Blue Trust Inc. Lowers Stake in Truist Financial Corporation $TFC

Blue Trust Inc. lowered its stake in shares of Truist Financial Corporation (NYSE:TFC) by 10.6% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 38,457 shares of the insurance provider’s stock after selling 4,563 shares during the period. Blue Trust Inc.’s holdings in Truist Financial were worth $1,653,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Victory Capital Management Inc. boosted its position in Truist Financial by 922.9% in the 1st quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider’s stock valued at $274,237,000 after buying an additional 6,012,817 shares during the period. Invesco Ltd. boosted its position in Truist Financial by 32.0% in the 1st quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider’s stock valued at $540,723,000 after buying an additional 3,188,999 shares during the period. Nuveen LLC purchased a new position in Truist Financial in the 1st quarter valued at approximately $117,929,000. American Century Companies Inc. boosted its position in Truist Financial by 21.8% in the 1st quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider’s stock valued at $495,509,000 after buying an additional 2,158,639 shares during the period. Finally, National Bank of Canada FI boosted its position in Truist Financial by 178.0% in the 1st quarter. National Bank of Canada FI now owns 2,289,868 shares of the insurance provider’s stock valued at $94,228,000 after buying an additional 1,466,236 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Buying and Selling

In related news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the sale, the insider directly owned 500 shares in the company, valued at $22,595. This trade represents a 96.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.17% of the stock is owned by corporate insiders.

Truist Financial Price Performance

Shares of TFC opened at $42.32 on Friday. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06. The firm’s fifty day simple moving average is $45.16 and its 200-day simple moving average is $42.16. The firm has a market capitalization of $54.57 billion, a price-to-earnings ratio of 11.53, a PEG ratio of 1.42 and a beta of 0.88. 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) last announced its quarterly earnings data 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). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The firm had revenue of $5.04 billion during the quarter, compared to analyst estimates of $5.04 billion. During the same quarter in the previous year, the business posted $0.91 earnings per share. Truist Financial’s revenue for the quarter was down 406.0% compared to the same quarter last year. Equities analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.9%. The ex-dividend date was Friday, August 8th. Truist Financial’s dividend payout ratio (DPR) is currently 56.68%.

Analyst Ratings Changes

TFC has been the subject of several recent research reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Truist Financial in a research report on Wednesday. Keefe, Bruyette & Woods cut shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price target for the company. in a research report on Wednesday, July 9th. Citigroup raised shares of Truist Financial from a “neutral” rating to a “buy” rating and raised their price target for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Evercore ISI raised their price target on shares of Truist Financial from $48.00 to $50.00 and gave the company an “in-line” rating in a research report on Tuesday, September 30th. Finally, Morgan Stanley raised their price target on shares of Truist Financial from $48.00 to $54.00 and gave the company an “equal weight” rating in a research report on Monday, September 29th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.89.

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.