Busey Bank Sells 500 Shares of Truist Financial Co. (NYSE:TFC)

Busey Bank trimmed its position in shares of Truist Financial Co. (NYSE:TFC) by 2.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,489 shares of the insurance provider’s stock after selling 500 shares during the period. Busey Bank’s holdings in Truist Financial were worth $641,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Greenleaf Trust boosted its holdings in Truist Financial by 6.3% during the fourth quarter. Greenleaf Trust now owns 14,195 shares of the insurance provider’s stock valued at $524,000 after purchasing an additional 838 shares in the last quarter. abrdn plc boosted its holdings in Truist Financial by 32.5% during the fourth quarter. abrdn plc now owns 1,116,793 shares of the insurance provider’s stock valued at $41,232,000 after purchasing an additional 273,953 shares in the last quarter. Lindbrook Capital LLC boosted its holdings in Truist Financial by 112.5% during the fourth quarter. Lindbrook Capital LLC now owns 5,896 shares of the insurance provider’s stock valued at $218,000 after purchasing an additional 3,121 shares in the last quarter. Signaturefd LLC boosted its holdings in Truist Financial by 2.8% during the fourth quarter. Signaturefd LLC now owns 47,797 shares of the insurance provider’s stock valued at $1,765,000 after purchasing an additional 1,282 shares in the last quarter. Finally, CWM LLC boosted its holdings in Truist Financial by 12.6% during the fourth quarter. CWM LLC now owns 29,136 shares of the insurance provider’s stock valued at $1,076,000 after purchasing an additional 3,264 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on TFC shares. Robert W. Baird downgraded Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 target price on the stock. in a report on Wednesday, July 17th. Wolfe Research raised Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. Bank of America upped their price objective on Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. The Goldman Sachs Group upped their price objective on Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Finally, Morgan Stanley upped their price objective on Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Truist Financial presently has an average rating of “Hold” and an average target price of $45.30.

Truist Financial Stock Performance

Shares of TFC stock traded up $0.04 during trading on Thursday, reaching $42.13. 2,481,438 shares of the company’s stock were exchanged, compared to its average volume of 8,327,332. The stock has a market capitalization of $56.42 billion, a PE ratio of -31.80, a PEG ratio of 1.99 and a beta of 1.06. The firm’s fifty day moving average price is $40.61 and its 200-day moving average price is $38.42. Truist Financial Co. has a twelve month low of $26.57 and a twelve month high of $45.31. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC) last announced its earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.07. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The company had revenue of $5.02 billion for the quarter, compared to analyst estimates of $4.83 billion. During the same quarter last year, the company earned $0.95 earnings per share. The firm’s quarterly revenue was down 15.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Truist Financial Co. will post 3.56 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Friday, August 9th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.94%. The ex-dividend date of this dividend is Friday, August 9th. Truist Financial’s dividend payout ratio (DPR) is currently -157.58%.

Insider Buying and Selling

In other news, VP Cynthia B. Powell sold 6,688 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total value of $295,208.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total value of $295,208.32. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William H. Rogers, Jr. acquired 57,300 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were acquired at an average price of $43.96 per share, with a total value of $2,518,908.00. Following the completion of the transaction, the chief executive officer now owns 569,271 shares in the company, valued at $25,025,153.16. The disclosure for this purchase can be found here. 0.17% of the stock is currently owned by company insiders.

Truist Financial Company 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.