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

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

A number of other institutional investors and hedge funds have also modified their holdings of TFC. 3Chopt Investment Partners LLC lifted its position in Truist Financial by 1.3% in the fourth quarter. 3Chopt Investment Partners LLC now owns 14,713 shares of the insurance provider’s stock worth $724,000 after purchasing an additional 193 shares during the period. IFP Advisors Inc increased its holdings in Truist Financial by 2.4% in the 4th quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider’s stock valued at $404,000 after buying an additional 194 shares during the period. PCB Capital LLC lifted its stake in Truist Financial by 3.0% during the first quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider’s stock worth $310,000 after purchasing an additional 198 shares during the period. AlphaCore Capital LLC boosted its holdings in Truist Financial by 8.3% during the fourth quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider’s stock valued at $128,000 after purchasing an additional 199 shares in the last quarter. Finally, CYBER HORNET ETFs LLC raised its stake in Truist Financial by 5.5% during the fourth quarter. CYBER HORNET ETFs LLC now owns 3,820 shares of the insurance provider’s stock worth $188,000 after acquiring an additional 199 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Stock Performance

Shares of NYSE:TFC opened at $50.81 on Tuesday. The business has a fifty day moving average of $51.31 and a 200-day moving average of $49.78. 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 Corporation has a twelve month low of $40.78 and a twelve month high of $56.19. The firm has a market cap 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 (NYSE:TFC) last issued its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The business had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. During the same quarter in the prior year, the company earned $0.91 EPS. The firm’s quarterly revenue was up 5.6% on a year-over-year basis. On average, equities research analysts predict that Truist Financial Corporation will post 4.58 EPS for the current fiscal year.

Truist Financial Dividend Announcement

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

Insider Transactions at Truist Financial

In other news, insider Donta L. Wilson sold 13,280 shares of the stock in a transaction that occurred 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 sale, the insider directly owned 56,009 shares of the company’s stock, valued at $2,904,066.65. This represents a 19.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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 shares were 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 of the company’s stock, valued at approximately $520,689. This represents a 27.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 30,516 shares of company stock worth $1,584,428. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on TFC shares. Evercore reissued an “outperform” rating and set a $57.00 price objective on shares of Truist Financial in a report on Monday, July 6th. Bank of America reaffirmed 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. Morgan Stanley reiterated an “equal weight” rating and set a $54.00 target price (down from $62.00) on shares of Truist Financial in a research report on Monday, July 6th. Stephens cut their price target on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a report on Tuesday, July 21st. Finally, Citigroup lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and reduced their price target for the company from $63.00 to $54.00 in a research report on Tuesday, June 30th. 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 stock. According to MarketBeat.com, Truist Financial currently has a consensus rating of “Hold” and a consensus price target of $55.12.

Truist Financial 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.