Truist Financial Corporation $TFC Shares Sold by DAVENPORT & Co LLC

DAVENPORT & Co LLC decreased its holdings in Truist Financial Corporation (NYSE:TFC) by 6.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 481,587 shares of the insurance provider’s stock after selling 34,632 shares during the quarter. DAVENPORT & Co LLC’s holdings in Truist Financial were worth $23,997,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Kemnay Advisory Services Inc. purchased a new stake in shares of Truist Financial in the fourth quarter valued at about $25,000. Swiss RE Ltd. acquired a new stake in shares of Truist Financial during the fourth quarter worth about $26,000. McMillan Office Inc. purchased a new position in shares of Truist Financial during the fourth quarter worth about $31,000. Mowery & Schoenfeld Wealth Management LLC grew its holdings in shares of Truist Financial by 190.7% during the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock worth $32,000 after buying an additional 431 shares during the last quarter. Finally, Ancora Advisors LLC increased its position in Truist Financial by 259.1% in the 3rd quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 500 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on TFC. Robert W. Baird upped their price objective on Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a research note on Monday, July 20th. Evercore reiterated an “outperform” rating and issued a $57.00 target price on shares of Truist Financial in a research note on Monday, July 6th. Wall Street Zen raised Truist Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Morgan Stanley restated an “equal weight” rating and set a $54.00 price target (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. Finally, JPMorgan Chase & Co. increased their price target on Truist Financial from $53.00 to $54.00 and gave the stock an “underweight” rating in a report on Wednesday, July 29th. Seven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Truist Financial presently has a consensus rating of “Hold” and an average target price of $54.67.

Insiders Place Their Bets

In other Truist Financial 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 can be accessed through this hyperlink. Also, Director K. David Jr. Boyer sold 3,986 shares of the company’s stock in a transaction on 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 directly 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. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 30,516 shares of company stock worth $1,584,428. 0.15% of the stock is owned by corporate insiders.

Truist Financial Price Performance

Shares of TFC opened at $52.67 on Thursday. Truist Financial Corporation has a twelve month low of $40.78 and a twelve month high of $56.19. The stock’s 50 day moving average is $50.98 and its two-hundred day moving average is $49.75. The firm has a market capitalization of $64.34 billion, a PE ratio of 12.08, a P/E/G ratio of 0.95 and a beta of 0.89. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73.

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 analysts’ consensus estimates of $1.08 by $0.15. The business 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 revenue for the quarter was up 5.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.91 EPS. Research analysts anticipate that Truist Financial Corporation will post 4.59 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. Investors of record on Friday, August 14th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial’s dividend payout ratio is currently 47.71%.

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.