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

Blue Trust Inc. reduced its position in shares of Truist Financial Corporation (NYSE:TFC) by 10.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,457 shares of the insurance provider’s stock after selling 4,563 shares during the quarter. Blue Trust Inc.’s holdings in Truist Financial were worth $1,653,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of TFC. First Hawaiian Bank raised its position in shares of Truist Financial by 8.6% during the 1st quarter. First Hawaiian Bank now owns 11,991 shares of the insurance provider’s stock worth $493,000 after purchasing an additional 948 shares during the last quarter. Code Waechter LLC acquired a new position in shares of Truist Financial during the 1st quarter worth about $365,000. Cantor Fitzgerald Investment Advisors L.P. raised its position in shares of 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 worth $17,927,000 after purchasing an additional 19,286 shares during the last quarter. Pinnacle Financial Partners Inc raised its position in shares of Truist Financial by 55.1% during the 1st quarter. Pinnacle Financial Partners Inc now owns 134,363 shares of the insurance provider’s stock worth $5,530,000 after purchasing an additional 47,717 shares during the last quarter. Finally, Credit Agricole S A raised its position in shares of Truist Financial by 76.4% during the 1st quarter. Credit Agricole S A now owns 500,384 shares of the insurance provider’s stock worth $20,591,000 after purchasing an additional 216,672 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Stock Performance

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

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing the consensus estimate 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 analysts’ expectations of $5.04 billion. During the same period last year, the company earned $0.91 EPS. The business’s quarterly revenue was down 406.0% on a year-over-year basis. On average, analysts expect that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Wells Fargo & Company restated an “equal weight” rating and set a $47.00 price target on shares of Truist Financial in a research report on Thursday, August 21st. Morgan Stanley upped their price objective on shares of Truist Financial from $48.00 to $54.00 and gave the company an “equal weight” rating in a research note on Monday, September 29th. Citigroup raised shares of Truist Financial from a “neutral” rating to a “buy” rating and upped their price objective for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Truist Financial in a research note on Wednesday. Finally, Keefe, Bruyette & Woods cut shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price objective for the company. in a research note on Wednesday, July 9th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, Truist Financial presently has a consensus rating of “Moderate Buy” and an average price target of $48.89.

Insider Buying and Selling at Truist Financial

In related 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 completion of the transaction, the insider owned 500 shares of the company’s stock, valued at approximately $22,595. This trade represents a 96.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.17% of the stock is currently owned by company 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.