Independence Bank of Kentucky Reduces Position in Truist Financial Corporation $TFC

Independence Bank of Kentucky cut its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 12.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 33,075 shares of the insurance provider’s stock after selling 4,536 shares during the quarter. Independence Bank of Kentucky’s holdings in Truist Financial were worth $1,422,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Smith Salley Wealth Management lifted its holdings in Truist Financial by 102.6% during the second quarter. Smith Salley Wealth Management now owns 20,967 shares of the insurance provider’s stock valued at $901,000 after purchasing an additional 10,620 shares during the last quarter. San Luis Wealth Advisors LLC lifted its holdings in Truist Financial by 190.1% during the second quarter. San Luis Wealth Advisors LLC now owns 35,174 shares of the insurance provider’s stock valued at $1,512,000 after purchasing an additional 23,050 shares during the last quarter. Patton Albertson Miller Group LLC lifted its holdings in Truist Financial by 4.1% during the second quarter. Patton Albertson Miller Group LLC now owns 24,860 shares of the insurance provider’s stock valued at $1,069,000 after purchasing an additional 971 shares during the last quarter. Sonora Investment Management Group LLC lifted its holdings in shares of Truist Financial by 4.5% in the second quarter. Sonora Investment Management Group LLC now owns 357,388 shares of the insurance provider’s stock worth $15,364,000 after buying an additional 15,370 shares in the last quarter. Finally, Fort Washington Investment Advisors Inc. OH lifted its holdings in shares of Truist Financial by 1.6% in the second quarter. Fort Washington Investment Advisors Inc. OH now owns 1,140,991 shares of the insurance provider’s stock worth $49,051,000 after buying an additional 18,286 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction that occurred 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 transaction, the insider directly owned 500 shares in the company, valued at $22,595. This trade represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.14% of the stock is owned by insiders.

Truist Financial Trading Up 0.7%

Shares of TFC opened at $46.06 on Monday. The firm’s 50 day simple moving average is $45.12 and its 200 day simple moving average is $41.92. The company has a market capitalization of $59.39 billion, a P/E ratio of 12.55, a P/E/G ratio of 1.48 and a beta of 0.88. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. 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 EPS 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 business had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $5.04 billion. During the same quarter in the previous year, the business earned $0.91 earnings per share. The firm’s revenue was down 406.0% on a year-over-year basis. Sell-side analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date was Friday, August 8th. Truist Financial’s dividend payout ratio (DPR) is presently 56.68%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on TFC shares. Keefe, Bruyette & Woods downgraded shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price target on the stock. in a report on Wednesday, July 9th. Citigroup raised shares of Truist Financial from a “neutral” rating to a “buy” rating and increased their price target for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. Wells Fargo & Company reissued an “equal weight” rating and issued a $47.00 price target on shares of Truist Financial in a report on Thursday, August 21st. Raymond James Financial raised shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a report on Tuesday, July 8th. Finally, Morgan Stanley reissued a “mixed” rating on shares of Truist Financial in a report on Monday, July 21st. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Truist Financial has a consensus rating of “Moderate Buy” and an average target price of $48.47.

Truist Financial Profile

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.