Benjamin Edwards Inc. Has $9.41 Million Stock Position in Truist Financial Corporation $TFC

Benjamin Edwards Inc. cut its position in Truist Financial Corporation (NYSE:TFC) by 8.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 188,800 shares of the insurance provider’s stock after selling 16,714 shares during the period. Benjamin Edwards Inc.’s holdings in Truist Financial were worth $9,406,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Kemnay Advisory Services Inc. acquired a new stake in Truist Financial in the fourth quarter valued at approximately $25,000. Swiss RE Ltd. bought a new position in shares of Truist Financial in the 4th quarter worth $26,000. N.E.W. Advisory Services LLC acquired a new stake in Truist Financial in the 2nd quarter valued at $30,000. Navigoe LLC bought a new stake in Truist Financial during the 2nd quarter valued at $30,000. Finally, McMillan Office Inc. acquired a new position in Truist Financial during the fourth quarter worth $31,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. UBS Group cut shares of Truist Financial from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $58.00 to $55.00 in a report on Tuesday, July 7th. Raymond James Financial restated a “market perform” rating on shares of Truist Financial in a report on Wednesday, July 1st. Keefe, Bruyette & Woods lifted their price target on Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a research note on Monday, July 20th. Citigroup lowered Truist Financial from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $63.00 to $54.00 in a report on Tuesday, June 30th. Finally, JPMorgan Chase & Co. increased their price objective on Truist Financial from $53.00 to $54.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 29th. Seven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Truist Financial currently has an average rating of “Hold” and a consensus price target of $55.12.

Truist Financial Stock Performance

Shares of TFC opened at $50.46 on Monday. The stock has a 50 day moving average of $51.47 and a 200 day moving average of $49.64. 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 Corporation has a 12 month low of $40.78 and a 12 month high of $56.19. The company has a market capitalization of $61.64 billion, a price-to-earnings ratio of 11.57, a PEG ratio of 1.06 and a beta of 0.89.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.15. The firm had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The business’s revenue was up 5.6% compared to the same quarter last year. During the same period last year, the firm posted $0.91 EPS. As a group, sell-side analysts forecast that Truist Financial Corporation will post 4.58 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.08 annualized dividend and a yield of 4.1%. Truist Financial’s payout ratio is currently 47.71%.

Insider Buying and Selling at Truist Financial

In other news, insider Donta L. Wilson sold 13,280 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the insider owned 56,009 shares in the company, valued at $2,904,066.65. This trade represents a 19.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $52.36, for a total transaction of $693,770.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 30,516 shares of company stock worth $1,584,428 over the last three months. 0.15% of the stock is currently owned by insiders.

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.