Rhino Investment Partners Inc Reduces Position in Truist Financial Corporation $TFC

Rhino Investment Partners Inc decreased its holdings in Truist Financial Corporation (NYSE:TFC) by 75.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 128,091 shares of the insurance provider’s stock after selling 404,163 shares during the period. Truist Financial makes up approximately 1.6% of Rhino Investment Partners Inc’s investment portfolio, making the stock its 28th largest position. Rhino Investment Partners Inc’s holdings in Truist Financial were worth $5,888,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of TFC. Vanguard Group Inc. grew its position in shares of Truist Financial by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock valued at $5,892,453,000 after purchasing an additional 701,049 shares in the last quarter. Capital International Investors boosted its stake in Truist Financial by 0.7% during the fourth quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock worth $5,332,835,000 after buying an additional 715,433 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Truist Financial by 7.5% during the fourth quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock worth $1,572,968,000 after buying an additional 2,226,288 shares during the last quarter. Morgan Stanley grew its holdings in Truist Financial by 2.9% in the 4th quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider’s stock valued at $1,030,028,000 after buying an additional 597,255 shares in the last quarter. Finally, Auto Owners Insurance Co grew its holdings in Truist Financial by 4,821.0% in the 4th quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock valued at $697,428,000 after buying an additional 13,884,480 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Stock Performance

Shares of Truist Financial stock opened at $53.02 on Wednesday. The firm has a market cap of $66.06 billion, a PE ratio of 12.16, a price-to-earnings-growth ratio of 0.95 and a beta of 0.89. 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 52 week low of $40.78 and a 52 week high of $56.19. The business’s fifty day simple moving average is $50.04 and its 200-day simple moving average is $49.58.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.15. The firm 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%.The company’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period last year, the company earned $0.91 EPS. Equities analysts forecast that Truist Financial Corporation will post 4.59 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial’s dividend payout ratio (DPR) is 47.71%.

Insider Transactions at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 3,986 shares of Truist Financial stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total transaction of $202,090.20. Following the completion of the sale, the director directly owned 10,270 shares in the company, valued at $520,689. This trade represents a 27.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the business’s stock in a transaction that occurred on Monday, July 20th. The shares were 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. 0.15% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Bank of America reiterated a “neutral” rating and set a $56.00 price target (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Raymond James Financial reissued a “market perform” rating on shares of Truist Financial in a report on Wednesday, July 1st. Robert W. Baird raised their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Evercore reaffirmed an “outperform” rating and set a $57.00 target price on shares of Truist Financial in a research note on Monday, July 6th. Finally, Royal Bank Of Canada boosted their target price on shares of Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a report on Monday, April 20th. Seven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $54.61.

Truist Financial Company 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.