Commonwealth Equity Services LLC reduced its position in Truist Financial Co. (NYSE:TFC) by 5.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 511,401 shares of the insurance provider’s stock after selling 28,668 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Truist Financial were worth $28,382,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently bought and sold shares of TFC. BlackRock Inc. increased its holdings in Truist Financial by 0.7% in the second quarter. BlackRock Inc. now owns 93,724,783 shares of the insurance provider’s stock worth $5,201,726,000 after purchasing an additional 606,908 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Truist Financial by 6.8% in the 1st quarter. JPMorgan Chase & Co. now owns 54,158,323 shares of the insurance provider’s stock valued at $3,158,514,000 after acquiring an additional 3,449,655 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Truist Financial by 2.5% in the 1st quarter. Geode Capital Management LLC now owns 19,621,830 shares of the insurance provider’s stock valued at $1,141,126,000 after acquiring an additional 469,307 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Truist Financial by 1.7% during the first quarter. Bank of New York Mellon Corp now owns 15,487,848 shares of the insurance provider’s stock worth $903,251,000 after acquiring an additional 266,029 shares in the last quarter. Finally, Royal Bank of Canada boosted its stake in Truist Financial by 7.3% during the first quarter. Royal Bank of Canada now owns 10,010,321 shares of the insurance provider’s stock worth $583,802,000 after acquiring an additional 680,544 shares in the last quarter. Institutional investors own 70.76% of the company’s stock.
Several equities analysts have recently weighed in on the stock. Odeon Capital Group lowered shares of Truist Financial from a “buy” rating to a “hold” rating in a report on Monday, July 19th. Zacks Investment Research raised Truist Financial from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research note on Thursday, July 1st. Eight analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $60.36.
Truist Financial (NYSE:TFC) last released its quarterly earnings results on Wednesday, July 14th. The insurance provider reported $1.55 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.38. The business had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.48 billion. Truist Financial had a return on equity of 11.13% and a net margin of 23.46%. Truist Financial’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.82 EPS. On average, equities research analysts anticipate that Truist Financial Co. will post 5.16 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 1st. Investors of record on Friday, August 13th were given a dividend of $0.48 per share. This is a positive change from Truist Financial’s previous quarterly dividend of $0.45. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.31%. The ex-dividend date was Thursday, August 12th. Truist Financial’s dividend payout ratio (DPR) is presently 50.53%.
In related news, EVP Brantley J. Standridge sold 4,500 shares of the business’s 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 transaction, the executive vice president now directly owns 11,547 shares in the company, valued at $636,355.17. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.37% of the stock is owned by company insiders.
About Truist Financial
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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