Susquehanna Fundamental Investments LLC Reduces Stake in Truist Financial Corporation $TFC

Susquehanna Fundamental Investments LLC decreased its position in shares of Truist Financial Corporation (NYSE:TFC) by 7.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,060,545 shares of the insurance provider’s stock after selling 87,592 shares during the quarter. Truist Financial makes up about 1.0% of Susquehanna Fundamental Investments LLC’s portfolio, making the stock its 19th biggest holding. Susquehanna Fundamental Investments LLC owned approximately 0.09% of Truist Financial worth $52,836,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of TFC. Kemnay Advisory Services Inc. purchased a new position in Truist Financial in the 4th quarter valued at approximately $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. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insider Activity

In other news, insider Donta L. Wilson sold 13,280 shares of the stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the transaction, the insider directly owned 56,009 shares in the company, valued at $2,904,066.65. This represents a 19.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director K. David Jr. Boyer sold 3,986 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director directly owned 10,270 shares in the company, valued at $520,689. This represents a 27.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 30,516 shares of company stock valued at $1,584,428 over the last quarter. Company insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on TFC. Keefe, Bruyette & Woods raised their price objective on shares of Truist Financial from $53.00 to $55.00 and gave the stock a “market perform” rating in a report on Monday, July 20th. 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. UBS Group lowered Truist Financial from a “buy” rating to a “neutral” rating and lowered their target price for the company from $58.00 to $55.00 in a report on Tuesday, July 7th. Bank of America restated a “neutral” rating and issued a $56.00 price target (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Finally, Citigroup downgraded Truist Financial from a “buy” rating to a “neutral” rating and cut their price target for the stock from $63.00 to $54.00 in a research note on Tuesday, June 30th. Seven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $55.12.

Truist Financial Stock Performance

NYSE TFC opened at $50.46 on Monday. 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 Corporation has a fifty-two week low of $40.78 and a fifty-two week high of $56.19. The business has a fifty day moving average of $51.47 and a 200-day moving average of $49.64. The stock has a market cap of $61.64 billion, a price-to-earnings ratio of 11.57, a price-to-earnings-growth ratio of 1.06 and a beta of 0.89.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.15. The business 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 business’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.91 earnings per share. As a group, analysts predict that Truist Financial Corporation will post 4.58 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

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 issued a dividend of $0.52 per share. The ex-dividend date is Friday, August 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. Truist Financial’s dividend payout ratio (DPR) is 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.