Donta Wilson Sells 13,280 Shares of Truist Financial (NYSE:TFC) Stock

Truist Financial Corporation (NYSE:TFC) insider Donta Wilson sold 13,280 shares of the firm’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $51.85, for a total value of $688,568.00. Following the completion of the sale, the insider owned 56,009 shares of the company’s stock, valued at approximately $2,904,066.65. This represents a 19.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Truist Financial Stock Performance

Shares of Truist Financial stock opened at $52.92 on Thursday. The business has a 50-day simple moving average of $50.51 and a 200 day simple moving average of $49.67. Truist Financial Corporation has a one year low of $40.78 and a one year high of $56.19. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market capitalization of $64.65 billion, a price-to-earnings ratio of 12.14, a PEG ratio of 0.96 and a beta of 0.89.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 10.06% and a net margin of 19.13%.The company’s quarterly revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.91 earnings per share. On average, research analysts anticipate that Truist Financial Corporation will post 4.59 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors 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 3.9%. Truist Financial’s dividend payout ratio (DPR) is presently 47.71%.

Analyst Upgrades and Downgrades

TFC has been the topic of several research reports. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $63.00 to $54.00 in a report on Tuesday, June 30th. Stephens decreased their target price on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a research report on Tuesday, July 21st. Keefe, Bruyette & Woods upped their target price on shares of Truist Financial from $53.00 to $55.00 and gave the stock a “market perform” rating in a report on Monday, July 20th. JPMorgan Chase & Co. upped their target price on shares of Truist Financial from $53.00 to $54.00 and gave the stock an “underweight” rating in a report on Wednesday, July 29th. Finally, Jefferies Financial Group reaffirmed a “mixed” rating and issued a $45.00 price target on shares of Truist Financial in a research report on Friday, April 17th. Seven research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $54.67.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TFC. Auto Owners Insurance Co lifted its position in shares of Truist Financial by 4,821.0% during the 4th quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock worth $697,428,000 after buying an additional 13,884,480 shares in the last quarter. Wellington Management Group LLP lifted its holdings in 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 worth $474,886,000 after acquiring an additional 10,310,523 shares during the period. Norges Bank bought a new position in Truist Financial in the 4th quarter valued at $502,340,000. American Assets Investment Management LLC increased its position in shares of Truist Financial by 781.2% during 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 purchasing an additional 3,000,000 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Truist Financial by 37.6% in the 4th quarter. Bank of New York Mellon Corp now owns 10,500,542 shares of the insurance provider’s stock worth $516,732,000 after buying an additional 2,867,449 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

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.