Wellington Management Group LLP Sells 1,642,645 Shares of Truist Financial Corporation $TFC

Key Points

• Wellington Management cut its Truist Financial stake by 15.5%, selling 1.64 million shares and retaining 8.99 million shares valued at approximately $447.6 million. Institutional investors collectively own 71.28% of the company.
• Analyst sentiment remains mixed, with seven Buy, eight Hold and two Sell ratings; the consensus rating is Hold with a target price of $55.12.
• Truist reported quarterly EPS of $1.23, beating estimates by $0.15, while revenue rose 5.6% year over year to $5.31 billion. The company also declared a quarterly dividend of $0.52 per share, implying a 4.1% annualized yield.

Wellington Management Group LLP trimmed its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 15.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,985,087 shares of the insurance provider's stock after selling 1,642,645 shares during the period. Wellington Management Group LLP owned 0.74% of Truist Financial worth $447,637,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Capital International Investors lifted its holdings in Truist Financial by 0.7% in the fourth quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider's stock worth $5,332,835,000 after buying an additional 715,433 shares during the period. BlackRock Inc. purchased a new position in shares of Truist Financial during the 2nd quarter worth approximately $4,959,834,000. Victory Capital Management Inc. grew its holdings in shares of Truist Financial by 7.5% during the 4th quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider's stock worth $1,572,968,000 after acquiring an additional 2,226,288 shares during the period. Morgan Stanley raised its position in shares of Truist Financial by 2.9% in the 4th quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider's stock worth $1,030,028,000 after acquiring an additional 597,255 shares in the last quarter. Finally, Auto Owners Insurance Co raised its position in shares of Truist Financial by 4,821.0% in the 4th quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider's stock worth $697,428,000 after acquiring an additional 13,884,480 shares in the last quarter. Institutional investors own 71.28% of the company's stock.

Analyst Upgrades and Downgrades

TFC has been the topic of several research reports. Weiss Ratings restated a "buy (b)" rating on shares of Truist Financial in a research report on Wednesday, July 29th. JPMorgan Chase & Co. increased their price objective on Truist Financial from $53.00 to $54.00 and gave the stock an "underweight" rating in a report on Wednesday, July 29th. Keefe, Bruyette & Woods raised their price objective on Truist Financial from $53.00 to $55.00 and gave the company a "market perform" rating in a research report on Monday, July 20th. Stephens lowered their price objective on Truist Financial from $59.00 to $57.00 and set an "overweight" rating for the company in a research report on Tuesday, July 21st. Finally, Bank of America restated a "neutral" rating and set a $56.00 target price (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Seven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $55.12.

Insider Transactions at Truist Financial

In other news, insider Donta L. Wilson sold 13,280 shares of the firm's stock in a transaction on Friday, July 31st. The stock was sold at an average price of $51.85, for a total transaction of $688,568.00. Following the completion of the transaction, the insider directly owned 56,009 shares in the company, valued at $2,904,066.65. This trade represents a 19.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $52.36, for a total value of $693,770.00. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 30,516 shares of company stock valued at $1,584,428. Insiders own 0.15% of the company's stock.

Truist Financial Stock Performance

Shares of TFC opened at $50.46 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73. The business's 50 day moving average price is $51.47 and its 200-day moving average price is $49.68. Truist Financial Corporation has a 52 week low of $40.78 and a 52 week high of $56.19. The stock has a market cap of $61.64 billion, a P/E ratio of 11.57, a P/E/G ratio of 1.06 and a beta of 0.89.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.15. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. During the same quarter in the prior year, the business posted $0.91 EPS. The firm's quarterly revenue was up 5.6% compared to the same quarter last year. Equities research analysts anticipate that Truist Financial Corporation will post 4.58 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial's dividend payout ratio is currently 47.71%.

Truist Financial Company Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.

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