Truist Financial Co. (NYSE:TFC) Shares Sold by Bessemer Securities LLC

Bessemer Securities LLC reduced its stake in shares of Truist Financial Co. (NYSE:TFC) by 16.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,396 shares of the insurance provider’s stock after selling 3,300 shares during the quarter. Bessemer Securities LLC’s holdings in Truist Financial were worth $498,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TFC. Fairfield Bush & CO. acquired a new position in Truist Financial during the first quarter worth about $25,000. Winch Advisory Services LLC acquired a new stake in shares of Truist Financial in the first quarter valued at approximately $26,000. JFS Wealth Advisors LLC grew its position in shares of Truist Financial by 617.0% in the second quarter. JFS Wealth Advisors LLC now owns 968 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 833 shares during the last quarter. GW&K Investment Management LLC acquired a new stake in shares of Truist Financial in the first quarter valued at approximately $31,000. Finally, Quarry LP acquired a new stake in shares of Truist Financial in the first quarter valued at approximately $32,000. 71.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Truist Financial news, CEO William H. Rogers, Jr. bought 10,000 shares of the business’s stock in a transaction dated Friday, October 20th. The shares were acquired at an average price of $28.05 per share, with a total value of $280,500.00. Following the purchase, the chief executive officer now owns 412,924 shares in the company, valued at approximately $11,582,518.20. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.31% of the company’s stock.

Analyst Upgrades and Downgrades

TFC has been the topic of several research reports. Evercore ISI increased their price target on shares of Truist Financial from $31.00 to $33.00 and gave the company an “in-line” rating in a research report on Monday. Raymond James lowered their price target on shares of Truist Financial from $36.00 to $34.00 and set an “outperform” rating on the stock in a research report on Thursday, October 5th. StockNews.com began coverage on shares of Truist Financial in a research report on Thursday, October 5th. They issued a “hold” rating on the stock. Piper Sandler decreased their target price on shares of Truist Financial from $32.00 to $31.00 and set a “neutral” rating on the stock in a research report on Friday, October 20th. Finally, Keefe, Bruyette & Woods upgraded shares of Truist Financial from a “market perform” rating to an “outperform” rating and decreased their target price for the stock from $37.00 to $36.00 in a research report on Wednesday, September 20th. Eleven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Truist Financial currently has a consensus rating of “Hold” and an average target price of $37.51.

Truist Financial Stock Performance

NYSE:TFC opened at $32.04 on Tuesday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75. The company has a market cap of $42.73 billion, a P/E ratio of 8.07, a P/E/G ratio of 1.87 and a beta of 1.09. Truist Financial Co. has a fifty-two week low of $25.56 and a fifty-two week high of $53.34. The firm’s 50 day moving average is $28.93 and its two-hundred day moving average is $30.26.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Thursday, October 19th. The insurance provider reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.02). Truist Financial had a return on equity of 10.74% and a net margin of 17.59%. The company had revenue of $5.73 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same period in the prior year, the business earned $1.24 EPS. The business’s revenue for the quarter was down 2.7% on a year-over-year basis. Analysts expect that Truist Financial Co. will post 3.76 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently announced a special dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 10th will be paid a $0.52 dividend. This represents a dividend yield of 7.4%. The ex-dividend date of this dividend is Thursday, November 9th. Truist Financial’s dividend payout ratio is presently 52.39%.

About Truist Financial

Truist Financial Corporation, a holding 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.