Virtu Financial LLC Sells 7,853 Shares of Truist Financial Corporation $TFC

Key Points

• Virtu Financial LLC has reduced its stake in Truist Financial Corporation by 50.5%, now owning approximately 7,711 shares valued at $317,000.
• Despite Virtu's reduction, other institutional investors have increased their holdings, with Centennial Bank reporting a 360.2% increase in its position during the same period.
• Truist Financial's quarterly earnings missed analysts' expectations, reporting an EPS of $0.91 against a consensus estimate of $0.93.

Virtu Financial LLC decreased its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 50.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,711 shares of the insurance provider's stock after selling 7,853 shares during the period. Virtu Financial LLC's holdings in Truist Financial were worth $317,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Navigoe LLC purchased a new stake in shares of Truist Financial in the fourth quarter worth approximately $26,000. Centennial Bank AR grew its stake in shares of Truist Financial by 360.2% in the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock worth $30,000 after acquiring an additional 580 shares during the last quarter. Motco grew its stake in shares of Truist Financial by 435.6% in the first quarter. Motco now owns 798 shares of the insurance provider's stock worth $33,000 after acquiring an additional 649 shares during the last quarter. Meeder Asset Management Inc. boosted its stake in Truist Financial by 115.3% during the first quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider's stock worth $36,000 after buying an additional 468 shares in the last quarter. Finally, Sierra Ocean LLC boosted its stake in Truist Financial by 64.4% during the first quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock worth $37,000 after buying an additional 352 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Up 0.5%

Shares of Truist Financial stock traded up $0.2190 on Wednesday, reaching $44.3990. 2,347,788 shares of the company were exchanged, compared to its average volume of 8,495,985. Truist Financial Corporation has a one year low of $33.56 and a one year high of $49.06. The company has a market capitalization of $57.25 billion, a price-to-earnings ratio of 12.10, a PEG ratio of 1.65 and a beta of 0.87. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. The company has a 50-day moving average of $43.46 and a 200 day moving average of $41.82.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings data 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 return on equity of 8.69% and a net margin of 16.82%.The company had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $5.04 billion. During the same quarter in the prior year, the company earned $0.91 EPS. The company's revenue for the quarter was down 406.0% on a year-over-year basis. On average, equities research analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently announced 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 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend is Friday, August 8th. Truist Financial's dividend payout ratio is 56.68%.

Wall Street Analysts Forecast Growth

TFC has been the topic of a number of recent research reports. Citigroup upgraded shares of Truist Financial from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Morgan Stanley reiterated a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. Wall Street Zen upgraded shares of Truist Financial from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Keefe, Bruyette & Woods downgraded shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price on the stock. in a research note on Wednesday, July 9th. Finally, Raymond James Financial raised Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price target for the company in a report on Tuesday, July 8th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Truist Financial presently has an average rating of "Moderate Buy" and a consensus target price of $48.65.

Insider Activity

In related news, insider Bradley D. Bender sold 12,540 shares of the firm's stock in a transaction dated 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 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 through this link. Company insiders own 0.14% of the company's stock.

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.