McKinley Carter Wealth Services Inc. Cuts Stake in Truist Financial Corporation $TFC

McKinley Carter Wealth Services Inc. decreased its holdings in Truist Financial Corporation (NYSE:TFC) by 36.4% in the second quarter, Holdings Channel.com reports. The firm owned 12,493 shares of the insurance provider’s stock after selling 7,164 shares during the period. McKinley Carter Wealth Services Inc.’s holdings in Truist Financial were worth $537,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. First Hawaiian Bank boosted its position in Truist Financial by 8.6% during the 1st quarter. First Hawaiian Bank now owns 11,991 shares of the insurance provider’s stock valued at $493,000 after buying an additional 948 shares during the period. Code Waechter LLC purchased a new stake in Truist Financial during the 1st quarter valued at $365,000. Cantor Fitzgerald Investment Advisors L.P. boosted its position in Truist Financial by 4.6% during the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider’s stock valued at $17,927,000 after buying an additional 19,286 shares during the period. Pinnacle Financial Partners Inc boosted its position in Truist Financial by 55.1% during the 1st quarter. Pinnacle Financial Partners Inc now owns 134,363 shares of the insurance provider’s stock valued at $5,530,000 after buying an additional 47,717 shares during the period. Finally, Credit Agricole S A boosted its position in Truist Financial by 76.4% during the 1st quarter. Credit Agricole S A now owns 500,384 shares of the insurance provider’s stock valued at $20,591,000 after buying an additional 216,672 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of Truist Financial in a research report on Wednesday. Wells Fargo & Company restated an “equal weight” rating and issued a $47.00 price objective on shares of Truist Financial in a report on Thursday, August 21st. Raymond James Financial restated an “outperform” rating on shares of Truist Financial in a report on Tuesday. Morgan Stanley upped their price objective on shares of Truist Financial from $48.00 to $54.00 and gave the stock an “equal weight” rating in a report on Monday, September 29th. Finally, Evercore ISI upped their price objective on shares of Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Truist Financial has a consensus rating of “Moderate Buy” and a consensus target price of $48.89.

Truist Financial Stock Down 4.4%

Shares of Truist Financial stock opened at $42.32 on Friday. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. The company has a 50-day moving average of $45.16 and a 200 day moving average of $42.16. The firm has a market cap of $54.57 billion, a price-to-earnings ratio of 11.53, a PEG ratio of 1.42 and a beta of 0.88. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.02). The business had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The firm’s revenue was down 406.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.91 earnings per share. As a group, sell-side analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

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

Insider Activity

In related news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the transaction, 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 this hyperlink. 0.17% of the stock is currently owned by insiders.

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.