wealth LLC increased its position in Truist Financial by 8.3% during the 1st quarter. Twin City Private Wealth LLC now owns 39,515 shares of the insurance provider's stock valued at $1,626,000 after purchasing an additional 3,039 shares during the period. Leisure Capital Management raised its holdings in Truist Financial by 11.8% in the 1st quarter. Leisure Capital Management now owns 19,247 shares of the insurance provider's stock worth $792,000 after purchasing an additional 2,039 shares in the last quarter. Maxi Investments CY Ltd lifted its position in shares of Truist Financial by 114.6% in the 1st quarter. Maxi Investments CY Ltd now owns 56,000 shares of the insurance provider's stock worth $2,304,000 after purchasing an additional 29,900 shares during the period. Finally, Cary Street Partners Investment Advisory LLC lifted its position in shares of Truist Financial by 13.7% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 3,146 shares of the insurance provider's stock worth $129,000 after purchasing an additional 379 shares during the period. Hedge funds and other institutional investors own 71.28% of the company's stock.

Truist Financial Stock Down 0.5%

NYSE:TFC opened at $42.81 on Friday. The firm has a 50-day simple moving average of $42.79 and a two-hundred day simple moving average of $42.04. The firm has a market cap of $55.20 billion, a P/E ratio of 11.67, a P/E/G ratio of 1.60 and a beta of 0.87. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86.

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 for the quarter, missing the consensus estimate of $0.93 by ($0.02). The firm had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. Truist Financial's revenue was down 406.0% on a year-over-year basis. During the same period last year, the business earned $0.91 EPS. Analysts predict that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend is Friday, August 8th. Truist Financial's dividend payout ratio is presently 56.68%.

Analysts Set New Price Targets

Several equities analysts recently issued reports 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 target on the stock in a research report on Tuesday, July 8th. TD Cowen began coverage on Truist Financial in a report on Thursday, May 15th. They set a "hold" rating and a $44.00 target price on the stock. Piper Sandler lowered their target price on Truist Financial from $45.00 to $41.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. Citigroup upgraded Truist Financial from a "neutral" rating to a "buy" rating and lifted their price target for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Finally, Keefe, Bruyette & Woods downgraded Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective for the company. in a report on Wednesday, July 9th. Seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $48.65.

Insider Activity

In related news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total transaction of $566,682.60. Following the sale, the insider directly 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 filing with the SEC, which is available at the SEC website. 0.17% of the stock is currently owned by 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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