Truist Financial (NYSE:TFC) Director Sells $202,090.20 in Stock

Truist Financial Corporation (NYSE:TFC) 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 value 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 legal filing with the SEC, which can be accessed through this hyperlink.

Truist Financial Price Performance

Shares of TFC opened at $51.98 on Friday. The stock has a market cap of $64.76 billion, a P/E ratio of 11.92, a price-to-earnings-growth ratio of 0.95 and a beta of 0.89. Truist Financial Corporation has a 1 year low of $40.78 and a 1 year high of $56.19. The stock’s 50-day moving average price is $50.21 and its two-hundred day moving average price is $49.60. 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 (NYSE:TFC) last announced its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.15. The company had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.Truist Financial’s revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.91 EPS. On average, equities analysts predict that Truist Financial Corporation will post 4.59 earnings per share for the current year.

Truist Financial Announces Dividend

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 paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial’s dividend payout ratio is presently 47.71%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on TFC shares. Weiss Ratings raised shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Raymond James Financial reaffirmed a “market perform” rating on shares of Truist Financial in a research note on Wednesday, July 1st. UBS Group cut Truist Financial from a “buy” rating to a “neutral” rating and decreased their target price for the company from $58.00 to $55.00 in a research note on Tuesday, July 7th. Citigroup lowered Truist Financial from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $63.00 to $54.00 in a research report on Tuesday, June 30th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $54.00 price objective (down from $62.00) on shares of Truist Financial in a research report on Monday, July 6th. Seven analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $54.67.

Hedge Funds Weigh In On Truist Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Merit Financial Group LLC increased its holdings in Truist Financial by 10.9% during the 2nd quarter. Merit Financial Group LLC now owns 98,933 shares of the insurance provider’s stock worth $4,929,000 after purchasing an additional 9,749 shares in the last quarter. Intergy Private Wealth LLC bought a new stake in shares of Truist Financial in the second quarter valued at about $222,000. Diversified Trust Co. boosted its position in shares of Truist Financial by 1.0% during the second quarter. Diversified Trust Co. now owns 169,518 shares of the insurance provider’s stock worth $8,445,000 after buying an additional 1,703 shares during the period. Farther Finance Advisors LLC boosted its position in shares of Truist Financial by 14.1% during the second quarter. Farther Finance Advisors LLC now owns 58,090 shares of the insurance provider’s stock worth $2,896,000 after buying an additional 7,191 shares during the period. Finally, Cidel Asset Management Inc. grew its holdings in shares of Truist Financial by 2.0% during the second quarter. Cidel Asset Management Inc. now owns 14,423 shares of the insurance provider’s stock worth $719,000 after buying an additional 288 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

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.