Vident Advisory LLC Has $1.75 Million Stake in Truist Financial Corporation $TFC

Key Points

• Vident Advisory LLC reduced its stake in Truist Financial by 24.3%, now holding 42,438 shares valued at approximately $1.75 million.
• Truist Financial reported $0.91 EPS for the latest quarter, missing the consensus estimate of $0.93, and had a net margin of 16.82% with a revenue drop of 406% year-over-year.
• The company has announced a quarterly dividend of $0.52, representing a yield of 4.4% and a dividend payout ratio of 56.68%.

Vident Advisory LLC trimmed its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 24.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 42,438 shares of the insurance provider's stock after selling 13,605 shares during the period. Vident Advisory LLC's holdings in Truist Financial were worth $1,746,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TFC. Victory Capital Management Inc. boosted its position in shares of Truist Financial by 922.9% during the first quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider's stock worth $274,237,000 after buying an additional 6,012,817 shares during the period. Invesco Ltd. boosted its position in shares of Truist Financial by 32.0% during the first quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider's stock worth $540,723,000 after buying an additional 3,188,999 shares during the period. Nuveen LLC acquired a new position in shares of Truist Financial during the first quarter worth about $117,929,000. Assenagon Asset Management S.A. boosted its position in shares of Truist Financial by 610.8% during the first quarter. Assenagon Asset Management S.A. now owns 2,661,895 shares of the insurance provider's stock worth $109,537,000 after buying an additional 2,287,410 shares during the period. Finally, American Century Companies Inc. boosted its position in shares of Truist Financial by 21.8% during the first quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider's stock worth $495,509,000 after buying an additional 2,158,639 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $46.89 on Tuesday. The stock has a 50 day moving average price of $44.57 and a 200 day moving average price of $41.71. Truist Financial Corporation has a 52 week low of $33.56 and a 52 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. The stock has a market capitalization of $60.46 billion, a PE ratio of 12.78, a price-to-earnings-growth ratio of 1.75 and a beta of 0.88.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.02). The business had revenue of $5.04 billion during 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 quarterly revenue was down 406.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.91 EPS. Analysts predict that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th will be paid a $0.52 dividend. The ex-dividend date is Friday, August 8th. This represents a $2.08 annualized dividend and a yield of 4.4%. Truist Financial's dividend payout ratio is currently 56.68%.

Analyst Ratings Changes

TFC has been the subject of several recent research reports. Citigroup raised Truist Financial from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Wall Street Zen raised Truist Financial from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. TD Cowen assumed coverage on Truist Financial in a research report on Thursday, May 15th. They set a "hold" rating and a $44.00 price target for the company. Keefe, Bruyette & Woods cut Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price target for the company. in a research report on Wednesday, July 9th. Finally, Morgan Stanley reissued a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Truist Financial has a consensus rating of "Moderate Buy" and a consensus price target of $48.47.

Insider Transactions at Truist Financial

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the company'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 sale, the insider owned 500 shares in the company, valued at $22,595. This represents a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is owned by corporate insiders.

Truist Financial 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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