Heartland Advisors Inc. lowered its position in Truist Financial Corporation (NYSE:TFC) by 39.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 86,125 shares of the insurance provider’s stock after selling 55,184 shares during the quarter. Heartland Advisors Inc.’s holdings in Truist Financial were worth $3,234,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC lifted its position in shares of Truist Financial by 7.3% in the first quarter. FMR LLC now owns 349,974 shares of the insurance provider’s stock valued at $16,284,000 after acquiring an additional 23,680 shares in the last quarter. CWM LLC lifted its stake in Truist Financial by 71.5% in the 1st quarter. CWM LLC now owns 6,343 shares of the insurance provider’s stock valued at $196,000 after purchasing an additional 2,644 shares during the last quarter. Capital Square LLC acquired a new stake in Truist Financial in the 1st quarter valued at about $77,000. Community Bank N.A. lifted its position in Truist Financial by 51.5% during the first quarter. Community Bank N.A. now owns 28,097 shares of the insurance provider’s stock worth $867,000 after acquiring an additional 9,555 shares during the last quarter. Finally, Koshinski Asset Management Inc. lifted its position in Truist Financial by 15.1% during the first quarter. Koshinski Asset Management Inc. now owns 6,671 shares of the insurance provider’s stock worth $206,000 after acquiring an additional 875 shares during the last quarter. Institutional investors own 73.36% of the company’s stock.
Shares of TFC stock traded down $0.53 on Monday, hitting $39.06. 67,522 shares of the company’s stock traded hands, compared to its average volume of 6,737,652. The stock has a market capitalization of $53.35 billion, a price-to-earnings ratio of 12.59, a P/E/G ratio of 1.47 and a beta of 1.43. Truist Financial Corporation has a one year low of $24.01 and a one year high of $56.92. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.93 and a current ratio of 0.95. The company’s fifty day simple moving average is $37.59 and its 200 day simple moving average is $38.07.
Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Thursday, July 16th. The insurance provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.18. The business had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.53 billion. Truist Financial had a net margin of 17.32% and a return on equity of 8.07%. During the same quarter last year, the firm earned $1.09 EPS. As a group, sell-side analysts anticipate that Truist Financial Corporation will post 3.27 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $1.80 annualized dividend and a yield of 4.61%. Truist Financial’s dividend payout ratio (DPR) is 41.19%.
In other news, Director Nido R. Qubein purchased 10,000 shares of the stock in a transaction on Friday, June 12th. The shares were acquired at an average price of $37.98 per share, with a total value of $379,800.00. Following the completion of the acquisition, the director now directly owns 65,325 shares of the company’s stock, valued at $2,481,043.50. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO William H. Rogers, Jr. sold 86,287 shares of Truist Financial stock in a transaction that occurred on Friday, July 17th. The shares were sold at an average price of $36.70, for a total transaction of $3,166,732.90. Following the transaction, the chief operating officer now directly owns 782,386 shares in the company, valued at approximately $28,713,566.20. The disclosure for this sale can be found here. Insiders own 0.35% of the company’s stock.
Several brokerages have issued reports on TFC. Compass Point raised their price objective on shares of Truist Financial from $40.00 to $41.00 and gave the stock a “buy” rating in a research report on Wednesday, May 13th. Zacks Investment Research upgraded shares of Truist Financial from a “sell” rating to a “hold” rating and set a $40.00 price objective for the company in a research report on Friday, August 21st. Raymond James upgraded shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research report on Wednesday, June 17th. Wolfe Research began coverage on shares of Truist Financial in a research report on Friday, July 31st. They set an “outperform” rating for the company. Finally, BMO Capital Markets raised their price objective on shares of Truist Financial from $42.00 to $47.00 in a research report on Friday, July 17th. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $45.40.
About Truist Financial
Truist Financial Corp., formerly BB&T, is a bank holding company based in Charlotte, North Carolina. Its bank operates 2,049 branches in 15 states and Washington, DC, and offers consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services.
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