Salem Investment Counselors Inc. Has $7.54 Million Holdings in Truist Financial Corporation $TFC

Salem Investment Counselors Inc. trimmed its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 44.6% during the second quarter, Holdings Channel.com reports. The institutional investor owned 151,238 shares of the insurance provider’s stock after selling 121,587 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Truist Financial were worth $7,535,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of TFC. Comprehensive Financial Consultants Institutional Inc. increased its stake in shares of Truist Financial by 10.7% in the 2nd quarter. Comprehensive Financial Consultants Institutional Inc. now owns 25,218 shares of the insurance provider’s stock valued at $1,256,000 after acquiring an additional 2,443 shares in the last quarter. Accurate Wealth Management LLC boosted its stake in Truist Financial by 8.2% during the second quarter. Accurate Wealth Management LLC now owns 21,690 shares of the insurance provider’s stock worth $1,120,000 after acquiring an additional 1,651 shares in the last quarter. XY Planning Network Inc. acquired a new stake in Truist Financial in the second quarter worth $285,000. QRG Capital Management Inc. grew its holdings in Truist Financial by 8.5% in the second quarter. QRG Capital Management Inc. now owns 164,849 shares of the insurance provider’s stock worth $8,213,000 after purchasing an additional 12,932 shares during the period. Finally, B. Riley Wealth Advisors Inc. bought a new stake in Truist Financial in the second quarter valued at $219,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insider Activity

In other Truist Financial news, Director K. David Jr. Boyer sold 3,986 shares of Truist Financial stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total value of $202,090.20. Following the sale, 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $52.36, for a total transaction of $693,770.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 30,516 shares of company stock valued at $1,584,428 over the last three months. Corporate insiders own 0.15% of the company’s stock.

Truist Financial Trading Up 0.7%

NYSE:TFC opened at $52.67 on Thursday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial Corporation has a one year low of $40.78 and a one year high of $56.19. The company has a market cap of $64.34 billion, a PE ratio of 12.08, a PEG ratio of 0.95 and a beta of 0.89. The firm has a 50-day moving average of $50.98 and a 200-day moving average of $49.75.

Truist Financial (NYSE:TFC) last released 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 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 quarterly revenue was up 5.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.91 EPS. As a group, equities research analysts expect that Truist Financial Corporation will post 4.59 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders 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 yield of 3.9%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial’s dividend payout ratio is presently 47.71%.

Analyst Ratings Changes

TFC has been the topic of several research reports. Jefferies Financial Group reiterated a “mixed” rating and set a $45.00 price objective on shares of Truist Financial in a report on Friday, April 17th. UBS Group lowered Truist Financial from a “buy” rating to a “neutral” rating and decreased their target price for the company from $58.00 to $55.00 in a research report on Tuesday, July 7th. Wall Street Zen raised Truist Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Evercore reiterated an “outperform” rating and issued a $57.00 price target on shares of Truist Financial in a report on Monday, July 6th. Finally, Raymond James Financial reissued a “market perform” rating on shares of Truist Financial in a research note on Wednesday, July 1st. Seven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $54.67.

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.