Wesbanco Bank Inc. Decreases Stake in Truist Financial Corporation $TFC

Key Points

• Wesbanco Bank Inc. reduced its stake in Truist Financial Corporation by 8.9% during the second quarter, now holding 68,491 shares valued at approximately $2.94 million.
• Truist Financial reported earnings per share of $0.91, missing the expected $0.93, with quarterly revenue of $5.04 billion.
• The company declared a quarterly dividend of $0.52, representing an annualized yield of 4.6%, with a payout ratio of 56.68%.

Wesbanco Bank Inc. reduced its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 8.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 68,491 shares of the insurance provider's stock after selling 6,680 shares during the quarter. Wesbanco Bank Inc.'s holdings in Truist Financial were worth $2,944,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of TFC. Wealth Preservation Advisors LLC purchased a new position in Truist Financial during the 1st quarter worth approximately $25,000. Centennial Bank AR grew its stake in shares of Truist Financial by 360.2% during the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock worth $30,000 after purchasing an additional 580 shares during the period. Motco grew its stake in shares of Truist Financial by 435.6% during the 1st quarter. Motco now owns 798 shares of the insurance provider's stock worth $33,000 after purchasing an additional 649 shares during the period. Meeder Asset Management Inc. grew its stake 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 worth $36,000 after purchasing an additional 468 shares during the period. Finally, Sierra Ocean LLC grew its stake in Truist Financial by 64.4% in the 1st quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock valued at $37,000 after acquiring an additional 352 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Price Performance

TFC stock opened at $45.22 on Monday. The company has a market capitalization of $58.30 billion, a P/E ratio of 12.32, a PEG ratio of 1.69 and a beta of 0.88. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06. The business has a 50 day simple moving average of $45.02 and a 200-day simple moving average of $41.69. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings data 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 during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the previous year, the company posted $0.91 earnings per share. As a group, equities analysts anticipate that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial's dividend payout ratio is presently 56.68%.

Insider Buying and Selling at Truist Financial

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 completion of 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.14% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

TFC has been the topic of a number of research analyst reports. Citigroup raised shares of 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 note on Thursday, June 26th. Wells Fargo & Company reissued an "equal weight" rating and set a $47.00 price target on shares of Truist Financial in a research report on Thursday, August 21st. Keefe, Bruyette & Woods lowered shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective on the stock. in a report on Wednesday, July 9th. 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 report on Tuesday, July 8th. Finally, Morgan Stanley reiterated a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $48.47.

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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