WINTON GROUP Ltd Decreases Position in Truist Financial Corporation $TFC

Key Points

• WINTON GROUP Ltd cut its Truist Financial stake by 70.2% in the second quarter, selling 59,605 shares and retaining 25,300 shares worth approximately $1.26 million. Institutional investors collectively own 71.28% of the company.
• Truist reported quarterly EPS of $1.23, exceeding estimates of $1.08, while revenue rose 5.6% year over year to $5.31 billion. The company also pays a quarterly dividend of $0.52 per share, equivalent to a 4.1% yield.
• Analyst sentiment is mixed, with the stock holding an overall “Hold” consensus and an average price target of $55.12 versus a recent price of $50.43. Recent insider activity was primarily selling, including transactions by a director and the CEO.

WINTON GROUP Ltd trimmed its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 70.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,300 shares of the insurance provider's stock after selling 59,605 shares during the period. WINTON GROUP Ltd's holdings in Truist Financial were worth $1,260,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of TFC. Kemnay Advisory Services Inc. bought a new stake in Truist Financial in the fourth quarter worth $25,000. Swiss RE Ltd. bought a new position in Truist Financial during the fourth quarter valued at $26,000. N.E.W. Advisory Services LLC bought a new position in Truist Financial during the second quarter valued at $30,000. Navigoe LLC purchased a new stake in shares of Truist Financial in the second quarter valued at $30,000. Finally, McMillan Office Inc. purchased a new stake in shares of Truist Financial in the fourth quarter valued at $31,000. Hedge funds and other institutional investors own 71.28% of the company's stock.

Truist Financial Price Performance

Shares of TFC opened at $50.43 on Monday. The company has a 50 day moving average price of $51.55 and a 200-day moving average price of $49.52. Truist Financial Corporation has a fifty-two week low of $40.78 and a fifty-two week high of $56.19. The stock has a market capitalization of $61.61 billion, a PE ratio of 11.57, a PEG ratio of 1.06 and a beta of 0.88. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.08 by $0.15. The firm had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The company's quarterly revenue was up 5.6% on a year-over-year basis. During the same period last year, the firm earned $0.91 earnings per share. Equities analysts predict 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 was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Friday, August 14th. Truist Financial's dividend payout ratio (DPR) is 47.71%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on TFC. Citigroup cut shares of Truist Financial from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $63.00 to $54.00 in a research note on Tuesday, June 30th. UBS Group lowered shares of Truist Financial from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $58.00 to $55.00 in a research report on Tuesday, July 7th. Raymond James Financial reissued a "market perform" rating on shares of Truist Financial in a research note on Wednesday, July 1st. Stephens dropped their target price 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, Morgan Stanley reiterated an "equal weight" rating and issued a $54.00 price target (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. Seven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $55.12.

Insider Buying and Selling at Truist Financial

In other news, Director K. Boyer, Jr. sold 3,986 shares of Truist Financial stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total value of $202,090.20. Following the transaction, the director directly owned 10,270 shares in the company, valued at approximately $520,689. This trade represents a 27.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO William Rogers, Jr. sold 13,250 shares of the business's stock in a transaction on Monday, July 20th. The stock was sold at an average price of $52.36, for a total value of $693,770.00. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 30,516 shares of company stock valued at $1,584,428. 0.15% of the stock is currently owned by corporate insiders.

About Truist Financial

Truist Financial Corporation NYSE: TFC is a financial services company formed through the 2019 merger of BB&T Corporation and SunTrust Banks. Headquartered in Charlotte, North Carolina, Truist operates as a major commercial bank serving consumers, businesses, and institutions primarily across the United States.

Through its consumer and business banking operations, Truist provides checking and savings accounts, credit cards, mortgages, home equity lending, personal loans, commercial lending, treasury management, and payment services.

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