Transcend Capital Advisors LLC Sells 366 Shares of Truist Financial Co. (NYSE:TFC)

Transcend Capital Advisors LLC reduced its holdings in Truist Financial Co. (NYSE:TFCGet Rating) by 1.1% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 33,241 shares of the insurance provider’s stock after selling 366 shares during the quarter. Transcend Capital Advisors LLC’s holdings in Truist Financial were worth $1,577,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in TFC. Fairfield Bush & CO. bought a new stake in Truist Financial in the first quarter worth approximately $25,000. Carolina Wealth Advisors LLC bought a new stake in shares of Truist Financial during the first quarter valued at approximately $26,000. Cyrus J. Lawrence LLC bought a new stake in shares of Truist Financial during the first quarter valued at approximately $27,000. Swaine & Leidel Wealth Services LLC bought a new stake in shares of Truist Financial during the first quarter valued at approximately $27,000. Finally, Delos Wealth Advisors LLC increased its holdings in shares of Truist Financial by 108.9% during the fourth quarter. Delos Wealth Advisors LLC now owns 518 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 270 shares in the last quarter. 73.31% of the stock is currently owned by institutional investors.

Truist Financial Stock Up 0.8 %

TFC stock opened at $47.99 on Tuesday. The stock’s fifty day simple moving average is $48.74 and its two-hundred day simple moving average is $50.41. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.54. Truist Financial Co. has a 1-year low of $44.68 and a 1-year high of $68.95. The stock has a market cap of $63.65 billion, a P/E ratio of 10.88, a P/E/G ratio of 2.06 and a beta of 1.12.

Truist Financial (NYSE:TFCGet Rating) last issued its quarterly earnings results on Tuesday, July 19th. The insurance provider reported $1.20 EPS for the quarter, beating analysts’ 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 firm had revenue of $5.66 billion for the quarter, compared to analysts’ expectations of $5.65 billion. During the same quarter in the prior year, the firm earned $1.55 EPS. The business’s revenue for the quarter was up .1% compared to the same quarter last year. Analysts expect that Truist Financial Co. will post 5 EPS for the current year.

Truist Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 12th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.33%. The ex-dividend date was Thursday, August 11th. This is a boost from Truist Financial’s previous quarterly dividend of $0.48. Truist Financial’s dividend payout ratio is currently 47.17%.

Insider Activity

In related news, CEO William H. Rogers, Jr. sold 142,606 shares of the business’s stock in a transaction on Wednesday, July 20th. The stock was sold at an average price of $47.78, for a total transaction of $6,813,714.68. Following the sale, the chief executive officer now directly owns 862,590 shares in the company, valued at approximately $41,214,550.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.31% of the company’s stock.

Analyst Upgrades and Downgrades

TFC has been the subject of several recent research reports. Jefferies Financial Group decreased their price objective on Truist Financial from $56.00 to $51.00 in a report on Monday, July 11th. StockNews.com downgraded Truist Financial from a “buy” rating to a “hold” rating in a report on Wednesday, May 25th. Compass Point cut Truist Financial from a “buy” rating to a “neutral” rating and set a $55.00 target price on the stock. in a research report on Monday, August 15th. Citigroup cut their target price on Truist Financial from $58.00 to $52.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 12th. Finally, Wolfe Research cut their target price on Truist Financial from $57.00 to $41.00 and set an “underperform” rating on the stock in a research report on Thursday, May 26th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Truist Financial currently has a consensus rating of “Hold” and an average price target of $57.63.

About Truist Financial

(Get Rating)

Truist Financial Corporation, a holding company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings. Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.

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

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