Truist Financial Corporation $TFC Shares Sold by Manning & Napier Advisors LLC

Manning & Napier Advisors LLC reduced its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 10.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 137,682 shares of the insurance provider’s stock after selling 15,278 shares during the period. Manning & Napier Advisors LLC’s holdings in Truist Financial were worth $6,964,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TFC. Kemnay Advisory Services Inc. acquired a new position in shares of Truist Financial in the fourth quarter worth $25,000. Swiss RE Ltd. acquired a new stake in shares of Truist Financial in the fourth quarter valued at $26,000. N.E.W. Advisory Services LLC purchased a new position in Truist Financial in the second quarter valued at $30,000. Navigoe LLC purchased a new position in Truist Financial in the second quarter valued at $30,000. Finally, McMillan Office Inc. acquired a new position in Truist Financial during the 4th quarter worth $31,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

Shares of NYSE TFC opened at $50.81 on Tuesday. The stock’s 50-day simple moving average is $51.31 and its 200-day simple moving average is $49.78. The firm has a market capitalization of $62.07 billion, a PE ratio of 11.65, a price-to-earnings-growth ratio of 1.06 and a beta of 0.89. Truist Financial Corporation has a fifty-two week low of $40.78 and a fifty-two week high of $56.19. 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 (NYSE:TFC) last announced its quarterly 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 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 firm’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.91 earnings per share. As a group, equities research analysts forecast that Truist Financial Corporation will post 4.58 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial’s dividend payout ratio (DPR) is 47.71%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on TFC shares. JPMorgan Chase & Co. upped 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. Keefe, Bruyette & Woods boosted their price objective on Truist Financial from $53.00 to $55.00 and gave the stock a “market perform” rating in a research report on Monday, July 20th. Bank of America restated a “neutral” rating and set a $56.00 target price (up from $54.00) on shares of Truist Financial in a research note on Wednesday, July 8th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $54.00 target price (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. Finally, Wall Street Zen upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Seven equities 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 MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $55.12.

Insider Buying and Selling

In related news, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial 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 link. Also, insider Donta L. Wilson sold 13,280 shares of the business’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the completion of the sale, the insider directly owned 56,009 shares of the company’s stock, valued at approximately $2,904,066.65. This trade represents a 19.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 30,516 shares of company stock worth $1,584,428 in the last ninety days. 0.15% of the stock is owned by corporate insiders.

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.