Cibc World Market Inc. Sells 13,604 Shares of Truist Financial Corporation $TFC

Cibc World Market Inc. lessened its holdings in Truist Financial Corporation (NYSE:TFC) by 6.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 212,615 shares of the insurance provider’s stock after selling 13,604 shares during the period. Cibc World Market Inc.’s holdings in Truist Financial were worth $10,592,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. Sanctuary Advisors LLC increased its position in Truist Financial by 21.0% during the second quarter. Sanctuary Advisors LLC now owns 295,323 shares of the insurance provider’s stock worth $14,713,000 after buying an additional 51,279 shares during the last quarter. Capital Square LLC lifted its position in shares of Truist Financial by 22.5% in the second quarter. Capital Square LLC now owns 5,452 shares of the insurance provider’s stock worth $282,000 after buying an additional 1,002 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. boosted its stake in shares of Truist Financial by 4.0% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,456 shares of the insurance provider’s stock worth $272,000 after acquiring an additional 211 shares in the last quarter. Compass Financial Management LLC bought a new stake in shares of Truist Financial during the 2nd quarter worth about $606,000. Finally, Quantbot Technologies LP acquired a new position in shares of Truist Financial during the 2nd quarter valued at about $5,383,000. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $50.81 on Tuesday. The business has a 50 day moving average price of $51.31 and a 200 day moving average price of $49.78. Truist Financial Corporation has a twelve month low of $40.78 and a twelve month high of $56.19. The company has a market cap of $62.07 billion, a price-to-earnings ratio of 11.65, a PEG ratio of 1.06 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 (NYSE:TFC) last released its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.15. The firm 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 revenue was up 5.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.91 EPS. Research analysts predict that Truist Financial Corporation will post 4.58 earnings per share for the current year.

Truist Financial Announces Dividend

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

Insider Transactions at Truist Financial

In related news, CEO William H. Rogers, Jr. sold 13,250 shares of the business’s stock in a transaction on Monday, July 20th. The shares were sold at an average price of $52.36, for a total transaction of $693,770.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director K. David Jr. Boyer sold 3,986 shares of the company’s stock in a transaction on Thursday, July 23rd. The shares were 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 of the company’s stock, valued at approximately $520,689. The trade was a 27.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 30,516 shares of company stock worth $1,584,428. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

TFC has been the subject of several analyst reports. Bank of America restated a “neutral” rating and issued a $56.00 target price (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Wall Street Zen raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. JPMorgan Chase & Co. boosted their price objective on shares of Truist Financial from $53.00 to $54.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 29th. Weiss Ratings restated a “buy (b)” rating on shares of Truist Financial in a research note on Wednesday, July 29th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $54.00 price objective (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. 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 company’s stock. According to data from MarketBeat, Truist Financial presently has a consensus rating of “Hold” and an average target price of $55.12.

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.