Greenwood Capital Associates LLC Reduces Stock Holdings in Truist Financial Corporation $TFC

Greenwood Capital Associates LLC lessened its holdings in Truist Financial Corporation (NYSE:TFC) by 4.2% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 22,742 shares of the insurance provider’s stock after selling 1,000 shares during the period. Greenwood Capital Associates LLC’s holdings in Truist Financial were worth $978,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Hilltop National Bank purchased a new stake in Truist Financial during the second quarter valued at approximately $543,000. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Truist Financial by 4.6% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 163,325 shares of the insurance provider’s stock valued at $7,021,000 after acquiring an additional 7,224 shares during the period. Patriot Financial Group Insurance Agency LLC grew its position in shares of Truist Financial by 52.1% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 24,674 shares of the insurance provider’s stock valued at $1,061,000 after acquiring an additional 8,456 shares during the period. Lecap Asset Management Ltd. lifted its position in Truist Financial by 30.2% during the second quarter. Lecap Asset Management Ltd. now owns 10,958 shares of the insurance provider’s stock valued at $471,000 after purchasing an additional 2,542 shares in the last quarter. Finally, ASR Vermogensbeheer N.V. lifted its position in Truist Financial by 4.8% during the second quarter. ASR Vermogensbeheer N.V. now owns 106,783 shares of the insurance provider’s stock valued at $4,590,000 after purchasing an additional 4,901 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Insider Buying and Selling

In other news, insider Bradley D. Bender sold 12,540 shares of the company’s stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total transaction of $566,682.60. Following the sale, the insider directly owned 500 shares of the company’s stock, valued at $22,595. This represents a 96.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.17% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on TFC. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $47.00 price objective on shares of Truist Financial in a research note 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 target price for the company in a report on Tuesday, July 8th. Citigroup raised shares of Truist Financial from a “neutral” rating to a “buy” rating and increased their target price for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Truist Financial in a research report on Saturday, September 27th. Finally, Keefe, Bruyette & Woods lowered shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price target for the company. in a research report on Wednesday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, Truist Financial has an average rating of “Moderate Buy” and a consensus target price of $48.89.

Truist Financial Price Performance

TFC stock opened at $45.53 on Friday. Truist Financial Corporation has a one year low of $33.56 and a one year high of $49.06. The company’s fifty day moving average price is $45.15 and its 200-day moving average price is $42.07. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market capitalization of $58.71 billion, a PE ratio of 12.41, a price-to-earnings-growth ratio of 1.45 and a beta of 0.88.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.02). The company had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The business’s revenue was down 406.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.91 earnings per share. On average, equities analysts anticipate that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.6%. Truist Financial’s dividend payout ratio is presently 56.68%.

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.