Truist Financial Corporation $TFC Stake Decreased by Octavia Wealth Advisors LLC

Octavia Wealth Advisors LLC cut its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 35.3% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 18,442 shares of the insurance provider’s stock after selling 10,073 shares during the period. Octavia Wealth Advisors LLC’s holdings in Truist Financial were worth $919,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Sompo Asset Management Co. Ltd. raised its stake in Truist Financial by 3.6% during the 2nd quarter. Sompo Asset Management Co. Ltd. now owns 93,005 shares of the insurance provider’s stock valued at $4,634,000 after acquiring an additional 3,190 shares in the last quarter. CWA Asset Management Group LLC grew its position in Truist Financial by 0.9% in the 2nd quarter. CWA Asset Management Group LLC now owns 49,666 shares of the insurance provider’s stock valued at $2,474,000 after buying an additional 467 shares in the last quarter. V. M. Manning & CO. Inc. bought a new position in Truist Financial in the 2nd quarter valued at about $296,000. Red Door Wealth Management LLC acquired a new position in Truist Financial during the 2nd quarter valued at about $214,000. Finally, Viking Fund Management LLC raised its position in shares of Truist Financial by 50.0% during the 2nd quarter. Viking Fund Management LLC now owns 12,000 shares of the insurance provider’s stock worth $598,000 after buying an additional 4,000 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently weighed in on TFC. Stephens reduced their price target on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a research note on Tuesday, July 21st. Raymond James Financial restated a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. JPMorgan Chase & Co. upped their price objective on Truist Financial from $53.00 to $54.00 and gave the company an “underweight” rating in a report on Wednesday, July 29th. 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. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Truist Financial in a report on Wednesday, July 29th. Seven analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $54.67.

Truist Financial Stock Performance

Shares of TFC opened at $52.67 on Thursday. Truist Financial Corporation has a one year low of $40.78 and a one year high of $56.19. The company has a 50-day moving average of $50.98 and a two-hundred day moving average of $49.75. The stock has a market cap of $64.34 billion, a price-to-earnings ratio of 12.08, a PEG ratio of 0.95 and a beta of 0.89. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.15. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The firm’s revenue was up 5.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.91 earnings per share. On average, equities research analysts expect that Truist Financial Corporation will post 4.59 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be issued a $0.52 dividend. The ex-dividend date is Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.9%. Truist Financial’s dividend payout ratio is presently 47.71%.

Insider Transactions at Truist Financial

In other news, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial stock in a transaction on Monday, July 20th. The stock was sold at an average price of $52.36, for a total transaction of $693,770.00. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director K. David Jr. Boyer sold 3,986 shares of the company’s stock in a transaction on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total value of $202,090.20. Following the transaction, the director directly owned 10,270 shares in the company, valued at $520,689. The trade was a 27.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 30,516 shares of company stock valued at $1,584,428 over the last quarter. Company insiders own 0.15% of the company’s stock.

Truist Financial 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.