TD Asset Management Inc. reduces its equity holding in Truist Financial Co. (NYSE: TFC)
TD Asset Management Inc. reduced its position in Truist Financial Co. (NYSE: TFC – Get Rating) by 0.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund held 562,235 shares of the insurance provider after selling 4,212 shares during the period. TD Asset Management Inc.’s holdings in Truist Financial were worth $31,879,000 when it last filed with the SEC.
Several other institutional investors and hedge funds also bought and sold shares of TFC. Ameritas Advisory Services LLC bought a new position in Truist Financial in the fourth quarter worth approximately $341,000. Cullen Frost Bankers Inc. increased its position in Truist Financial by 235.1% in the fourth quarter. Cullen Frost Bankers Inc. now owns 105,601 shares of the insurance provider worth $6,183,000 after buying an additional 74,087 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Truist Financial by 1.4% during the fourth quarter. Victory Capital Management Inc. now owns 2,045,233 shares of the insurance provider valued at $119,748,000 after buying an additional 27,690 shares last quarter. Savant Capital LLC increased its position in shares of Truist Financial by 7.9% during the fourth quarter. Savant Capital LLC now owns 12,903 shares of the insurance provider valued at $755,000 after buying an additional 945 shares in the last quarter. Finally, ProShare Advisors LLC increased its position in shares of Truist Financial by 20.6% during the 4th quarter. ProShare Advisors LLC now owns 376,565 shares of the insurance provider valued at $22,047,000 after purchasing an additional 64,352 shares in the last quarter. 72.79% of the shares are held by hedge funds and other institutional investors.
Analyst upgrades and downgrades
A number of research analysts have weighed in on the company recently. Wells Fargo & Company lowered its price target on Truist Financial from $69.00 to $59.00 and set an “overweight” rating on the stock in a research report on Friday, July 1. Morgan Stanley lowered its price target on Truist Financial from $63.00 to $56.00 and set an “equal weight” rating on the stock in a Tuesday, July 12 research report. Wolfe Research lowered its price target on Truist Financial from $57.00 to $41.00 and gave the stock an “underperform” rating in a Thursday, May 26 research report. Compass Point downgraded Truist Financial from a “buy” rating to a “neutral” rating and set a target price of $55.00 for the stock. in a Monday, August 15 research note. Finally, Credit Suisse Group lowered its price target on Truist Financial to $52.00 in a Friday, July 22 research note. One analyst rated the stock with a sell rating, nine issued a hold rating and four issued the company a buy rating. Based on data from MarketBeat.com, Truist Financial has an average rating of “Hold” and a consensus target price of $57.39.
Performance of shares of Truist Financial
NYSE: TFC opened at $50.63 on Friday. The company has a debt ratio of 0.54, a current ratio of 0.76 and a quick ratio of 0.75. Truist Financial Co. has a 1-year low of $44.68 and a 1-year high of $68.95. The stock’s 50-day simple moving average is $48.57 and its two-hundred-day simple moving average is $52.58. The company has a market capitalization of $67.16 billion, a price-earnings ratio of 11.48, a PEG ratio of 2.24 and a beta of 1.12.
Truist Financial (NYSE:TFC – Get Rating) last released its quarterly earnings data on Tuesday, July 19. The insurance provider reported earnings per share (EPS) of $1.20 for the quarter, beating analyst consensus estimates of $1.17 by $0.03. Truist Financial had a return on equity of 12.14% and a net margin of 27.25%. The company posted revenue of $5.66 billion for the quarter, versus a consensus estimate of $5.65 billion. In the same quarter a year earlier, the company posted EPS of $1.55. The company’s revenue increased by 0.1% compared to the same quarter last year. As a group, stock analysts expect Truist Financial Co. to post earnings per share of 4.97 for the current fiscal year.
Truist Financial increases its dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 1. Shareholders of record on Friday August 12 will receive a dividend of $0.52. This is a boost from Truist Financial’s previous quarterly dividend of $0.48. The ex-date of this dividend is Thursday, August 11. This represents a dividend of $2.08 on an annualized basis and a dividend yield of 4.11%. The payout ratio of Truist Financial is 47.17%.
Insider Trading at Truist Financial
In other news, CEO William H. Rogers, Jr. sold 142,606 shares of Truist Financial in a trade that took place on Wednesday, July 20. The stock was sold at an average price of $47.78, for a total value of $6,813,714.68. Following completion of the transaction, the CEO now owns 862,590 shares of the company, valued at approximately $41,214,550.20. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. Insiders of the company own 0.31% of the shares of the company.
About True Financial
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Truist Financial Corporation, a holding company, provides banking and trust services in the Southeast and Mid-Atlantic United States. The Company operates through three segments: Consumer Banking and Wealth Management, Corporate and Commercial Banking and Insurance Holdings. Its deposit products include interest-free checks, interest-bearing checks, savings and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.
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