Great Lakes Advisors LLC Reduces Stock Position in Truist Financial Corporation $TFC

Great Lakes Advisors LLC trimmed its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 14.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 348,525 shares of the insurance provider’s stock after selling 59,078 shares during the period. Great Lakes Advisors LLC’s holdings in Truist Financial were worth $17,364,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in TFC. Pinnacle Financial Partners Inc. boosted its position in shares of Truist Financial by 30.0% in the 3rd quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock valued at $7,994,000 after purchasing an additional 40,393 shares during the period. Fifth Third Bancorp increased its position in Truist Financial by 531.8% during the first quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider’s stock worth $20,059,000 after buying an additional 367,291 shares during the period. Franklin Street Advisors Inc. NC increased its position in 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 worth $1,856,000 after buying an additional 20,991 shares during the period. Axxcess Wealth Management LLC lifted its stake in Truist Financial by 77.2% in the fourth quarter. Axxcess Wealth Management LLC now owns 158,394 shares of the insurance provider’s stock valued at $7,795,000 after buying an additional 68,990 shares during the last quarter. Finally, Concord Asset Management LLC VA lifted its stake in Truist Financial by 528.6% in the fourth quarter. Concord Asset Management LLC VA now owns 65,686 shares of the insurance provider’s stock valued at $3,232,000 after buying an additional 55,237 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Trading Down 0.1%

NYSE:TFC opened at $52.46 on Wednesday. Truist Financial Corporation has a 12-month low of $40.78 and a 12-month high of $56.19. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. The stock’s 50 day simple moving average is $51.27 and its 200-day simple moving average is $49.82. The firm has a market cap of $64.08 billion, a P/E ratio of 12.03, a PEG ratio of 1.12 and a beta of 0.89.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.15. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. During the same period last year, the company earned $0.91 earnings per share. The company’s revenue for the quarter was up 5.6% on a year-over-year basis. Equities analysts anticipate that Truist Financial Corporation will post 4.58 EPS for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.0%. The ex-dividend date is Friday, August 14th. Truist Financial’s dividend payout ratio (DPR) is 47.71%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on TFC shares. Raymond James Financial restated a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and reduced their price target for the company from $63.00 to $54.00 in a research report on Tuesday, June 30th. Stephens decreased their price target on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a research note on Tuesday, July 21st. JPMorgan Chase & Co. raised their price objective on shares of Truist Financial from $53.00 to $54.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 29th. Finally, Robert W. Baird lifted their price objective 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. 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 company. Based on data from MarketBeat, Truist Financial presently has an average rating of “Hold” and a consensus price target of $54.67.

Insider Activity

In other news, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $52.36, for a total value of $693,770.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director K. David Jr. Boyer sold 3,986 shares of the business’s stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total transaction of $202,090.20. Following the transaction, the director owned 10,270 shares in the company, valued at approximately $520,689. This trade represents a 27.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 30,516 shares of company stock valued at $1,584,428 over the last quarter. Corporate insiders own 0.15% of the company’s stock.

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.