UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 1,174,117 Shares of Truist Financial Corporation $TFC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lessened its position in shares of Truist Financial Corporation (NYSE:TFC) by 12.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,932,304 shares of the insurance provider’s stock after selling 1,174,117 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.65% of Truist Financial worth $395,187,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. acquired a new stake in Truist Financial during the second quarter valued at approximately $4,959,834,000. Pinnacle Financial Partners Inc. raised its holdings in shares of Truist Financial by 30.0% in the 3rd quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock worth $7,994,000 after buying an additional 40,393 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of Truist Financial by 531.8% in the 1st quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider’s stock worth $20,059,000 after buying an additional 367,291 shares in the last quarter. Franklin Street Advisors Inc. NC lifted its position in shares of Truist Financial by 129.1% during the 2nd quarter. Franklin Street Advisors Inc. NC now owns 37,253 shares of the insurance provider’s stock worth $1,856,000 after buying an additional 20,991 shares during the period. Finally, First National Bank of Omaha acquired a new stake in Truist Financial in the 2nd quarter valued at $8,078,000. 71.28% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

TFC has been the subject of several recent analyst reports. Wall Street Zen upgraded Truist Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Truist Financial in a report on Wednesday, July 29th. Raymond James Financial reiterated a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. Keefe, Bruyette & Woods lifted their price target on shares of Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a report on Monday, July 20th. Finally, 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. Seven analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $55.12.

Truist Financial Trading Up 0.1%

Shares of TFC opened at $50.46 on Monday. The stock has a fifty day moving average price of $51.47 and a two-hundred day moving average price of $49.64. 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 52-week low of $40.78 and a 52-week high of $56.19. The company has a market cap of $61.64 billion, a price-to-earnings ratio of 11.57, a PEG ratio of 1.06 and a beta of 0.89.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, topping the consensus estimate of $1.08 by $0.15. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The company had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.24 billion. During the same quarter in the prior year, the business earned $0.91 earnings per share. The business’s revenue for the quarter was up 5.6% on a year-over-year basis. Analysts predict 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. Shareholders of record on Friday, August 14th will be issued 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 yield of 4.1%. Truist Financial’s dividend payout ratio is currently 47.71%.

Insiders Place Their Bets

In other news, CEO William H. Rogers, Jr. sold 13,250 shares of the company’s stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $52.36, for a total transaction of $693,770.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 in the company, valued at $2,904,066.65. This trade represents a 19.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 30,516 shares of company stock valued at $1,584,428 in the last 90 days. 0.15% of the stock is currently owned by insiders.

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.