Truist Financial (NYSE:TFC) Insider Sells $688,568.00 in Stock

Truist Financial Corporation (NYSE:TFC) insider Donta Wilson sold 13,280 shares of the firm’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the transaction, the insider directly owned 56,009 shares of the company’s stock, valued at $2,904,066.65. The trade was a 19.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Truist Financial Stock Performance

Shares of Truist Financial stock opened at $52.57 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73. Truist Financial Corporation has a twelve month low of $40.78 and a twelve month high of $56.19. The stock has a market cap of $64.22 billion, a price-to-earnings ratio of 12.06, a P/E/G ratio of 0.96 and a beta of 0.89. The company’s fifty day moving average is $50.61 and its 200 day moving average is $49.69.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.15. The business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.Truist Financial’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.91 earnings per share. Sell-side analysts forecast that Truist Financial Corporation will post 4.59 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Friday, August 14th. Truist Financial’s dividend payout ratio (DPR) is 47.71%.

Hedge Funds Weigh In On Truist Financial

Institutional investors have recently added to or reduced their stakes in the business. Auto Owners Insurance Co grew its holdings in Truist Financial by 4,821.0% in the fourth quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock worth $697,428,000 after purchasing an additional 13,884,480 shares during the period. Wellington Management Group LLP raised its holdings in shares of Truist Financial by 13,511.7% during the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock valued at $474,886,000 after purchasing an additional 10,310,523 shares during the period. Norges Bank bought a new position in shares of Truist Financial during the 4th quarter worth about $502,340,000. Bank of New York Mellon Corp bought a new position in shares of Truist Financial during the 2nd quarter worth about $338,855,000. Finally, American Assets Investment Management LLC grew its stake in shares of Truist Financial by 781.2% in the 4th quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider’s stock valued at $166,527,000 after buying an additional 3,000,000 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

TFC has been the topic of several analyst reports. Morgan Stanley reiterated an “equal weight” rating and issued a $54.00 target price (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. Evercore restated an “outperform” rating and set a $57.00 price target on shares of Truist Financial in a report on Monday, July 6th. Raymond James Financial restated a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. JPMorgan Chase & Co. increased their price objective on shares of Truist Financial from $53.00 to $54.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Truist Financial from $53.00 to $55.00 and gave the stock a “market perform” rating in a research note on Monday, July 20th. Seven research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $54.67.

About Truist Financial

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.