Truist Financial Corporation $TFC Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP reduced its holdings in Truist Financial Corporation by 58.1%, selling 67,892 shares and now owns 48,955 shares valued at approximately $2,014,000.
• Insider Bradley D. Bender sold 12,540 shares at an average price of $45.19, significantly reducing their ownership by 96.17%.
• Truist Financial's stock has been rated by analysts with an average of "Moderate Buy", and it reported a dividend yield of 4.4% following its recent quarterly dividend announcement.

Wellington Management Group LLP reduced its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 58.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,955 shares of the insurance provider's stock after selling 67,892 shares during the quarter. Wellington Management Group LLP's holdings in Truist Financial were worth $2,014,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TFC. Centennial Bank AR boosted its stake in shares of Truist Financial by 360.2% in the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock valued at $30,000 after purchasing an additional 580 shares in the last quarter. Motco grew its position in Truist Financial by 435.6% during the 1st quarter. Motco now owns 798 shares of the insurance provider's stock valued at $33,000 after purchasing an additional 649 shares during the last quarter. Meeder Asset Management Inc. boosted its holdings in shares of Truist Financial by 115.3% during the 1st quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider's stock valued at $36,000 after acquiring an additional 468 shares during the last quarter. Sierra Ocean LLC boosted its holdings in shares of Truist Financial by 64.4% in 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 during the last quarter. Finally, Rossby Financial LCC purchased a new position in shares of Truist Financial in the first quarter worth approximately $43,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on TFC shares. Wall Street Zen raised shares of Truist Financial from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. Wells Fargo & Company reiterated an "equal weight" rating and set a $47.00 price objective on shares of Truist Financial in a research report on Thursday, August 21st. Raymond James Financial upgraded shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price objective on the stock in a research report on Tuesday, July 8th. Morgan Stanley restated a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. Finally, Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and boosted their target price for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $48.47.

Truist Financial Trading Up 1.1%

TFC traded up $0.50 on Thursday, hitting $46.91. The company had a trading volume of 2,082,521 shares, compared to its average volume of 8,431,536. 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 firm has a market cap of $60.49 billion, a P/E ratio of 12.76, a PEG ratio of 1.75 and a beta of 0.88. The company's fifty day moving average price is $44.77 and its 200 day moving average price is $41.78. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last released its earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). The firm had revenue of $5.04 billion for the quarter, compared to analysts' expectations of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The firm's quarterly revenue was down 406.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.91 earnings per share. As a group, equities analysts expect that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.4%. The ex-dividend date was Friday, August 8th. Truist Financial's dividend payout ratio is 56.68%.

Insider Activity at Truist Financial

In other Truist Financial 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 value of $566,682.60. Following the completion of the transaction, the insider owned 500 shares in the company, valued at approximately $22,595. This represents a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.17% of the stock is owned by company 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.