Joel Isaacson & Co. LLC Cuts Stock Holdings in Truist Financial Corporation $TFC

Joel Isaacson & Co. LLC decreased its position in Truist Financial Corporation (NYSE:TFC) by 4.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,952 shares of the insurance provider’s stock after selling 228 shares during the quarter. Joel Isaacson & Co. LLC’s holdings in Truist Financial were worth $213,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of TFC. Victory Capital Management Inc. lifted its position in Truist Financial by 922.9% in the 1st quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider’s stock worth $274,237,000 after buying an additional 6,012,817 shares during the last quarter. Invesco Ltd. lifted its position in Truist Financial by 32.0% in the first quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider’s stock valued at $540,723,000 after purchasing an additional 3,188,999 shares during the last quarter. Nuveen LLC bought a new stake in Truist Financial in the first quarter valued at approximately $117,929,000. Assenagon Asset Management S.A. lifted its position in Truist Financial by 610.8% in the first quarter. Assenagon Asset Management S.A. now owns 2,661,895 shares of the insurance provider’s stock valued at $109,537,000 after purchasing an additional 2,287,410 shares during the last quarter. Finally, American Century Companies Inc. lifted its position in Truist Financial by 21.8% in the first quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider’s stock valued at $495,509,000 after purchasing an additional 2,158,639 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

Shares of TFC stock opened at $44.16 on Thursday. The business’s fifty day moving average is $45.16 and its 200 day moving average is $42.15. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. The stock has a market cap of $56.94 billion, a price-to-earnings ratio of 12.03, a PEG ratio of 1.45 and a beta of 0.88. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data 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 firm had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.Truist Financial’s revenue for the quarter was down 406.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.91 EPS. Research analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were issued a $0.52 dividend. The ex-dividend date was Friday, August 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.7%. Truist Financial’s dividend payout ratio is 56.68%.

Analysts Set New Price Targets

Several analysts have weighed in on TFC shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Truist Financial in a research report on Wednesday. Morgan Stanley boosted their price objective on Truist Financial from $48.00 to $54.00 and gave the company an “equal weight” rating in a research report on Monday, September 29th. Citigroup upgraded Truist Financial from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $47.00 price objective on shares of Truist Financial in a research report on Thursday, August 21st. Finally, Raymond James Financial reiterated an “outperform” rating on shares of Truist Financial in a research report on Tuesday. Two analysts have rated the stock with a Strong Buy rating, nine have given 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.

Insider Transactions at Truist Financial

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the transaction, the insider owned 500 shares in the company, valued at approximately $22,595. This represents a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.17% of the company’s stock.

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.