Brookstone Capital Management Sells 208,459 Shares of Truist Financial Corporation $TFC

Brookstone Capital Management trimmed its position in shares of Truist Financial Corporation (NYSE:TFC) by 68.3% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 96,656 shares of the insurance provider’s stock after selling 208,459 shares during the quarter. Brookstone Capital Management’s holdings in Truist Financial were worth $4,815,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Brighton Jones LLC raised its holdings in Truist Financial by 148.5% in the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock worth $1,023,000 after buying an additional 14,093 shares during the last quarter. Woodline Partners LP grew its holdings in shares of Truist Financial by 39.5% during the first quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock valued at $4,575,000 after buying an additional 31,454 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Truist Financial during the second quarter valued at approximately $575,000. AXA S.A. increased its position in shares of Truist Financial by 23.1% during the second quarter. AXA S.A. now owns 26,192 shares of the insurance provider’s stock valued at $1,126,000 after acquiring an additional 4,921 shares in the last quarter. Finally, Main Street Financial Solutions LLC raised its holdings in Truist Financial by 20.1% in the 2nd quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider’s stock worth $292,000 after acquiring an additional 1,134 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Trading Up 0.7%

Shares of TFC stock opened at $52.67 on Thursday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. Truist Financial Corporation has a 12-month low of $40.78 and a 12-month high of $56.19. The stock has a market capitalization of $64.34 billion, a P/E ratio of 12.08, a P/E/G ratio of 0.95 and a beta of 0.89. The firm’s 50 day moving average is $50.98 and its 200 day moving average is $49.75.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.15. The business had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The company’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.91 EPS. Research analysts expect that Truist Financial Corporation will post 4.59 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a yield of 3.9%. Truist Financial’s dividend payout ratio is currently 47.71%.

Insiders Place Their Bets

In other news, Director K. David Jr. Boyer sold 3,986 shares of the company’s stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total transaction of $202,090.20. Following the completion of the sale, the director owned 10,270 shares of the company’s stock, valued at $520,689. This represents a 27.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $52.36, for a total transaction of $693,770.00. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 30,516 shares of company stock valued at $1,584,428. Insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Jefferies Financial Group reaffirmed a “mixed” rating and issued a $45.00 price objective on shares of Truist Financial in a research report on Friday, April 17th. Raymond James Financial restated a “market perform” rating on shares of Truist Financial in a research note on Wednesday, July 1st. Royal Bank Of Canada upped their price target on Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a report on Monday, April 20th. Morgan Stanley reaffirmed an “equal weight” rating and set a $54.00 price objective (down from $62.00) on shares of Truist Financial in a research report on Monday, July 6th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Truist Financial in a report on Wednesday, July 29th. Seven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $54.67.

Truist Financial Company Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.