Great Lakes Advisors LLC Decreases Stake in Truist Financial Corporation $TFC

Great Lakes Advisors LLC cut its stake in shares of Truist Financial Corporation (NYSE:TFC) by 14.5% during the second quarter, HoldingsChannel.com reports. The firm owned 348,525 shares of the insurance provider’s stock after selling 59,078 shares during the period. Great Lakes Advisors LLC’s holdings in Truist Financial were worth $17,364,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in TFC. Kemnay Advisory Services Inc. purchased a new stake in Truist Financial during the fourth quarter worth about $25,000. Swiss RE Ltd. purchased a new position in Truist Financial in the fourth quarter valued at about $26,000. N.E.W. Advisory Services LLC purchased a new position in Truist Financial in the second quarter valued at about $30,000. Navigoe LLC acquired a new stake in shares of Truist Financial during the 2nd quarter valued at approximately $30,000. Finally, McMillan Office Inc. acquired a new stake in shares of Truist Financial during the 4th quarter valued at approximately $31,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Buying and Selling

In related news, CEO William H. Rogers, Jr. sold 13,250 shares of the business’s stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $52.36, for a total value of $693,770.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Donta L. Wilson sold 13,280 shares of the business’s 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 completion of the transaction, the insider directly owned 56,009 shares of the company’s stock, valued at $2,904,066.65. The trade was a 19.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 30,516 shares of company stock worth $1,584,428. 0.15% of the stock is owned by corporate insiders.

Truist Financial Trading Down 0.1%

Shares of TFC opened at $52.46 on Wednesday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a 50 day simple moving average of $51.27 and a 200-day simple moving average of $49.82. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19. The stock has a market cap of $64.08 billion, a price-to-earnings ratio of 12.03, a price-to-earnings-growth ratio of 1.12 and a beta of 0.89.

Truist Financial (NYSE:TFC) last posted its 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 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%.Truist Financial’s revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.91 EPS. Equities analysts forecast that Truist Financial Corporation will post 4.58 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. Truist Financial’s dividend payout ratio (DPR) is presently 47.71%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Raymond James Financial restated a “market perform” rating on shares of Truist Financial in a report on Wednesday, July 1st. Wall Street Zen raised Truist Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Weiss Ratings reiterated a “buy (b)” rating on shares of Truist Financial in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods upped their target price on Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a report on Monday, July 20th. Finally, Evercore restated an “outperform” rating and issued a $57.00 price target on shares of Truist Financial in a research report on Monday, July 6th. Seven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target 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.