Professional Advisory Services Inc. Sells 29,750 Shares of Truist Financial Corporation $TFC

Professional Advisory Services Inc. cut its stake in Truist Financial Corporation (NYSE:TFC) by 7.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 383,037 shares of the insurance provider’s stock after selling 29,750 shares during the period. Truist Financial accounts for approximately 2.3% of Professional Advisory Services Inc.’s portfolio, making the stock its 27th largest position. Professional Advisory Services Inc.’s holdings in Truist Financial were worth $19,083,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Community Trust & Investment Co. raised its position in shares of Truist Financial by 7.9% in the 2nd quarter. Community Trust & Investment Co. now owns 26,586 shares of the insurance provider’s stock worth $1,325,000 after acquiring an additional 1,946 shares in the last quarter. Elevation Wealth Partners LLC grew its stake in Truist Financial by 44.6% in the second quarter. Elevation Wealth Partners LLC now owns 892 shares of the insurance provider’s stock worth $44,000 after purchasing an additional 275 shares during the period. Czech National Bank grew its stake in Truist Financial by 3.1% in the second quarter. Czech National Bank now owns 354,625 shares of the insurance provider’s stock worth $17,667,000 after purchasing an additional 10,797 shares during the period. PensionDanmark Pensionsforsikringsaktieselskab raised its holdings in Truist Financial by 0.9% in the second quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 225,951 shares of the insurance provider’s stock worth $11,257,000 after purchasing an additional 1,940 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in Truist Financial by 187.8% during the second quarter. Assenagon Asset Management S.A. now owns 3,007,121 shares of the insurance provider’s stock valued at $149,815,000 after buying an additional 1,962,089 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Raymond James Financial restated a “market perform” rating on shares of Truist Financial in a report on Wednesday, July 1st. Wall Street Zen raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Saturday. UBS Group lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $58.00 to $55.00 in a research note on Tuesday, July 7th. Robert W. Baird raised their target price on shares of Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a research note on Monday, July 20th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a report on Monday, July 20th. Seven analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $54.67.

Insiders Place Their Bets

In related news, insider Donta L. Wilson sold 13,280 shares of Truist Financial stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $51.85, for a total value of $688,568.00. Following the completion of the sale, the insider directly owned 56,009 shares in the company, valued at approximately $2,904,066.65. This trade represents a 19.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through 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. The SEC filing for this sale provides additional information. In 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.

Truist Financial Stock Performance

Shares of TFC stock opened at $52.35 on Friday. The company has a market capitalization of $63.95 billion, a price-to-earnings ratio of 12.01, a price-to-earnings-growth ratio of 0.96 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 is $50.69 and its 200 day moving average is $49.70.

Truist Financial (NYSE:TFC) last issued its 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. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The firm had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. During the same quarter in the prior year, the firm posted $0.91 earnings per share. The business’s revenue was up 5.6% on a year-over-year basis. Sell-side analysts expect that Truist Financial Corporation will post 4.59 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. Truist Financial’s dividend payout ratio (DPR) is presently 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.