Cibc World Markets Corp Cuts Stake in Truist Financial Co. (NYSE:TFC)

Cibc World Markets Corp reduced its stake in shares of Truist Financial Co. (NYSE:TFC) by 59.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 342,571 shares of the insurance provider’s stock after selling 492,825 shares during the period. Cibc World Markets Corp’s holdings in Truist Financial were worth $19,013,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Wallington Asset Management LLC lifted its holdings in shares of Truist Financial by 2.6% during the 2nd quarter. Wallington Asset Management LLC now owns 174,089 shares of the insurance provider’s stock worth $9,662,000 after acquiring an additional 4,410 shares during the period. California State Teachers Retirement System increased its position in Truist Financial by 1.1% during the 1st quarter. California State Teachers Retirement System now owns 2,461,311 shares of the insurance provider’s stock worth $143,544,000 after purchasing an additional 27,294 shares in the last quarter. Aptus Capital Advisors LLC increased its position in Truist Financial by 7.4% during the 1st quarter. Aptus Capital Advisors LLC now owns 52,660 shares of the insurance provider’s stock worth $3,071,000 after purchasing an additional 3,640 shares in the last quarter. Trexquant Investment LP increased its position in Truist Financial by 114.7% during the 1st quarter. Trexquant Investment LP now owns 23,585 shares of the insurance provider’s stock worth $1,375,000 after purchasing an additional 12,599 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec increased its position in Truist Financial by 167.9% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 328,167 shares of the insurance provider’s stock worth $19,139,000 after purchasing an additional 205,653 shares in the last quarter. Institutional investors and hedge funds own 70.76% of the company’s stock.

A number of analysts recently issued reports on the stock. Odeon Capital Group downgraded shares of Truist Financial from a “buy” rating to a “hold” rating in a research report on Monday, July 19th. Compass Point increased their price objective on shares of Truist Financial from $65.00 to $67.00 and gave the company a “buy” rating in a research report on Tuesday, May 18th. Finally, Zacks Investment Research raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research report on Thursday, July 1st. Eight analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $60.36.

In related news, EVP Brantley J. Standridge sold 4,500 shares of Truist Financial stock in a transaction dated Thursday, August 19th. The shares were sold at an average price of $55.11, for a total transaction of $247,995.00. Following the sale, the executive vice president now directly owns 11,547 shares in the company, valued at $636,355.17. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director K. David Jr. Boyer sold 1,500 shares of Truist Financial stock in a transaction dated Friday, June 18th. The shares were sold at an average price of $53.11, for a total transaction of $79,665.00. The disclosure for this sale can be found here. Company insiders own 0.37% of the company’s stock.

Shares of TFC opened at $54.63 on Wednesday. The business’s fifty day moving average price is $55.70 and its 200 day moving average price is $57.55. Truist Financial Co. has a 12-month low of $34.86 and a 12-month high of $62.69. The stock has a market capitalization of $73.47 billion, a PE ratio of 14.26, a price-to-earnings-growth ratio of 1.13 and a beta of 1.34. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.78 and a quick ratio of 0.78.

Truist Financial (NYSE:TFC) last posted its earnings results on Wednesday, July 14th. The insurance provider reported $1.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.38. The company had revenue of $5.65 billion for the quarter, compared to analysts’ expectations of $5.48 billion. Truist Financial had a return on equity of 11.13% and a net margin of 23.46%. The firm’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same period last year, the business posted $0.82 earnings per share. As a group, research analysts anticipate that Truist Financial Co. will post 5.16 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 1st. Shareholders of record on Friday, August 13th were paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 3.51%. This is a boost from Truist Financial’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 12th. Truist Financial’s dividend payout ratio (DPR) is presently 50.53%.

Truist Financial Profile

Truist Financial Corp. operates as a financial holding company, which engages in the provision of banking services to individuals, businesses and municipalities. The firm offers a variety of loans and lease financing to individuals and entities, including insurance premium financing, permanent commercial real estate financing arrangements, loan servicing for third-party investors, direct consumer finance loans to individuals, credit card lending, automobile financing and equipment financing.

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Institutional Ownership by Quarter for Truist Financial (NYSE:TFC)

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