Benjamin Edwards Inc. Sells 16,714 Shares of Truist Financial Corporation $TFC

Benjamin Edwards Inc. lowered its holdings in Truist Financial Corporation (NYSE:TFC) by 8.1% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 188,800 shares of the insurance provider’s stock after selling 16,714 shares during the quarter. Benjamin Edwards Inc.’s holdings in Truist Financial were worth $9,406,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in Truist Financial during the 2nd quarter worth about $4,959,834,000. Pinnacle Financial Partners Inc. grew its holdings in Truist Financial by 30.0% during the 3rd quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock valued at $7,994,000 after buying an additional 40,393 shares in the last quarter. Fifth Third Bancorp increased its position in shares of Truist Financial by 531.8% during the first quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider’s stock valued at $20,059,000 after buying an additional 367,291 shares during the period. Franklin Street Advisors Inc. NC increased its position in shares of Truist Financial by 129.1% during the second quarter. Franklin Street Advisors Inc. NC now owns 37,253 shares of the insurance provider’s stock valued at $1,856,000 after buying an additional 20,991 shares during the period. Finally, First National Bank of Omaha purchased a new stake in shares of Truist Financial in the second quarter worth about $8,078,000. 71.28% of the stock is owned by institutional investors.

Insider Buying and Selling at Truist Financial

In related news, Director K. David Jr. Boyer sold 3,986 shares of the firm’s stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total transaction of $202,090.20. Following the completion of the transaction, the director owned 10,270 shares of the company’s stock, valued at $520,689. This trade represents a 27.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Donta L. Wilson sold 13,280 shares of Truist Financial stock in a transaction on Friday, July 31st. The shares were sold at an average price of $51.85, for a total value of $688,568.00. Following the transaction, the insider 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 SEC filing for this sale provides additional information. Over the last quarter, insiders sold 30,516 shares of company stock valued at $1,584,428. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

TFC has been the subject of a number of analyst reports. Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $63.00 to $54.00 in a research note on Tuesday, June 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Truist Financial in a report on Wednesday, July 29th. Morgan Stanley reissued an “equal weight” rating and set a $54.00 price objective (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. UBS Group cut Truist Financial from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $58.00 to $55.00 in a research report on Tuesday, July 7th. Finally, Stephens decreased their target price on Truist Financial from $59.00 to $57.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 21st. Seven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Truist Financial presently has a consensus rating of “Hold” and a consensus price target of $55.12.

Truist Financial Trading Up 0.1%

TFC stock opened at $50.46 on Monday. The company has a market capitalization of $61.64 billion, a PE ratio of 11.57, a price-to-earnings-growth ratio of 1.06 and a beta of 0.89. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial Corporation has a one year low of $40.78 and a one year high of $56.19. The company’s 50 day moving average price is $51.47 and its two-hundred day moving average price is $49.64.

Truist Financial (NYSE:TFC) last released its earnings results 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 company 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%.Truist Financial’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.91 EPS. As a group, analysts predict that Truist Financial Corporation will post 4.58 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

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

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.